New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-09-13
NATIONAL POLICIES.

and party platforms two antagonlsuc policies
are slowly evolving. Neither can be said to
he the defined policy of great party as yet
but circumstances, party traditions and the
supposed interests Of localities, seem likely to
push the Democratic party into the adoption
Of ono of them, while the Republican party
will be strongly impcled to take the other.
When the rcxt Presidential election approaches
this will be a vital and burning issue, which
cannot I've eyaded.
Within one or two years all the three per
cent bonds will have been retired. There VIII
then remain no bonds which can be redeemed
until 1891 or 1907. Attempts to purchase
these bonds In market would be apt to involve
such loss to the United States that no party
Will venture TO favor that course as mode
of disposing of surplus, the sinking fund IN
cluded. probably exceeding $1OO,OOO,OOO. In
two wears of peace and revival of industry
the revenue will certainly enlarge. What
shall he done with this great surplus Inc
withdrawal of such a sum from the money Ill
circulation, by its boarding in the treasury
would so contract the currency that popular
protests would be irresistible. But eXpenu-
ture of the surplus, however wise the objects,
il assaled as cxtravagant appropriation ana
wanton burdening Of the people.
One set of men insist that the revenue must
no reduced. To them that means reduction
Of the tariff. But such reduction Of duties
as 10 yield, instead of $2OO,OOO,OOO yearly,
not more than $1OO,OOO,0OO, would involve
little less than an Industrial earthquake. TAX
ing off half the duties would but little diminish
the revenue. More than twice as much non
or wool would be imported at half the present
dutv az is now imported, that the result
would be larger revenue. Unless the rcduc-
lion could I've more han half. the desired shrink
aye of revenue could not be attained in hat way
By wholly repeating the duties on some atlcles'
the effect can be more definitely calculated, but
abolition of all duty on raw ma crlals wouln
not reduce the revenue more than T4O,OOO,OOo'
if in that term be included all kinds OF 1ood
except sugar, and all crude or partly manulact-
u.ed articles used as materials. That change
alone would PROSTATE all industry, and yet, TO
get the remaining reduction OF S6OOOOOoO
from imported articles now yielding SlOO,OOO'-
600 would Icqui far more than pr oporllonatc
decrease of duty. In word, 1t would involve
rcsults such as the widest Free Trader would
not dare to face.
The opposing theory seeks reduction Of rev.
cnuc by reduction Of imports; by such en-
couragemcnt of home industry as will lessen
The dependence Of this country upon other
countries for wool, tin plates, wire rods anu
such other articles as can be readily produced
here. and by abolshing duties only on articles
which the country cannot produce. 1t looks
next. to a probable curtailment of the internal
revenue at no distant day, not through rcduc-
lion of taxes which would only stimulate
consumption of liquors and tobacco, but
through the rapid progress of tenn
perance legislation Ill the different
States each State prciening that sort of
legislation which its public opinion Will most
effectively support. 1t looks, third, TO an IN
tclligcnt use of the remaining surplus revenue
for national objects which have been too long
put aside 10y blind and sef-destrOylng econ
ony. 1t looks to the thorough defence Of sea-
ports 1t looks TO the Improvement OF import
ant harbors and great waterways. 1t looks to
the development of a national system OF cduca-
ton 1t looks to the great expansion OF foreign
mail facilities, so that American commerce may
be enlarged.
In this and other directions, all the surplus
that will remain, after making the talif as
effective for defence and development of home
industry as it should be, can be invested for a
number Of years with certainty of great returns
in the enlargement of national prosperity. 1t
is reasoned on this side that 1t would be folly
10 deprive the Government of its entire surplus
now, when thatsurplus is going to bc rcqurcGin
s9l and in one or two following years for the
payment of the $250,OOO,OOO four and a half
per cents. 1t reasons further that a surplus
so invested rs 10 return to the people, in a larger
and lasting prosperity, many times the sum
taken from them by taxation, would not he IA
burden but help. Between these two thcor es
the people have to choose In the Northern
States, it is clear, the desire to avoid a collapse
Of industry through violent and sudden changes
of tariff is rapidly growing. Both at the North
and at the South, that sentiment Is also grow
ing which forbids any repeal or reduction Of
the taxes on liquors while that traffic is not
ly tho States nreVcntp1