Daily Los Angeles herald., 1880-10-26

AOmlnlblfatiOn OF tTesluent
Hayes, who, in a message. recon-
mended that all the greenbacks
should be retired. There is no
doubt that this Is the Republican
policy aud intention. They would
give the paper circulation and the
regulation of the currency to the
National Banks. The greenbacks,
as now issued by the Government,
have the effect to prevent the sud-
den expansion and contraction Of
the National Bank issues. There
is nothing In the Republican plat
form or the letter Of acceptance of
General Garfield which evinces
any purpose different from that of
the message of President Hayes to
retire the greenbacks, and leave
the circulating medium exclusive
ly to the National Banks.
The Democratic platform de-
clares for "honest money, consist
ing of gold, silver and paper, con.
vertible into coin on demand. II
is, neither by its action in Con.
gress nor else where, committed to u
retirage of the greenbacks. Its
great leaders, from Jefferson for
ward, are committed to the issue Of
Government paper to the amount
of the public revenues. The DEM
ocrais do not advocate fiat money
or an unlimited issue of green.
backs. It WAS principle with
Mr.. Jefferson that Government
issues of paper, to the extent Of
the annual Government expendi.
lures, receivable in payment Of all
public dues, should be maintained
at par. Present experience demon
strates that fact. 1t 10 clear that
the present volume of greenbaoks
should not be reduced. The policy
Of the Republicans In retiring
greenbacks has no other object
than that Of giving the National
Banks monopoly of the currency,
which will give them the power Of
fixing the price of all property and
labor. 1t needs no argument to
prove that the Republican party is
the party of monopolies and class
legislation; its measures tend to
make the rich richer and the poor
poorer. For twenty years, its
legislation has been in the interest
of corporations and other monopo.
lies, and to to the disadvantage of
agriculture and labor, and the peo-
pie generally, and at war with the
sound principles of political econ
omy.
The tariff rule protection.-The
Democratic platform declares for
"a tariff for revenue only" This
must necessarily lead to reforma.
ton of the present revenue system
of imposts, of which the leading
object 10 protection and revenue
only The incident. 1t has been
shown conclusively that the larg-
est portion of the present tariff
goes into the pockets OF the manu-
facturers and never reaches the
treasury.
The fifth resolution of the Re.
publican platform declares: "We
affirm the belief, avowed in 1875,
that duties levied for the purpose
of revenue should so discriminate
as to favor American labor"
General Garfield has supplement-
ed this with position still strong
er in his letter of acceptance. He
says: "In reference to our custom
laws, a policy should be pursued
which Will bring revenue to the
treasury; will enable the labor and
capital employed In our great in
dustries to compete fairly in our
| rtr 4. laA !, Il
capital of foreign produce"
The platform Of the Republican
Convention and Garfield 9 letter OF
acceptance taken together are a
distinct declaration In favor of the
continuance of the present
tariff. with all its iniquities. 1t is
apparent that the Republicans do
not intend Its reform. 1t is evident
that the present revenue system Is
collecting in taxes from the people
vastly more than the expenditures
of the government require. In a
recent speech in New York the
Secretary of the Treasury admitted
that for the current year the sur
plus would amount to one hundred
millions of dollars. It has been
estimated that it will reach, at the
present rates Of impost, one hum
dred and eighty millions. Such an
excess of taxation is utterly inde-
fensible. 1t has always been the
practice of the government to re-
duce taxes when the revenue was
In excess of the needs of the gov.
eminent. Such was the character
of the compromise tariff of Mr..
Clay of 1888. Mr.. Robert ]. Walk
er, in a published letter in 1867,
said that three or four millions u
year of the principal Of the nation
al debt was as much as should DO
paid; that the increased population
and wealth of the country hereafter
would render the payment less
burden than payment within few
years, and the industry and labor
of the people should not be taxed
for immediate payment. The pres.
ent tariff, In many of it's features,
is a tariff excluding commerce, and
therefore taxes the whole people
for the benefit of a few manufac.
turers, without producing revenue
for the support of the government.
1t was demonstrated in the last
Congress that the profits paid one
year to the manufacturers of hats
was $12,352. 829, while the govern
ment received of the tax
only $216,279. On clothing,
to the manufacturer $74,-
3l79S4, and to the government ST.
887,O15. On bar iron S67, 233, S79 to
the manufacturers, and to thasgov-
eminent $4,000 On boots and
shoes, $751;, 844. 900 to the manufac.
turers and nothing to the govern
ment, as the tax operated an en-
tire exclusion of i'm psrtation.
1t was asserted in debate in the
last session OF Congress that an an
nual tax of $500, 900, 600 was levied
on the people Of the United States
for the benefit Of the manufacture
ers, not one cent of which went