The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1880-11-17

free press, the writ of hobeas corpus,
of trial by jury, and opposed to troops at
the polls, to the intimidation of voters, to
test oaths, to Capitalization, and the des-
truction of the Republic In all of these is
sues the Democratic party stands opposed to
the Republican party. They are vital issues,
and will continue to be discussed as long
as the Republican party is in power But
they do not in any degree dwarf such ques-
tions as Gree Trade and Protection"
Rev. Mr.. Murray recently delivered an
address at Music Hall, Boston, upon Free
Trade" He referred to the probabilities of
population and asked, "HOw shall
these millions be governed? How
shall each section have its rights?
How shall each industry be restrained
within its limits that it do not hurt other
industries? How shall the manufacturing
East and the agricultural West find COM
mon INTEREST," How shall the factory and
the farm live at peace? How, in word,
shall ambition and individual selfishness be
restrained from gratifying itself at the ex
pense of the common interest? Out of the
multiplicity of questions you will be OBJ
liged to settle, select that of free trade and
protection. / am not sure but that
sectionalism will yet spring up like
Minerva from the brain of the Satanic
Jupiter, and that the agricultural
West will be divided from this manufacture
ing East If that day ever happens, the eye
that sees it will look upon lurid sunrise;
if that day ever comes, they who count it
theirs will hear the roll of peril over their
heads and feel the jar of danger under their
feet; for then they shall see the selfishness
OF corporations and personal greed set face
to face, hostile TO patriotism. But such a
thing need not come. 1t will not come I'M
less it follows a night of ignorance. There
need be no antagonism between the factory
and the farm; their interest, when looked at
truly and in the cathOlicity of true govern
ment, are Identical dread only ignorance.
We are in position, touching free trade, just
as the Nation was touching slavery in 1910
In 1910 the Nation knew nothing about slav
cry In 1880 the Nation knows nothing
about the tariff We have the whole ques-
ton to investigate from the very rudiments
of political economic science" Mr.. Murray
stated very concisely how balances between
Nations are paid-not in gold and silver, but
in commodities, the exceptions being
neither numerous nor important. As
rule, no specie is exchanged
between Nations to pay debts. Only small
part of the French indemnity was paid in
money. In 1871, ~ and '73 England loaned
94O0 900, 900 to foreign countries. 1t was not
paid in specie, but in commodities altogether
From 1875 to 1873 inclusive, the balance of
trade against England was 81, 150, 900.
She eyened up the balance by the sale of her
products, and not with money In 1877 and
'7S there was balance against England of
Sis, 100000. Her entire monetary circula-
ton, with all her plate and watches and
trinkets, would not have amounted to
enough to pay the balance of trade against
her in those two years" In further discuss
ing the subject, Mr.. Murray touched upon
the subject of monetary circulation, the
amount required to do the buying and sell
of the country. If we have more than is
required for such purposes it be-
comes an oyerplus, and is
curse instead of blessing. money"
said Mr.. Murray, sis only yard-stick by
which you measure the value of cOmmodi-
ties, and not the commodities themselves
Suppose we export $50, 900 900 of gold, orone-
fourteenth of our circulation; money be-
comes scarce, we raise the rate OF interest
men must have money, and they lower the
price of their goods, purchasers from abroad
come and buy of us, expectation begins, and
the balance is gradually restored IT, on
the other hand. the country imports specie
to the amount 800, 900, 900, at first the rate
of interest would be lower, but soon prices
would be higher, and exports would stop
extravaganza prevails, merchants find they
can sell imported goods at large profit,
imports increase largely, and the rate of
interest goes up" If, however, ''the balances
due from one country TO another are not
paid in specie. but by commodities, 1t fol-
lows that if they are not exporting goods in
seeking to pay some previous debt, there
must be a corresponding importation, and
vice versa. In all regular business the pro-
position holds, that it is utterly impossible
for US to export goods largely and not i'm
port to corresponding extent. In other
words imports and exports make an exact
equation. The cry, therefore, which is very
popular in this country-let us have large
export business, and let us import as little
as possible-is a pronunciamento of ignor-
ance, no matter who uttersl it, Mr.. Murray
treats the Vicious results of protection tersely
and lucidly, remarking that any artificial
limit of imports, such as high tariff,
causes. necessarily, limit of exports to
the same extent, curtails our foreign trade
neutralizes the benefits of laborand forces Ia
Dor and capital from productive into I'M
productive and injurious employment. BY
an artificial limit of impoIts--I mean any
legislative enactment on the part of Con-
| gress in the form of duty imposed on any
foreign product which prevents the impor-
tation of that product to the country or re-
stricts the amount within the popular de-
mand. The Government has no right to
prevent any one of our citizens from buy
ing the product of any country's industry at
the lowest possible price at which it can be