The Bennington banner. [volume] (Bennington, Vt.) 1858-1894, 1892-05-06
WAR NruE MCKINLEY Law.

AS the Mckinley law is thoroughly
protective, and the Democratic party is
thoroughly free trade, conflict between
these two was inevitable. Having gam
ed majority in the House of Represent
atives, that this party should make an
attack on this law was to be expected.
But there is q difference between a
guerilla warfare and battle in the open
field: and in the attack made the guer-
lila method seems best adapted to the
calibre of the attacking party. 1t was,
therefore. in caucus assembled, decided
to attack the tariff law in detail and not
as whole. This is deemed reprehensi-
BILE, because it shows lack of courage
and involves controversy over schedules
which do not necessarily involve the
principles of protection. No one holds
the Mckinley bill to be infallible or I'M
reliable. That law might be proven de-
fective at many points, and amended at
them ALL and yet protective tariff re-
mains as just, necessary and lmpregna-
BILE as ever.
This method of attack is reprehensi
BILE, also, because it necessarily disre-
CARDS the first principle of tariff legisla-
tion-namely, due regard for the pub
lie revenues. Under the tariff act of
1888 it was found that the revenues were
in excess of the needs of the Treasury,
and the Mckinley bill was framed to re-
duce the revenues to the required limit,
while retaining all necessary protective
schedules. To attack one OF these
schedules because it is protective, and
by its repeal largely reduce the revenue,
allows no compensating increase in any
other direction, and may leave the Treas
ury with deficiency. Thus, it is com
puted that under the Mckinley act the
revenues will be just about adequate to
the expenditures. If this be true, and
the so-called Free WOOL bill should
pass into law, it will reduce the re-
.ceipts about $4,000, 900 year, creating
a deficiency. A party hich will thus
sacrifice the public interest in its efforts
to secure some party advantage is not
worthy, and is not likely to win the pub
lie confidence.
This failure of revenue and collapse of
the Treasury was the result of Demo
cratic tinkering with the tariff the last
time that party had the power to legis-
late as it pleased. Mr.. Buchanan's ad-
ministration expended about $50, 900, 900
more than it received, and the ruinous
results of Democratic financiering is SO
graphically told by him that his own
words RE the best commentary. See
Ills IU6SSdBc VI DGCGlllDGI JUL, lOOOs
When Congress met in December last
the business of the country had just
boen crushed by one of those periodical
revulsions which are the inevitable con-
sequence of our unsound and extrava-
giant system of bank credits and initiate
currency. With all the elements of Ma
tional wealth in abundance, our manu-
features were suspended, our useful
public and private enterprises were ar.
rested, and thousands of laborers were
deprived of employment and reduced to
want.
Universal distress prevailed among the
commercial, manufacturing and me-
chanical classes. This revulsion was
felt the more severely in the United
States, because similar causes had pro
duced the like deplorable effects
throughout the commercial nations OF
Europe. All were experiencing sad re.
verses at the same moment. OuI
manufacturers everywhere suffered Sc
verely, not because of the recent reduc-
ton in the tariff of duties on imports,