Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1892-09-07


strated its many advantages.
Privileges That Were Valuable.
ave We're about to declare sugar, mo-
lasses, coffee and hides free of all duties
in the Mckinley BILL but instead of that
we passed IL law 10y which we asked the
several nations interested what they
would give to have their articles made
free. We f. and that the privileges which
we We're about to give without cost and
without chi..ge would secure large trade
in Brazil, in Cuba aud Porto Rico, in the
Windward and Leeward islands, in British
Guinea and Jam aica, San Domingo, and
the five Cen raj American states and to a
minor degree in Australia, France and
Germany, all in exchange for the articles
which we had intended to Gratuitously
admit.
Pith of the Reciprocity Sche
"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 dutiable list. What would have
been the result to the United States if
every article before it had been put on the
free list had been made the subject of in
quiry to see what we could get in ex
change for it, We omitted to do so for
many years, and that neglect has cost the
government advantages in trade which
would have amounted to tens of millions
of dollars. This is the whole of the recip-
rocity scheme. 1t is very plain
and very simple. 1t secures val
liable trade for articles otherwise destined
to be put on the free list. The Demo
cratic party think they can discredit it and
they make the effort, apparently for the
unpatriotic reason that they did not orig
mate it.
National Currency II blessing.
"3. With all its caiamities the war
brought us one great blessing-national
currency. There are many who Will say
that il was worth the cost of the war to
bring about so suspicious n result to capt.
tai and labor. Prior to the war we had
the worst currency system of any enllght-
ened nation in the world. The state
banks, with some exceptions were
thoroughly irresponsible. They existed
by thousands throughout the United
States. Wherever one of them failed the
result was large loss and great distress
among the people. No one was RESPONSE
bic for their bills, and they were generally
found scattered in the pockets of the labor
ing men, to whom they were a total loss
without any redemption whatever.
Their Debts Were Their Profits.
3Of the 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 close of the war all this is different.
Every paper dollar that circulates among
the people has the United States behind
as guarantee. All the banks that exist
are under the control of the national gov
ernment, and if they fail as financial in
situations the government has taken care
that their bills shall be paid by securities
deposited in government vaults. Under
these circumstances il is matter for ex-
traordinary surprise that the emocratic
convention should deliberately pass reso-
buttons for the revival of state banks.
Calls 1T n Deadly Device.
"The palpable effect of this policy, if
carried out, would be to cheat the poor
man out of his daily bread. Ifstate banks
be adopted and their circulation attain
large issue nc device could be-more deadly
for the deception and espoilment of all the
commercial and laboring classes. How the
Democratic convention came to make such
a declaration, who was its author, what
intelligent purpose was in it, will remain
a mystery. l have heard the argument
adduced that we would keep the money
at home if state banks were instituted;
but we should keep it at home because it
would be so worthless that nobody would
take i abroad.
The Issues Put ut Three i'm Number.
"Were the system of state banks re-
vived we would again have discounts at
the state lines large charges for drafts on
financial centres and general suspicion OF
every bill offered in payment, with liqui-
dation every few years that would be
destructive loss to the innocent holders of
bills and a corresponding profit to
the parties owning the banks.
The three issues which l have given
are the issues upon which 1 would arraiSn
the Democratic party. l would not multi
ply issues nor be diverted by our OPP
ponents from a steadfast adherence to and
constant presentation of these questions
before the people, until every voter is
made to know and understand their true
and weighty significance. Very sincerely
YOURS, JAMES G. BLAINE"
THEY GAINED LONG" JONES.