The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1882-02-01

E come very onerous, and in place c
c |. strong. reliant, and selfsupportin
people, exercising healtbful inhu
ence over the nations of the woIlc
We would be owned and be the Sc,
: wants OF Europe, tilling the groun,
; for the benefit Of its people our la
borers would be brought down TO
level with the pauper labor of Eu
: rope
! Our form Of government will no
permit the employment of ignoran
pauper labor 1t is a governmen
of the people, and to have it contin
. ue to grow and prosper the peorl
must be paid such wages as viii q.
able them to be educated sufficien,
y to realize and appreciate the benc
fits Of its free institutions anC
knowing these benefits, they vii
maintain them, If, on the othel
hand, it is desirable that the reve
nues from duties should be iecreas
| ed, and thereby retain both kinds .
taxation, the direct and the indirect
the best possible way to do thi,
would be to largely increase the du
ties on imported goods, which woulc
for Il time decrease the imports
thereby decreasing the amountof du
ties received. This tendency wonld
last until, through this policy, III,
wealth and purchasing power Of th,
country would so largely increas,
that the revenues would again in
crease, both by reason of decreased
cost in foreign countries and because
OF the purchase by ns of articles Of
special beauty, skill and luxury. II
may be said (and however paradox
ical it may appear, the assertion is
proven by the history of the tariff
that while the Immediate tendency
with free trade duties IS to increase
imports and revenues, the ultimate
resuis of such low duties is to de-
crease imports and revenues. due to
the decreasing ability of the country
to purchase. The immediate ten
dency of protective tariffs is to de-
crease imports and revenues, but the
final result is to increase the imports
and duties. arising from the greater
ability of fhe country to purchase.
But nv intention is not 10 dis
cuss at thi time the question of II
tariff, hut =, show the effect of IL
change IL the duties on imports
upon the res .nues of the country.
| clearly coenize that while the
public mino is decidedly in favor of
encouraging aome manufacturers bv
levying what ne called protective,
duties, yet thr people are opposed to
placing those duties so high that
they become psohibitory and max
ing thereby am exclusive market for
our own manufacturers at home. It
seems very clear To my mind, in
view of these statements as to the re-
suits of decreasing or increasing the
duties on our imports, that no re-
dnction of revenue is practicable by
changes In our tarlli.
The second great interest of the
people, which will very shortly be
directly affected by the large and in
creasing surplus revenues of the
country, is the system of national
banks, and this through the decrease
of the public indebtedness by the
Of the annual surplus to
its payment. The large annual re-
duction of the public debt will yery
shortly begin to effect the confidence
of the public in the continuation Of
the system. 1t will increase public
anxieties and excite their fears as to
the substitution Of any other system
for this that has proven so accepta-
bic and SO valuable to the country.
If the national banking system is to
be worked out of existence, it will
cause serious financial
Financial difficulties among peo-
pie like those of this country, how
ever ill-based or slight, are always
by disastrous consequences,
because in times Of prosperity the
energies and hopefulness of the peo
pie arc stretched to the utmost linn
its, and the schock of finn.cia trou-
BILE has the effect ef an almost total
paralysis on the business OF the
1t Is certainly the part oil
craftsmanship TO avoid such :, ca-
lamity whenever it is possible.
/ unhesitatingly declare and be-
lieve that the value of our system of
banks is SO great in the ben
efits the county derives tbereirom
and the dangers and loses its con
tinuance will nvoid that it were bet
ter to cohtinne in existence mn in.
'lebtedness equal 10 the wants of The
banks which the country may from ,
time to- time require until some
equally conservative Plan may b.-
offered that will erahie us IL dis
pcnse with this system.
1t is also importantin this connec-
ton for Senators to bear III mind
that the increasing business ~ the
country will annually require -ii-
creased banking facilities, and con
sequently increased honsiS as the
basis on which they can he orgsniz-
ed and it should not he overlook
ell that a possible determination by
Congress to pay eff by retiring or by
funding the greetibaeks will create =
great hiatus in the circulating medi
um Of The country, which can only
no replaceti by additional national
bank notes based upon an equiva-
lent amount of public indebtedness
In view Of the statements | have
made, / cannot but conclude that
the wisest and most prudent course
for Congress is to leave the question
of changes in the tariff laws to he!
adjusted as they may from time toi
time require. and to make whatever
reduction Of the income Of the Gov
ernment that may be found desira-
BILE By reducing charges in the inter-
nab revenue laws.
The national revenue laws as they
now are may be greatly and proata-
bly, changed. They are very bur
densome to a heavily taxed people,
and such burdens should be reliev-
ed wherever it is possible. This can
x. 4