The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-09-07

WnlCh ne strongly dQVOcateS, ana thlfQ, Op-
position to the democratic plank proposing
TO make state banks banks of issue.
Tbs letter is, almost in full, as follows:
Not being able for reasons which have ex-
planned to you, to deliver public speeches in the
present campaign, take the liberty of sub
mIttinY my views on the issues which regard
Is being strongest for the republicans to urge
before the people.
EThe issue of greatest consequence is the tariff
on imports, and it will continue 70 be until a
settlement Is effected by q majority 30 large
that it will be tantamount to general acquies-
cence. The republicans are aggressive on this
subject. Two years ago they passed general
enactment known as the Mckinley tariff, which
for a time failed to meet with popular Ap-
proval and was regarded with certain degree
of distrust by those who had always upheld the
protective system.
POWERFUL REACTION CLAIMED.
But powerful reaction has come in conse.
quence OF the vindication Of the Mckinley tariff
by experience. 1t is found to have worked ad-
mirably, and within the last year it has pro-
duced a greater volume OF business, internal
United States ever transacted before. Not
withstandtng the character and extent OF the
opposition to it, agriculture is remunerative,
manufactures are prosperous and commerce is
thus vindicating the Mckinley tariff by an i'm
pressive and undeniable series of facts.
THE DEMOCRATIC POSITION.
Against this tariff the Democratic party has
taken position almost without parallel In the
history of the country. They reject entirely
the doctrine of projection, pronounce il a
fraud and anathematize it generally. reso-
luton TO this effect was adopted by the demo-
cratic convention against the report Of the
committee on resolutions, by a twothirds VOTE
thus manifestinR the intelligent participation
OF every man IN the convention. Sometimes a
resolution may be adopted in haste, or Just
when convention is ad1ourning 1t may fail to
receive the attention of the members, but this
resolution was debated pro and con, adopted
after contest and was perfectly understood by
the members OF the convention.
THE CHICAGO PLANK.
Mr.. Blaine then quotes the democratic
tariff plank. He continues:
II any one will take the trouble TO read the
resolutions by which Calhoun sought to defend
his nuilifcation scheme in 1888, he will lnd the
tariff platform of the Democratic party in gen
eral harmony Herewith, and if he examines the
subject further he will discover that the duties
In the compromise tariff which reconciled Cal
houn and appsased mis- angry followers In the
state OF south Carolina: were of more COM
prehensve character than those contemplated
In the democratic resolutions of 1892.
JEFFERsoE's PRINCIPLES.
The democrats are in the habit of naming
Jefferson as the founder of their party: and vet
on the subject of the tariff, they are in radical
opposition to the principles laid down by JEFF
ferson.
Mr.. Blaine then cites the history Of Jefferson's 8
administration, his declaration in favor of the
maintenance or import duties, and the devotion
OF the surplus accumulated during his adminis-
tration to the river and harbor improvements
in support Of this statement.
When the principle of reciprocal trade was
hrst proposed to be introduced into the tariff
system the democrats showed most generous
appreciation OF the question and gave il their
support so long as the republicans refused to
accept 1t, but when the republicans came to ap-
instead OF favoring we Hhd the democratic
national convention passing a resolution
hostile to the system. But in spite of
democratic opposition we have ATTAINED
through reciprocity new and valuable trade
and the system has demonstrated its MANY adj.
vantages. We were about 10 declare su1ar
molasseS coffee aud hides free OF all duties In
the Mckinley bill, but instead of that we passed
law by which we asked the several nations
interested what they woulu give to have those
articles made free. We found that the privf-
leges which we were about to give without
cost and without charge, would secure Iar0e
trade in Brazil, in Cuba and Porto Rico. Ia the
Windward and Leeward Islands In British
Guiana and Jamaica, San Domingo. and the
five Central American states. and to a minor
degree in Austria, France and Germany-alI in
exchange for articles which we had intended to
gratuitously admit. The free list of the
Mckinley tariff is larger ia the number of
articles and in the agyregats amount of their
import value than the dutiabls list What
would have been the result co the United States
II every article before it was put on the
free list, had been made the subject of inquiry
TO see what we could get in exchange for itp
We omitted to do SO for many years, and that
neglect mas cost the government advantages
In trade which would have amounted to tens of
millions of dollars. This is the whole of the
reciprocity scheme 1t is very plain and very
simple. 1t secures valuable trade for articles
otherwise destined TO be put on the free list
The Democratic party thinks they can discredit
It, and they make the effort apparently for the
unpatrtotic reason that they did not originate
it.
THE NATIONAL CURRENCY.
one great blessing-the national currency.
There are many who will say that IL was worth
the cost OF the war to bring about so auspicous
a result for capital and labor. Prior to the
war we had the worst currency system Of any
enlightened nation IN the world. The state
banks with some exceptions were thoroughly
irresponsible. They existed by thousands
throughout the United States Whenever one
of them failed the result was large loss aud
great distress among the people. No one was
for their bills, ana they were gem
orally fonnd scattered in the pockets Of the la
boring men, TO whom they were a total loss
without any redemption whatever. OF state
banks it was often and truly said that their
debts were the measure Of their profits. They
have caused an aggregate loss OF hundreds Of
millions of dollars among the poor Since the
war all this is different. Every paper dollar
that clrcuates among the people has the United
States behind It as a guarantee. All the banks
that exist are under the control OF the national
government and IL they fail as financial insti-
tutions. the government has taken care that
Suelt UilAb Shall Do phlu Uy SECURITIES deposited
in the government vaults
A MATTER OF SURPRISE.
Under these circumstances It is a matter for
surprise that the democratic
should deliberately pass a RESOLUTION
for the revival of state banks. The paIpable
effect of this policy, IL carried out, would be 10
cheat the poor man out Of his daily bread n
state banks be adopted and their circulation at
tain large issue no device could be more deadly
for the deception and dispoilment of ali
commercial and laboring classes. How the
convention came to make such a |
who was It's anthor, what intelIi- |
gent purpose is In il, will remain a mystery.
have heard the argument adduced that we |
would keep money at home IL state banks were |
but we should keep iL at home be
cause it would be so worthless that nobody
would take It abroad Were the system Of |
state banks revived we would again have dis |
counts at the state lines, large charges for |
drafts on financial centers and general suspi- !
cion OF every bill offered in payment, with |
liquidation every few years that would be a de- |
structive loss to innocent holders OF bills aud
corresponding profit 70 the parties owning the |
banks.
The three issues which have given are the |