The Republican. [volume] (Oakland, Md.) 1877-current, 1884-07-26

ture subject to frequent revision In
order that they may be adapted to
changes and notifications of trade.
The Republican party is not contend
ing for the permanency of any par
ticular statute. The issue between
the two parties does not have refer
ence to specific law. 1t is far broader
and far deeper. 1t involves a prin-
cipIe of wide application and benei-
cent influence, against theory which
we believe to be unsOund in concep-
ton and inevitably hurtful in prac-
tice. In the many tariff revisions
which have been necessary for the
past twenty-three years, or which
may hereafter become necessary, the
Republican party has maintained and
will maintain the policy ofprotection
to American industry, while our OPP
ponents insist upon a revision which
practically destroys that policy. The
issue is thus distinct, well defined
and unavoidable. The pending cleo
ton may determine the fate Of pro.
lection for a generation. The over
throw of the policy means large and
permanent reduction in the wages of
the American laborer, besides in
yolving the loss of vast amounts of
American capital invested in manu-
featuring enterprises. The value of
the present revenue system to the
people of the United States is not a
matter of theory, and / shall submit
no argument to sustain it. l only
invite attention to certain facts of
official record which seem to consti.
tute demonstration.
In the census of 1850, an effort was
made, for the first time in our his
tory, to obtain valuation of all the
property in the United Statas. The
attempt was in large degree unsuc-
cessful. Partly from lack of time,
partly from prejudice among many
who thought the inquiries foreshad-
owed new scheme of taxation, the
returns were incomplete and unsatis-
factory. Little more was done than
to consolidate the local valuation used
in the States for purposes of assess
ment, and that, as every one knows,
differs widely from a complete ex-
hibit of all the property.
In the census of 1860, however, the
work was done with great thorough
ness-the distinction between "as-
sessed" value and "true" value being
carefully observed. The grand result
was that the "true value" of all the
property in the States and Territories
Excluding slaves amounted to four.
teen thousand millions of dollars
(S14, 900, 000,00l. This aggregate was
the net result of the labor and the
savings of all the people within the
area of the United States from the
time the first British Colonist landed
in 1907 down to the year 1860. 1t
represented the fruit of the toll of two
hundred and fifty years.
After 1860 the business of the coun-
try was encouraged and developed by
a protective tariff. At the end of
twenty years the total property of
the United States, as returned by the
census of 1880, amounted to the enor-
nous aggregate of fOrty-four thous-
and millions of dollars iS44, 1000. OOO,-
000). This great result was attained,
notwithstanding the fact that count
less millions had in the interval been
wasted in the progress of a bloody
war. 1t thus appears that while our
population between 1860 and 1880 in
creased sixty per cent. the aggregate
property of the country increased two
hundred and fourteen per cent, show.
ing vastly enhanced wealth per
capita among the people. Thirty
thousand millions of dollars 1886. O00,-
OuO,OOOl iiou DOCu duucu uuIllS tu6S0
twenty years to the permanent wealth
of the Nation.
These results are regarded by the
older nations of the world as phe-
nomenal. That our country should
surmount the peril and the cost of
gigantic war and for an entire period
of twenty years make an average
gain to its wealth of one hundred and
twenty. FIVE million dollars per month
surpasses the experience of all other
nations, ancient or modern. Even
the opponents of the present revenue
system do not pretend that in the
whole history of civilization any
parallel can be found to the material
progress of the United States since
the accession of the Republican par
ty to power.
The period between 1860 and to-day
has not been one of material prosper
ity only. At no time in the history
of the United State has there been
such progress in the moral and phi