The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1888-05-26

system?' Gentlemen protectonists, l warn
YOU that the vacant seat of Morrison cries
louder than the virtues of Duncan against the
deep damnation of his taking of.
In conclusion, he said: "If one, standing
here in this hall to-day and looking into the
future, could be able to see what the years
would bring us under system where the
untrammeled activities of free Christian
people find fruition, under climate so salu-
brious and with soil so fertile, all burdens
to progress thrown aside, all the passions OF
the past removed, and every one engaged IN
a generous and unselfish rivalry to make Tor
and out of the opportunities to which he IS
called all that is possible, no hand could
paint, no orator picture what would be the
result. Then we, the children of exiles and
emigrants, could welcome our kinsmen OF all
the lands to cast their lot with us, for willing
hands would find waiting work to yield
livelihood. The silence of rivers now broken
only by the occasional boat would be turned
into the sweet hum of profitable commerce;
The secret lodges of anxious and disconnected
operatives would become the open assemblies
Of bappy and contented families, from whose
hearthstone the shadow of want had gwen
place to the mild radiance of permanent COM
fort The husbandman, no longer sowing IN
tears, would reap in joy-that JOY, winch
springs from content, and is founded IN the
certainty of an assured market at remunera-
tive prices. The legislation of the country,
having for its object the public good and freed
from the domination of private greed, would
successfully grapple with the problems which
progress will present, and free people be
represented by free representatives, neither
owned, seduced nor terrified by organized IN
terests. Slowly will this future come We
have had our backsffo it, to-day let rs turn
our faces to its .f@-sig sun. If we can do no
more, we can lift our eyes toward this east OF
new hopes and resolve that from this hour.
our steps shall be in that direction"
Turning towards Mr.. Randall's seat, Mr..
Breckenridge expressed his high appreciation
of Mr.. Randalls past services, and of his
present abilities, but added that it had panied
him to hear the gentleman close his speech by
a reference to slavery; it contrasted with the
manly opening of the gentleman from Ohio
(Mr. Mckinley when he put the past behind
him and looked to the present and future.
The applause which had been literally in
terspersed throughout Mr.. Breckinridge's
speech grew into storm when that gentle
man concluded and took his seat. Cheer
followed cheer, the ladies in the galleries
waved their handkerchief, and Mr.: Breckln-
ridges colleagues rushed forward enthusi-
astically to grasp his hand.
cARLsLEs SPEECH.
Mr.. Carlisle followed Mr.. Reed, of Maine,
who was reserved by the Republicans to make
the closing speech on their side. He is one
of the readiest debaters and best speakers
among the Republicans.
As Speaker Carlisle rose and asked for
recognition from the chair, an enthusiastic
greeting was according him. Amid the clap
ming of hands and the cheers which came
from the floor and galleries, Mr.. Carlisle stood
at the desk of Mr. Catchings, of Mississippi,
and quietly waited for the demonstration to
cease. 1t was some moments, however, be-
fore Chairman Springer was able to secure
order, but when he finally succeeded in doing
so, Mr. Carlisle proceeded. He began by re-
plying to Mr.. Reeds charge of insincerity.
He said that he might retort that, if proiec.
ton was a sound doctrine, it should be car
ried to its logical enthusiastically pro-
hibitive duties. In China, the doctrine car
ried out produced its logical effects. With
every resource of natural wealth, and fru-
gal, industrious people, the arts and manu-
factures were in their infancy. We want no
China here All taxation was an evil, and
we should endeavor to make trade as free as
possible, with the lowest tax that would at
ford the necessary revenue.
Mr. Reed had made no reference to the
actual situation, which made 1t imperatiyeIy
necessary to reduce the revenue. On the first
of this month there was Sl36, 0OG, QUO IN the
Treasury, more than was required to meet all
government liabilities. 1t wa a sum larger
than the total expenditure during the first
two wears of the countrys. lie. 1t had been
taken when sorely needed by the people, and
without justification. No monarchical gov
eminent would dare extort such sum in ex-
cess of its needs. The effect of this accumu-
lation was to encourage useless and eXtrava-
CANT expenditures without constitutional war
rant The people almost to man were de-
handing its return 10 them. So long as this
policy continued, largess and bounty for
purely private purpose would be demanded.
Il believe" said he, THAT SO long as we
actually have surplus, the application to the
extinguishment of the public debt is the very
best use that can be made of it. But total
ly dissent from the proposition that it is either
wise or lust to pursue fiscal policy Tor the
purpose of raising revenue to be used in the
purchase, at premium, OF the unmatureq
bonds of the government, except so far as may
be necessary TO comply with the requirements
of the sinking fund law. And L am not alto
gzther satisfied that if the revenue could be
6roperly reduced it would not be wise to sus
bend the operation of the law, to some extent
at least, for some short period of time. On
the 18th of last month the Secretary OF the
Treasury, under authority, conferred by the
act of March, 1881, as interpreted by the two
houses of Congress- issued circular inviting
proposals for the sale Of bonds to the govern
ment. The first purchase was made on the
18th of April, and up to the close OF business
hours Yesterday "a period ofonly one month, he
L OfI bOndS ST. 4tlD.
600. on which interest had accrued to $751;
456, 900, on which interest had accrued to the
amount of S53, l72, For these bonds, with
the accrued interest, he was compelled 10 pay
and did pay, the sum Of SIT ,046,O 900, or 80,
536. S29 over and above the amount OF the
principal and accrued interest, paying pre-
MUM of 265 per cent. During the same time,
and under the same authority, he purchased
Sl2, 404, 900 of 4! per cent bonds, on which
interest had accrued to the amount OF Sl0e,'
600. For these bonds he paid Sl3,379,00O,
or $685., 900 in excess of the principal and in-
terest or u premium of seven per cent. Ihls
is the situation into which the government has
been forced by the failure of Congress In the
mast to take proper provision for the reduc-
tiou of the revenue. Millions OF dollars are
taken by law from the hands of the people
who earn the money by their labor and by
their skill in the prosecution of their business,
to be paid over to the bondholders in excess OF
the legal obligation of the bonds. ii Con
gress adjourns without applying the remedy
this unjust process must go on indefinitely.
In the presence of such a situation we cannot
afford to quarrel over details.
A REDpcTIoY OF THE REVENUE,
not by increasing taxation, as some propose,
but by reducing taxation in such measure as
to afford the largest measure of relief to the
people and their industries, should be the
great and controlling object, to which every
thing else should be sIborainated. L Go not
mean that any industry, however swall and
apparently insignificant, should not be care
fully considered in friendly spirit. But l
do mean that the general interests of the
many should not be subordnated to the spec
ial interests of the few. This is purely a
practical question. Its consideration neces-
sarily involves discussion, to some extent,
of the principle on which the power of taxa
ton is exercised There is fundamental
and irreconcilable difference OF opinion be-
tween those who believe that the power of
taxation should be exercised only for public
purposes, and that the burdens of taxation
should be distributed equally among all the
people according to their ability to bear them,
and those who believe it is the right and duty
of the government to encourage private inter-
ests by the imposition of higher rates, than
the needs of the government require, No
y. q, 80.