The clarion. [volume] (Jackson, Miss.) 1883-1888, 1885-04-15
Secretary Manning and the Tariff
y. Y. Tribune

I y. ]. tribune.
1t Is undeniBble that Secretary Man
uing's financial statements have been
met within the Democratic party by a
great dea! of criticism and censure.
/ The true reason for this has not been
publicly discussed. Those who have ex-
pressed most irritation at this course
/ have been careful to put it on other
than the true ground. But Is beginning
to be apparent that those who dissent
most sharply are Democrats who are
united in hostility to suspension of silver
/ coinage, audin hostility TO the protective
tariff The statement of the Secretary
was recognized as powerful blow against
/ those Democrats who have opposed the
general policy of Mr.. Randall.
1t has been shown already that the
new statement was calculated to avert
the dangers arising from continued
coinage of silver, to enable the Treasury
to keep the silver that may hereafter be
coined in its vaults without depletion
Of its gold reserve, and to put as far
of rs possible the necessity of using sill
yer in settlements with public creditors.
The meaning of the statement, in this
respect, was instantly seen by the advO-
Gates of silver coinage The savage feel
ing which they brought to the contest,
when Mr. Randall asked that discretion
arv power should be given to the Presi-
dent to suspend the coinage, is now
shown in their comments upon Secre-
/ tary Manning's course. But the effect
/ as respects the tariff question, though
| less obvious, viii be found not less i'm
portant.
For some years past it has been the
perpetual argument Of Democrats of all
sorts that the country has been Unneces-
sarily taxed and outrageously burdened
/ by the Republican policy. The exis-
/ tence Of q large surplus, it was alleged,
was in itself abundant reason for a
sweeping change in the revenue laws,
and differences as to the method of
change led to the sharp division within
| the Democratic party which now exists.
/ Mr. Randall formulated his doctrine
/ in the words, A tariff only for revenue; ;"
/ that is TO say, abolition of all other rev
enue save that derived from the tariff
Mr.. Morrison adhered to the ancient
/ Democratic formula, a tariff for
revenue only" and insisted that the
duties on imports should be so largely
cut down that the protective element
should be cut out of the tariff and the
/ aggregate revenue reduced TO the needs
/ of Government.
Now comes Secretary Manning, and
shows that there is no surplus revenue.
/ The Treasury not only has at this time
no surplus available for any purpose,
although the redemption of public debt
during the last twelve months has been
unusually small, and scarcely more than
/ the requirements of the sinking fund
/ but Of the surplus actually held, nearly
/ half is in standard silver dollars which
cannot be used without shaking the
/ public credit. The new statement makes
it clear that for some time to come the
/ Treasury will be obliged to use all the
revenue it can get in repleEishing the
gold reserve, even if it is not obliged to
sell bonds in order to get more gold fol
the same purpose. For the law requires
that a reserve of 800, 600, 900 shall be
held in gold coin and bullion exclusive
lv, and devoted exclusively to the re
demptien of United States notes. But
after deducting other gold obligations
which are specified in Mr.. Manning
I statement, there remains nominally {
reserve of only SI22, 000,0 900, of which
in point of fact, S20000,000 consists o.
Iecal-tender notes, and over S4S, 600, 00t
Of standard silver dollars. Under thest
circumstances, any cutlery for a reduc
ton OF the taxes viii be met next yea
with the unanswerable argument that
lower revenue would involve Nationa
bankruptcy.