St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1892-09-15

a law by which we asked the sever
al nations interested what they
would give to have those articles
made free. We found that the privi-
leges which we were about to give
without cost and without charge
would secure large trade in Brazil,
in Cuba and Porto Rico, in the Wind
ward and Leeward islands, in British
Guiana and Jamaica, San Domingo
and the FIVE Central American states
and to minor degree in Austria,
France and Germany, all in exchange
for the articles which we had intend
ed TO gratuitously 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 have been the result to the Unit
ed 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
of millions of dollars. This is the
whole of the reciprocity scheme. 1t
is very plain and simple. 1t secures
a valuable trade in exchange for ar
ticles otherwise destined to be put
on the free list. The democratic par
ty think they can discredit it and
they make the effort, apparently for
the unpatriotic reason that they did
not originate it.
3. With all it's calamities the war
brought us one great blessing-na-
tional currency. There are many
who will say that it was worth the
cost Of the war to bring about so
suspicious a result to capital and la
Dor. Prior to the war we had the
worst currency system of any en-
lightened nation in the world. The
state banks, with some exceptions,
were thoroughly irresponsible. They
existed bv thousands throughout
the 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
total loss without redemption what
ever. OF the state banks 1t was
often said that their debts were the
measure of their profits. They have
caused an aggregate loss of hundreds
ofmilliOns of dollars among the poor.
Since the close of the war all this is
different. Every paper dollar that
circulates among the people has the
United States behind it as a guaran-
tee. All the banks that exist are un-
der the control of the national gov
eminent and if they fail as financial
institutions the government has
taken care that their bills should be
paid by securities deposited in gov
eminent vaults. Under these circum-
stances it is matter of extra ordi-
nary surprise that the democratic
convention should deliberately pass
resolutions for the revival of state
banks. The palpable effect 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 circula ton attain large
issue, no device could be more deadly
for the deception and despoilment of
all the commercial and laboring
classes. How the democratic con-
vention came to make such a declar-
alton, who was its author, what in
telligent purpose was in it, will re-
main a mystery. l have heard the
argument adduced that we would
keep the money at home if state
banks were instituted, but we should
keep it at home because it would be
so worthless that nobody would
take it abroad. Were the system of
state banks revived we would again
have discounts at the lines, large
charges for drafts on financial CEN
tiers and general suspicion of every
bill offered in payment, with a liqui-
dation every few years that would
be destructive loss to the innocent
holder of bills and corresponding
profit to the parties owning the
banks The three issues which I
have given are the issues upon which
would arraign the democratic
party. 1 would not multiply issues,
nor be diverted by our opponents
from steadfast adherence to and
constant presentation of these ques-
tions before the people until every
voter is made to know and under
stand their true and weighty signi-
fcance.
Very sincerely yours.
JAMES 6. BLAINE.