The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1884-01-09

quirs in exchange for It all cash for
even two decades. nearly all the money
OF the wosld weuld be ours. Think Of
90, O0O, 900 annually. This is neither to
be desired or expected. 1t follows,
therefors, that whatever may be the
condition Of our manufacturing inter-
ests, commercial exchanges will so On
for an indefinite periCd-raw material
being exchanged by Us for foreign
manufactured articles.
Again: For all time to come, the
Government OF ths United States must
have SEINE hundreds Of millions OF rev.
enus each year from some source.
There are three possible sources for this
income. They are "a direct taxation;
(2) special internal taxation, like our
present internal revenue system, and
Isl tariff or import duty on foreign
articles.
viii not take space here to show
what the effects Of direct taxation would
be upon the people OF this Southern
country. i only remark that the thing
We have to fear 10, that some day, the
people of the weather. North and OF
the great cities will turn free tra'iers.
and force US 10 shoulder che part oil
the expense OF the general government
by way Of direct taxation. No think
Ing man In the South wants this.
dispose Of the second method named
The internal revenue system-sy say
ing that, in my opinion, ne system can
be devised which will not be oppressive
--odious. MabOdy will advocate the
raising OF three hundred millions an
nually by internal revenue.
This leaves the tariff as the only prop
err means to raise the needed revenue.
have said that ne important Americas
manufacturing industry needs protec.
ton. In other words . protective tariff
10 not needed-does not prOtect-does
not materially affect prices. 1t follows
that the end to be sought for-the only
ends the collection OF needed rev.
enue. In reference to this the Ameri-
can people are in this condition, or at
least are rapidly approaching it: We
have the surplus bread and meat and
cotton. The people of the old world
are compelled to buy these things from
as, or die of famine, They have the
result Of their labsr in the shape. OF
manufactured articles to pay US for
these necessities. These articles OF
theirs, in the main, we are not cOmpell-
ed to have. We will take them ia ex-
change If they will cell lower than our
own manufacturers will sell. There
will, in all the future, be such compe-
ton among our own manufacturers as
will keep prices within reasonable
bounds. SO that, with ajudiciOus tariff
system, our revenue will, in the main,
be collected from foreign labor and for.
eign capital, by reduction of the price,
foreign manufacturers will realize, to
the standard of American prices, less
the tariff. 1 say the condition Of
Europe and America are such, and in
the very nature Of things, must remain
such as to fSrce this result.
It is, therefore, folly to declare for
protection when tariff will net protect.
Il is equally folly to declare for free
trade when the certain result Is direct
taxation. 1t is equally folly to put q
larif on such articles as America can
never produce = such as coffre, tea,
quinine, etc. The only wise course 10
TO regulate O tariff so ~ to produce our
needed revenue. In doing this, an in
cident will necessarily be the protection
Of certain minor manufacturing inter
ests.