The Republican journal., 1892-09-15

charge would secure large trade in
Brazil. in Cuba and Porto Rico, in the
Windward and Leeward Islands, in Brit
ish Guiana and Jamaica, San Domingo
and the five Central American States and
to a minor degree in Austria, France and
Germany,-all in exchange for the arti-
cles which we had intended to admit gra-
tuitously.
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 was put on the
free list, had been made the subject of
inquiry 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 reciprocity
scheme. 1t is very plain and very simple
1t secures valuable trade in exchange
for articles otherwise destined to be put
on the free list The Democratic party
think they can tliscredit it, and they make
the effort, apparently for the unpatriotic
reason that they did not OH. Innate it.
3. With all its calamites, the war
brought us one great blessing nation
al currency. There are many who will
say that it was worth the cost Of the war
to bring about SO ansnlclous a result to
capital and labor. Prior to the war we
had the worst currency system If any en-
lightened nation in the world The State
banks, with some exceptions, We're thor
oughly irresponsible. They existed by
thousands throughout the nited states
Whenever one of them failed, the result
was a large loss and great distress among
the people. No one WAS responsible for
tho.r bills. and they were generally found
cattered in the pockets of the laboring
III n, to whom they were total loss with
out any redemption whatever OF 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 diff
ferent. Every paper dollar that circulates
| among the people has the United States
behind it as guarantee. All the banks
| that exist are under the control of the Ma
| tional Government, and if they fail as
| financial institutions the Government has
| taken care that their bills shall be paid by
securities deposited in Government vaults
| Under these circumstances it is mat
tel for extraordinary surprise that the
| Democratic Convention should deliberate
| ly pass resolutions for the revival of State
banks. The palpable effects 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 at
| tain large issue, 10 device could be more
deadly for the deception and despoilment
of all the commercial and laborine classes.
| How the Democratic Convention came e
| make such declaration, who was it's all-
thor, what intelligent purpose was in it,
will remain a mystery. | have heard the
argument adduced that we would keen
| the money at homeif State banks were in.
stituted; but we should keep it at home
| because it would be so worthless that no
body would take it abroad. We're the sys-
| TEN of State banks revived we woulC
again have discounts at the State lines
large charges for drafts on financial cen
| terS and general suspicion Of every bill
offered in payment. with Il liquidation
every few years that would be a destructive
loss TO the innocent holders of bills and
corresponding profit to the parties owing
| The banks.
The three ssues which have given ar,
the issues upon which | would arIaign til,
Democratic party. | would not multipl,
issues, nor he diverted by our opponents
from a steadfast adherence to and con
slant presentation of these questions be
fore the people until every voter is made
to know and understand their true an6
weighty significance.
Very sincerely yours,