Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1892-10-15
4 GREAT RECORD.

thEEDuM, PhoGREeS AND PROsFEl-
ITy- DEMOCRACY Welded TO DE.
LUsIoNs OF THE PAST.
The career of the Republican Party
was begun, continued, and has not yet
ended as one of unprecedented legislative
industry. 1t has never been anything
but working party devoted to the
highest welfare of the Nation.
1t is a distinguishing characteristic of
the policies of the Republican Party that
while they were undertaken in the heat
of the Civil War they were designed to
promote the pacific development of the
industrial energies and resources of the
country. One of the first landmarks of
Republican legislation was the Home
stead Act. This law had been pending
in Congress for many years while the
Democratic Party was in power. 1t had
been vetoed by two Democratic Presi-
dents. 1t had been strenuously sup
ported by leading Northern Democrats,
but had been opposed by the South in
the interest OF slavery. A Republican
Congress enacted it in May, 1852, and
converted it into great National policy,
as oenefcent as it was progressive, for
creating prosperous class OF indepen-
dent freeholGers in the Western reaches
of the Union. The Homestead Act,
supplemented by Pacific railway legisla-
| ton, attracted settlers, stimulated immi-
grafton ard transferred the centre of in
dustrial power from the East to the
I Al I
tons were laid for that marvellous ma
terial prosperity, Of which the first fruits
were to be the resumption of specie pay
ments and the cancellation during sin.
gle generation of two-thirds of the
| National debt.
In like manner the tariff has minis
/ tered to the interests of the Nation. At
the opening of the War the Democratic
| Party, under the direction of Southern
| slave owners, was committed to the pol
| icy of revenue tariff tending in the
| direction of absolute free trade. The
| cotton, sugar, tobacco and rice planters
| of the South, having what they consid-
cred the cheapest of all labor in their
slaves, were the natural allies of free
trade England. One of the economic
curses Of slavery wherever it has existed
has been its inevitable effect in develop
ing two OF three great agricultural inter
ests and in preventing the diversiication
of industries. Southern planting inter
ests and economic policy blocked Ma.
tional development of industries. This
policy Of a low tariff, which had always
been Southern rather than Northern, was
aban 1oned when the Republican Party
was confronted with the necessity OF
obtaining an income adequate tor meet
ing the cost of great war.
| FOUNDING A GREAT NATIONAL POLICY.
If Legislators had considered the tenn.
| porary exigencies of war time alone they
might have adopted the principle of
high revenue taxation. They were broad
minded men who looked long way be-
yond the requirements of Treasury
budget. They established tariff system,
which would not only arm the Govern.
ment with immediate power to levy and
| collect enormous resources Of income,
but which would also tend TO foster and
Now, while honest men may differ
over details of the tariff controversy
which has been conducted In this couu.
try over a hundred years, they must at
least agree that Republican legislation
| provic ed most efficient instrument for
/ the collection of the large revenues
needed for war expenses and the prepaid
payment Of the National debt They
must also recognize, without dissent,
the extraordinary expansion of domestic
manufacturing aud the development of
foreign and internal trade which have
accompanied protective legislation.
They must also coucede that the benefits
Of high tariff have been generally dis
tributed in the course of time so as to
be equaized among all classes through
the chcapening of prices for consumers.
They must, moreover, be prepared 10
admit that the protective system has
promoted that wonderful diversifcation
of industries which now affords resources
Of remuneratiyc employment for the
largest and most prosperous body of
working people on the Garth. 1t is
characteristic Of the malign genius of the
Democratic Party that after ali the mir
acles of American industrial progress
have been accomplished, it should turn
back the hands eli time ard take its
stand to-day with the notification leader
of 1882 in procIaiming the unconstitu-
tionality of the protective tariff Even
Jackson's authority las not sufficed to
convince it that Calhoun was wrong,
and the decisions of the United States
Supreme Court have been OF no avail to
reconcile it to tine prosperity of the
American people under the protective
system.
MASTERPIECES OF FIEANCR.
The financial legislation of the Repub
lican Party constitutes series of land
marks OF American progress. The greai
measures of the war period were thos,
providing for the Issue ard ultimate re
demption of the legal tender greenbacks
and for the establishment of the Nationa
bank system. These were followed, afte
the war, by the Re!unding and Resump
ton Acts. The general principles upol
which this legislation was grounded as
sumcd that public debt was to be REGARDED
always as temporary burden to be naiC
As rapidly as possible and that every
promise made to creditors must I've fally
redeemed. Although a debt was con
tracted so vast in volume that one years
interest upon it exceeded the financia,
obligations incurred during the War of
the Revolution, provision was made for
its rapid conversion into securities bear
ing low rates Of interest and for the pay
lnent Of two-thirds of it during the life
Of single generation. The taxpayers OF
the period of the Civil War we're com
PEELED to do their duty as well as the
soldiers were doing theirs in the field.
Taxation was kept at the highest aggre-
gate which industry would bear. and the
burden Of the debt was virtually carried
by the generation which incurred it. The
success OF the Refunding Acts was largely
dependent upon the resumption of specific
payments. That was a supreme act of
good faith which established public
credit on so high plane that refundiur
operations were conducted with extrlor2
binary facility.
/ Ia consequence of thirty years expert
nee with Republican financial egisla.
non the American people have the proud