Los Angeles daily herald., 1888-02-10
OUR MARKETS.
Senator Sherman Speaks
on Tariff Reform.
HB ADVOCATES PROTECTION

And Attacks President Cleve-
lands Propositions Regard
the Surplus.
BosToN, February 9.-The dining
halls of tho Hotel Vendome were
filed to overfowing this evening, the
occasion being banquet given by the
Home Market Club. There were over
400 guests present from various
sections OF the country. Pres
ident Merrick introduced SEN
ator Sherman, who was re-
ceived with great applause. Sherman
said: "When 1 think of the contrast
between our home market and the
foreign market In magnitude and pro-
portions, and the universal benefits of
one and the comparative unimport-
ance of the other, am led to wonder
why so many gentlemen Of education
and character are willing to endanger
the wonderful development of our
homo industries to increase our for
eign competition. believe that the
best We can do for mankind is to do
the best for our country"
Sherman attacked Mr.. Lowell for
| his speech at the Tariff Reform
League banquet. He found but very
little to say in his remarks about the
tariff, but q good deal about President
Cleveland. Said sherman: "Lowell,
who had been honored by a great
party with it's confidence and trust,
places Cleveland above Grant, the
great soldier of our country; above
Hayes, who certainly gave to the
country pure and excellent admin
istration; above Garfield, one of the
most accomplished of American
American statesmen, and also above
Arthur, in every respect o model
gentleman and > prudent and able
| President"
Speaking Of President Cleveland's
| policy Senator Sherman said: "The
inevitable effect is to increase impor-
tations at the expense and loss of our
home market and especially to re-
duce the wages of all engaged in in
dustries competing with foreign pro-
duction. His message creates alarm
among business men at homo and
give. joy and hope to every market in
Europe."
REFERRING TO THE SURPLUS
The speaker said: ga surplus is q
great deal better than q deficit, and il
has been growing since tho close ol
the war. It has enabled us to perform
the magnificent feat of rapidly reduc-
| ing the public debt, q policy which
| has excited the admiration of the
greatest. statesmen Of Europe. This
growing surplus was bequeathed to
Cleveland by his predecessors and
was applied by them to the pay
ment Of the debt and to re-
peated reduction OF taxes. It is
rational and steady result Of our
increase in wealth and population
growing out OF a policy of protection
| 10 home industries. Our friends may
be surprised that the surplus revenues
did not stop with the election of q
Democratic President and perhaps it
will if his advice is followed. Ger
tainly it will be if he checks the pros
perity while he enables us to import
goods and pay taxes. But why is not
this surplus applied to the payment
| and purchase of the public debt; {;
whose fault is it that the fund accu-
mulates in the treasury, plainly the
fault of Cleveland, whose Secretary
OF the Treasury is authorized to apply
this surplus at any Tune to the reduc-
ton Of the public debt. IT he had
followed the example Of his predeces-
sors he would weekly or monthly,
without proclamation or noise,
have purch Ased and retired
some Of the public debt under
the main provisions Of the ex-
listing law. But if the President pre-
ferred to reduce the surplus by re-
ductioB of taxation, why did he not
apply to Congress to diminish taxation
without disturbing home productions.
know that at the last Congress the
taxation could have been reduced but
for the desire of the Speaker of the
House and the President to strike at
our home industries rather than
70 RRDuOE TAXATION.
The hungry mouths of the working.
men, engaged in varied pursuits in
every part Of our country, furnish the
best market for their productions, and
you in New England-even your pro-
fessors and free traders-will learn
that steady demand made by mil
lions of your countrymen in
the west and south for textile
fabrics furnish you hundred-fold
better market than you can find in
the overstocked markets of Europe
and Asia. II you join in breaking
down this system in order to
increases your foreign market for
foreign manufacturers from 2 to even
10 per cent. you will destroy the
goose that lays the golden egg. You
may Ak me what have to say about
tariff reform. answer that l am de-
cidedly in favor of tariff reform and
always have been and always will be.
How would reduce the surplus? Il
answer frankly that the tariff ought to
be carefully revised, with . view to
correcting any inequalities or incon-
gruities that havegrown QUITO change
Of values, since the passage Of the act
OF 1888; that every imported artic .
which does not compete with our
domestic industries and is essential to
the comfort and wants of our people
should be placed upon the free list;
that every raw material industry
which does not complete with our own
productions should be specially
selected for free list and that when
ever any industry which can be con-
Quoted in this country with reason
able success reeds moderate increase
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