The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1888-01-11
Senator Sherman's Speech.

man on tariff and revenue, which was
listened to with marked attention from
q full senate last week Monday, was
an elaborate and powerful presentation
of the subject. He showed that the
presidents message, fairly construed,
was a severe indictment of all engaged
in manufactures and sweeping accu
sation against the policy of protection
as supported by the great mass of his
countrymen. The senator holds that
the existence of the surplus revenue
instead of being a danger is an in
dication of the continuous increase of
the domestic production of the country
and its foreign and domestic commerce
and of the steady improvement of its
financial condition. In 1906 President
Jefferson, who had the good fortune of
a surplus revenue, expressed the be-
lief that the patriotism of the people
would prefer the continuance of the
imposts and the application of the
money to the great purpose of the pub
lie education, roads, rivers and canals.
General Jackson recommended the dis
tribution of the surplus among the
states. Larger SURPRISES have fire.
quently been dealt with wisely by re-
publican administrations, being either
applied by the executive authorities to
the payment of the public debt, or its
accumulation having been prevented
by congress by the reduction or repeal
of taxes. These simple remedies had
been applied in the administration of
each of Cleveland's predecessors since
the close of the war without other mat
tiers being neglected or the cry of
alarm being raised. All such reduc-
tons of taxes have been made by the
republican party. Why had not the
president followed the example of his
predecessors by using the power con-
ferred upon the secretary of the treas
ury and applying the surplus to the re-
duction of the public debt? Instead of
that, and though outstanding bonds
were redeemable at pleasure, the adj
ministration had changed the form of
debt statement so as to conceal nearly
thirty millions as unavailable assets and
swelled the surplds nearly year, until
friend and foe alike cried out against
it. If the president regarded the grow
ing surplus as danger why had he
not brought his influence to bear upon
congress to provide for the reduction
of taxation, and why did not congress
apply the remedy? If it had been de-
creed to reduce taxes without reducing
American production the task was
easy, but the enormous powers of the
speaker of the house were used to pre-
vent even the presentation of such a
bill, and in this the speaker had, it is
understood, the hearty sympathy and
support of the president and secretary
of the treasury.
Senator Sherman claimed that after
providing for the sinking fund and
other obligations the probable surplus
would be only S55 ,000, 900. This would
be the limit of safe reduction, and the
question was how best to do it. He
then proceeded to argue in favor of
the protective system and to insist that
the desired reduction should first come
on internal taxation. If some reduc-
ton must fall on imports he thought
that sugar should be the first to suffer.
The attempt to raise that food in this
country had failed. The senator's plea
in defence of the wool interest was eff
fective, and his argument in favor of
large reductions in internal taxation
was equally vigorous. He also demon
strated that every manufactured COM
modify is cheaper in this country
to-day than it was in 1860 under free
trade. Nine-tenths of the commodities
used by our farmers are as cheap to-
day in this country as in England, and
some of them are cheaper. Food OF
every kind, except sugar, is cheaper
here than in any country of Europe
the clothing worn by working-men is
sold at as low prices as in London OF
Liverpool, and rates of wages are from
fifty to one hundred per cent higher here
than in England. He stated the pre-
else character of the great ISSUE
now before the country in the ters'
declaration that American duty Il
home industry is greater than Ameri
can duty to foreign interests. He pre-
ferred the policy of reducing prices b,
home competition rather than by for
eign competition, of cheapening raw
materials by increased productions, b.
the improvement of rivers and harbor
and by railroad competition. In othe
words, he preferred the development
increase and growth of the production
of this country without regard to tn