Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1892-09-29

The Democrats are in the habit OF nam
inc Jefferson as the founder Of their party,
and vet on the subject Of tariff, tney are
in radical oppOsition TO the principles lal's
down by Jefferson. Towards the c.ose W
his administration the revenue rom VIZ
tariff on imports produced coLs . 49,, "a
surplus. and the question was VIVA, sEo".a
he done, Should the tariff be reduced OF
should this surplus be maintained: Jel-
ferson nointediy asked: "Shall we sup
nress the imports and give that advantage
to foreign over domestic MANUFACTURES
For himself he recommenueu nc no.
0the imports be maintained" and that the
surplus created 'should be appropriated
to the Improvement of roads, canals, nv
ers and education"
IT the constitution did not give sumclent
power to warrant these approprldlious
Jefferson went SO far as TO reconiheuiu
that it be amended. Inns presents WI, nb
a protective tariff can be JUSTIFIED, ana JeI-
ferson did not hesitate to recommend IL.
The Democrats of the present day, IL IS
needless to say, are in direct oppOsltlon W
the policy which Jefferson thus outlneo
and adhered TO.
EXPLAINS THE RECIPROCITY SCHEME.
When the principle of reciprocal trade
was first proposed 10 De lntlouui pa ad'o q
the tariff system, the Democrats showed
most generous appreciation OF the ques-
ton, and gave it their support as. long as
Republicans refused to accept 1t, but When
Republicans came to approve OF IL the
Democratic support vanished, ana instead
of favorlng, we ma the Denocratlc LA
tiOnal convention passing resolution nos
tile to the system. But in spite OF Demo-
cratic opposition we have attained, through
reciprocity, new and valuable trade, ano
the system has demonstrated its many ad-
vantages. We were about to declare
81 fron
ali duties in the Mckinley bill, but instead
of that we passed law by which we
asked the several nations interested what
tEey would give to have those articles
made free. We found that the privileges
which we were about to give, without cost
trade IN Brazil in Cuba, and Porto Rico,
in the Wlndward and the Leeward IS
lands, In British Guayana 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 articles which we had intended 10
gratutiOuSly 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. What would nave
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
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 discredit it, and they make the
effort apparently for tue unpatriotic rea-
son that they did not originate it.
WHAT STATE BANKS MEAN.
With all it's calamities the war brought
us one great blessing-national currency.
There are many who will say that it was
worth the cost of the war to bring about
so suspicious res ult to capital and labor.
Prior to the war we had the worst cur
rency system OF any enlightened nation
in the world. The state banks, with some
exceptions, were thoroughly irresponsible.
United States. Whenever one of them
failed the result was large loss and great
distress among the people. No one was
responsible for their bills, and they were
generally found scattered in the pockets of
the laboring man, to whom they were a
ever. OF the state banks 1t was often and
truly said that their debts were the meas
ure 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 pa
per dollar that circula;eS among the people
has.the United States behind it as guaran-
tee. All the banks that exist are under
the control OF the national government t,
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 1t is matter
for extraordinary surprise that the Demo-
cratic conventions should deliberately pass
resolutions for the revival of state banks.
The palpable effect OF this policy, if car
ried out, would be to cheat the poor man
out of his daily bread If state banks be
adopted and their circulation attain
large issue, no device could be more deadly
for the deception and despOllment of all the
commercial and laborlng classes. How
the Democratic convention came to make
such declaration. who was its author,
what intelligent purpose was in it, will re-
main mystery. | have heard the argu-
ment adduced that we would keep our
money at home if state banks were insti-
tuted. but we should keep it at home be-
cause 1t would be SO worthless that nobody
would take it abroad. Were the system of
state banks revived, we would again have
discounts AT the state lines, large charges
for drafts on financial centerS, and general
suspicion of every bill offered in payment
with liquidation every few years that
would be destructive loss to the innocent
holders of bills, and corresponding profit
to the parties owning the baSks.
The three issues which have given are
the issues on which l would arraign the
Democratic party. | would not multiply
issues nor be 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 and
weighty significance,
Very sincerely yours.
JAMES Il. BLAINE.