The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1892-10-06
their reason.

opened with a discussion of the free coin
age demand, but acknowledged that there
was no difference between the party plat
forms on this matter. On the question
of repeating the law taxing the issue of
the state banks he adroitly made use of
the disasters suffered by the people If
this county through the failure of the L.
C. Sho7e Banking Go. Mr.. Spooner IN
questionable made all the capital for his
party there is IN the democratic plank
which appears to ask for the restoration
of state banks The policy OF the party
is not to restore these banks as they were
and Mr.. Spooner knows it. State bonds
to-day are fully as good as national
bonds, though they may not have the
same credit abroad. The bonds OF Mani
towoc county before they matured sold
for as high premium as did the United
States bonds. The city and school dis
trict bonds OF Manitowoc are above par
to-day. It is not the purpose of the
democratic party to restore the wildcat
banks, but it is quite apparent that the
currency is being contracted by the with
drawal of national banks and some means
must be taken to make good the deficit
thus created. That is all there is to the
widely advertised purpose to return to
the wildcat currency of the time before
the war, and Mr.. Spooner Is too intelli-
gent man not to know it. Just now
any assault upon state bank Is
popular in Manitowoc but is it wise?
With supervision of state banks by the
state equal to that Of national banks by
the federal government, depositors would
have fully as good security in the one as
in the other. So far as the Issue of banks
are concerned, government bonds Will In
a few years cease to be security for their
redemption. What is to be substituted?
1t is not question of driving out the
national banks, but TO find some substi-
tute when they retire voluntary as banks
of Issue. Whether the banks of issue be
under federal or state direction they
must furnish some guaranty for the re-
demption of their notes. 1t is proper
that the matter be discussed SO that some
adequate measure may be devised where
by the people will have currency equal
to that which Is certain to be retired by
the voluntary acts of the banks them
selves.
Mr.. Spooner while dislaiming any pur-
pose to strengthen his argument by APP
peal to sectionallsm, sought in his tariff
discussion, to implant the idea that tar
if for revenue only is southern idea.
1t is a new adaptation of the bloody shirt.
Invested of open animosity and hence
more insid1ous and dangerous in enforc-
ing error. The southern states were agri-
cultural and were not benefited by the
protection which the New England states
demanded as a special advantage over
the other sections. 1t was agricultural
interests not a section of the union pro-
testing against favoritism of which they
were the victims. 1t is just such pro-
test as the agricultural classes should
make now with more reason, as the bur-
den of taxation has increased rather than
diminished though the infant industries
have had century's development under
the fostering cure of protection. But
their need grows with the aid they re-
ceive. A tariff which at first enumerated
~ 81, ho "A Of
Importance, as being for government
needs, payment of debts of the United
States and encouragement of home in
dustries, now ignores the first two and
makes the last mentioned it's chief object.
What proof have we that Madison would
introduce such a bill, that Washington
would approve it or that congress would
pass it? The government needed reve-
nue. and adopted that means which pro.
vided revenue and gave protection. Are
we, in any event, SO tied to musty tradi-
tions that the opinion of those who were
on the scene of action almost n century
ago, on matters affecting their times
should govern us in dealing with condi-
tons which now confront us? Do bust
ness men delve into the grave to learn
from its tenant the proper course to pur-
sue with reference to matters which teel
the stress of, and are affected by present
surroundings?
Senator Spooner is two intelligent a
man to believe that the prosperity of this
country is wholly due to its policy of pro-
lection, but he argues 50. Nothing Is
credited to the American spirit of enter
prise, the intelligence which is fostered by
our educational institutions and the in
dependence which is implanted by parti-
cipation in the affairs of popular gov
eminent. Who are the pioneers in the
progressive strides the country has made?
The men who prepare the soil for cultiva-
ton and make it contribute to the sup
port of millions, and who are followed by
the protected classes. They not only oc-
cupy the places prepared for them but
demand tribute from those who made
their coming passible and their calling
profitable. Protection not only robs the
masses In material sense, but robs them
of the credit due their energy, industry
and intelligence. 1t discredits all the
good qualities of the man by claiming for
itself results which it hindered rather
than promoted.