The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1893-04-14
4 Protective Tar1ff speech.

Extracts from the speech of Hon.
Joseph d. Taylor of OHIO, in the house
OF representatives, Thursday, March 2,
1898:
The fifty millions of gold which the
United States has lost within the last year
were not driven out of the country by the
Sherman act, which requires this monthly
purchase of silver.
Laws in relation to silver and gold are
important. Laws in relation to commerce
and trade are important, but no law has
ever been placed upon the statute book that
can secure prosperity to a country as long
as the balance of trade is against it. If
man purchase more than he sells in any
business, if his expenditures are greater
than his receipts, it is only a matter of time
when his resources will be exhausted. The
same is true of nation. If in its CONNER
cial transactions with the world it buys
more than it sells its resources will be eX-
hauSted. This is the inevitable law of
trade
The Hon. H. II. Gibbs, eX. governor of the
bank of England, n the January number
of the Forum, uses this language:
''Directly speaking nothing will take
money metal from country but the bal
ance of trade. If the value of exports of
purchasable commodities does not equal
the value of the imports, specie. which is
stored commodity, is exported to rectify
the balance"
This balance must be paid in gold, be-
cause it is the only kind of money known
in the worlds commerce. Under existing
tariff laws, in the last fiscal year, we sold
to other countries $500, 900 900 worth of
merchandise more than we bought, and
hence the balance of trade was in our
favor to this amount. This balance of
trade would have added to our stock of
gold in the last fiscal year $500, 1000, 900 had
it not been for the fact that we are indebt-
ed to Europeans twelve or fifteen hundred
million dollars, and it required One-half of
of this two hundred millions to pay the in
terest that we owed on this enormous for
eign Indebtedness.
Besides this, the money we pay to foreign
ships for carrying our merchandise would
probably increase this expenditure to at
least $3.50, OOO,O0 which would only leave
us a net balance of fifty million as an in
crease in our stock of gold. The money
CuLIICO dUIOdu ny AIlOTlCduS WIZ JIdNC1
foreign countries is largely compensated
by foreig ners who travel in this country
and by immigrants who come to this coun-
try to make their home. So that while the
balance of trade was $500, 200, 000 in our
favor last year, the real balance to be set
tied by the payment of gold would not ex-
coed $50, 900, 900; and if this amount of
American securities should be returned to
this country for sale our stock OF gold
would not be increased at all.
The resources of the United States have
always been greater than the resources of
any other country on the face of the globe,
and yet the United States has always been
poor. The people have always suffered
from want of money, and have been COM
PEELED to borrow money to develop our re-
sources.
We are debit nation. Great Britain is
credit nation.
The interest we owe on our foreign in
debtedness must be paid in gold. Euro
pears hold our state bonds, our county
bonds, our railroad bonds, and all manner
of American securities, and they are all
payable in gold; and the holders of these
securities will become nervous and will re-
turn them to American markets when they
find that our stock of gold is diminishing.
Our European creditors hold an amount
of Anne rican securities twice as great as all
the gold in the United States, and while
these securities are not due or payable at
this time, they can be returned to this
country and sold at their market price,
payable in gold.
think the Sherman act ought to be so
modified that we can safely utilize the en-
tire product of the American silver mines,
but so modified as to prevent an increase
in our medium of circulation.
This is the same Taylor that Jerry
Simpson wound up in the debate on
the prosperity of Kansas farmers. In
this instance he was speaking on the
Sunday civil service bill. and he takes
the ground that the protective tariff is
the true financial policy and preserves
the balance of trade in our favor
Bet how does it happen that England,
80 tariff for revenue nationn is the