Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1892-09-16
RECIPROCITY N TRADE.

"When the principle Of reciprocal trade
was frat proposed to be introduced into
the tariff system. the democrats showed a
generous appreciation OF the question ana
gave it their support so long az republl-
cans refused to accept it: but, when the
repnbicans came to approve II, the demo-
cratic support vanished, and instead OF
favorirg we find the Democratic National
Convention passing resolution hostile 10
the system. IN spite of democratic op-
position, we have attained through reci'
procitv a new aud valuable trade. and the
system has demonstrated It's many ad-
vantapes. We were abOnt TO declare
SMEAR. molasses. coffee and hides free OF
ali dnties in the Mckinley bill, bnt instead
of that we passed a law by which we
asked the several nations interested what
they would give to have their articles
made free. We found that the privileges
which we were abont to give without cost
and without charge woul seonre large
trade in Brazil. in Cuba and in Porto
Rico. in the Wind ward and Leeward
Islands. in British Guiana, Jamaica, San
Domingo and the five Central American
States. aud to a minor degree in Australia,
France and Germany, all in exchange
for the articles which we had intended to
rraiuitouslv 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 dutiable list.
EXCHANGE FOR FREE ENTRY.
"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 exchange for itl We omitted
70 do 50 for many years, and that neglect
has cost the government advantages in
trade when would have amounted to tens
of millions of dollars. This is the whole
of the reciprocity scheme. IL IS very
plain and very simple. 1t secures
valuable trade in exchange for articles
otherwise destined TO be put on the free
list. Tht .emocratic party think they
can dlscre,iit IT. and they make the effort
apparently for The unpatrotidfeason that
they did not originate it.
NATIONAL AND STATE CURRENCY.
"With all it's calamities the war brought
ms one great blessing national currency,
There are mahy who Will say that it was
worth the cOnt Oh tuo Wal " mug "pVue
so auspicious a result To 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 ex-
ceptions. we're thoroughly Irresponsible
They existed by thousands throughout
the United States. Whenever one Of
them filled the result was a large loss and
great distress among the people. No one
was responsible for their bills, and they
were generally found scattered IN the
rockets of laboring men, TO whom they
we're a total loss, without any redemption
Whatever. OF the State banks 1t was
often and truly said that their debts we're
the measure of their profits. They haye
caused an aggregate loss OF hundreds of
millions of dollars among the poor.
GUARANTEES OF PAPER MONEY.
"since the close of the war all this is
different. Every paper dollar that circu-
lates among the people has the United
States bshinl it as guarantee. All the
banks that exist are under tho control of
the national government, and if they fail
"A financial institutions this government
has taken care that their bills shall be
paid By securities deposited in govern
ment vaults. Under these circumstances
IL is a matter for extraordinary surprise
that the democratic convention shonld
pass resolutions tor the re-
xival OF State banks. The palpabe effect
of this policy, if carried out, would be to