The Republican. [volume] (Oakland, Md.) 1877-current, 1892-09-16

TEN the Democrats showed mucn
generous appreciation of the ques-
ton and gave it their support o.
long as Republicans refused to ac
cept it; but when Republicans came
10 approve it the Democratic sup
port vanished, and instead OF favor
ing, we find the Democratic nation
al convention passing a resolution
hostile to the system. But in spite
of Democratic opposition we have
attained through reciprocity a new
aud valuable trade and the system
has demonstrated It's many advan-
tages. We were about to declare
sugar, molasses, coffee and hides
free of duty In the Mckinley bill
but instead of that we passed a law
by which we asked the several ma
tions interested what they would
giye 10 have their articles made
free.
WIZ FOUND THAT THE PRIVILEGES
which we were about TO give with
out cost and without charge would
secure a large trade in Brazil, Cuba
and Porto Rico, in the Windward
and Leeward Islands, in British
Guiana and Jamaica, San Domin-
go, and the five Central American
States and to a MINOR degree in
Australia. France and Germany
ali exchange for the articles which
we had gratutiously admit. The
free list of the Mckinley tariff is
larger in the number of articles
and IN the aggregate amount OF
their import value than the dutia-
BILE list. What would have been
the result to the United States if
every article, before it had been put
on Che free list, had been made the
subject of inquiry TO see what We
could get in exchange for it?
We omitted to do so for many
years and that neglect has cost the
govern ment advantages in trade
which would have amounted to
tens of
MILLIONS OF DOLLARS.
This is the whole of the reclproc-
ity scheme. 1t is very plain and
very simple. 1t secures valuable
trade in exchange for articles 9th
erwise destined to be put on the
free list. The Democratic party
think they can discredlt it, and
they make the effort, apparently
for the unpatrlotic reason that they
did not originate it.
THE NATIONAL CURRENCY.
Third. With all its calamities
the war broughtu us one great blessing
national currency. There are
many who will say that it was
worth the cost of the war to bring
about so suspicious a result to cap
ital and labor. Prior to the wal
we had the worst currency system
of any enlightened nation in the
world. The state banks, with some
exceptions were thoroughly ire
sponsible. They existed by thous-
ands throughout the United States
Wherever one of them failed the
result was large loss and great
distress among the people. No
one was responsible for their bills,
and they were generally found
scattered in the pockets of labor
ing men, to whom they were a to-
tai loss without any retention
whatever. OF the State banks, it
was often and truly said, that their
debts were the measure of theil
profits. They have caused an ag.
gregate loss OF hundreds of mill.
ions of dollars among the poor.
Since the close of the war all Of
this is different. Every paper Dbl,
lar that clrculates among the peo-
Pile has the United States at its
back. All the banks that exist ar,
under the control Of the national
government, and if they fail AS
financial institutions the govern
ment has taken care that their bills
shall be paid by securities.
DEPOSITED VAULTS.
Under these circumstances, it is
a matter for extraordinary surprise
that the Democratic convention
should deliberately pass resolutions
for the revival of State banks.
The palpable effect of this policy,
If carried out would be to cheat
the poor man out of his daily bread
If State banks be adopted and their
circulation attained large issue
no device could be more deadly for
the deception and despollment OF
all the commercial and laboring
classes. How the Democratic con.
vention came to make such a de.
claration, who was its author, what
intelligent purpose was in 1T, will
remain a mystery. | have heard
the argument adduced that we
would keep the money at home il
/ State banks were instituted. hn+