Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-07-30

| made to the free list by the Mckinley law
and by reason Of the reciprocity treaties
TO the enormous sum of $6i6, 7O6.5a0. an III
crease Of S25o,eo3,792.
During the same period, owing TO the
| high tariff imposed upon dutiaole mor.
chsndise. its total fell Cd from s507 .57l.7ei
IN 1890 70 $40, 5s5. 66S in 1903, decrease OF
$s7, 022. s95. making O difference OF about
| &iGO. 000. 900 against us on the balance Oh
| foreign trade.
fallen on only $10,000,00o being Tor the
wear ending June 80. 1880, 1857 ,6qs. 6s5, ana
for the year ending June 80, 1873. SSfi'-
| 423, ii7.
Observe again the fallacy of the free
trade theoTv-thst the more we imporS'he
more we will export. .oo =.
In 1880 our imports were S7s9.SlO, 400 Ia
| 1893 our imports we're Ss4l, c76, 12S-ap in-
| crease of $i32, 900 900 In imports and DC
crease OF SIC. 000. 900 in exports.
We see then that the enormous increase
| in our imports is due TO the increase OF
! articles admitted free of duty under the
| Mckinley law and the reciprocity treaties.
Under the operation OF those laws the
balance Of trade against us for 1873 was as
| follows:
| Impors for rear ending juno 30, nv, ,oo
1894 ...................s941.07 0, 1913
Il
Exports for year ending June 80,
1898 ACKNOWLEDGEMENTS. s47,423,147
Balance against US. ..............e 93,0o2,eol
Here was a debt for goods which we had
bought, received. and for which We had to
paw The figures do not represent the en-
| tire balance against us, but would be III
creased TO over 800, 000.0 by adding
freights and differentiation. How did
we pay III We exported 1000 ,OOO--more
gold than we imported during the year
ending Juno 80, 1898. lSee Bradsireefs July
22, 1898. ,e.
Treasury and reduced the reserve below
the 800. 900 OOO-which the public at
home and abroad had been educated 70
believe was necessary 20 MAINTAIN parity
between silver aud silver cerAncates.
greenbacks. and gold. 1t was the spectacie
of this enormous and unprecedented OUT
flow Of tho yellow metal from our irea-
eury 10 foreign shores that alarmed the
public. First, as 10 the ability OF the gov
eminent to maintain the reserve. and next
as TO its ability TO MAINTAIN silver on
parity with gold.
MATHEMATICAL DEMONSTRATION.
1. That the Mckinley law, by its addl-
tons TO the free-list and by the operation
of the reciprocity treaties, caused the IN
crease ia our free imports from S266 O43
in 1890 TO S5l6. 705. $40 in 1893.
q That this increase caused our imports
TO exceed our exports in 1898 by the sum OF
$93, G52. 9Sl. -,
8. That the export of $4,000, 900 net gold
IN 1893 was necessary to pay the above
balance against us.
A. That the subtraction of this Immense
amount of gold from the United States
Treasury reduced the reserve below
Sl00,0O0,000.
8. That the sight of this unprecedented
loss of gold and failure to maintain the
reserve alarmed the public and produced
a convection in the popular mind that the
government would not be able TO main
tain gold payments.
6. That this conviction produced the
locking up of money AMI the consequent
panic.
THE QUESTION.
Do we want at this time to admit more
goods free and to increase the balance or
trade against us and still farther drain our
gold supplies! Having experienced the
dire effects upon our finances OF the H.
crease in the free-list and the reciprocity
or free-trade treaties made under the Nc
Kinley law. ore we in position nov. TO go
farther In this direction and TO take the
duties off largo additional list OF raw
materials? You must know that such
legislation will largely increase our i'm
ports and thus add to the balance OF trade
against us. You may say that such mat
tiers right themselves by the universal and
unalterable laws of trade. SO they will in
some manner and at some time If the laws
of trade are not interfered with by leglsla-
ton.
We are suffering from bad financial legis-
lation, which Is encouraging gold to leave
the country and make way for an inferior
metal.
Legislation which will increase the bal
ance of trade against US will facilitate the
expectation Of gold.
Without now admitting or denying the
general correctness OF the free trade theo-
ries, we say there are times when the
weakness OF the patient makes 1t unadyi-
sable TO administer to him medicines,
which, under other circumstances, would
be the best, The operation OF the Sher-
man law and the Mckinley law together
have brought the business OF this country
to the verge of ruin.
We are like sick man weakened by
starvation and long suffering. We want
no medicine which will add TO our weak
ness. Our pressing trouble is that the im-
portations under the free list, made by the
Mckinley law, are too neayy. Doubtless
there are many articles which are subject
TO duties absurdly high. Doubtless there
are monopolies fostered and protected by
these absurdly high duties. Nobody,
other than the monopollsts. will object TO
see them stricken down. The finances of
the world are in Il most peculiar condl-
ton. To enact legislation at this time,
and under these conditions. which Will
augment our imports and invite the world
10 dram us of the gold which 10 necessary
TO maintain thu stability Of our finances,
would DO like administering purgatlye
TO a sick man who 10 dying of inaniSlon.
TO OPPOSE ERROR.
The people have second time elected
you 10 the presidency because or their
belief that you have the courage to oppose
error even IL it be the error of your own
party. Such is their implicit faith In
your wisdom and honesty that . word from
you may serve now TO calm those fears,
which, like an upgoyerned cyclone. are
whirling tho business OF the country to
destruction.
You are preparing your views on the
fnancia situation for the new Congress
which will meet on the 7th of August,
1898.
IL il a solemn duty frsught with
fearful responsibility. If your al
vice to Congress be to let down the bars
and food the country with additional i'm
portations capitalists will continue TO
withdraw from every enterprise, bankers
Will continue to curtail thor loans. manu-
facturers will discharge their employees.
the land will swarm with tramps, while
the women and children will be turned
out of their happy homes to beg, stsrve,
or worse.
II. on tho other hand, it counsels modera-
ton and delay in sbrogating those laws
which impose barrier upon the importa-
tiqn Of foreign merchandise, together with
an im mediate repeal of the Sherman law we
may reasonably expect that the boarded
currency will come forth from hiding.
ease Of money Will be restored, industry
will revive and peace and plenty will
once more resume their gentle sway. All
minds and hearts are hanging with eager
expectation upon your words. May YOU
be inspired ia this emergency, with that
wisdom and courage which have made
you the hope of yonr country and the ad-
miration of the world.
Very respectfully. JAMES II. DooLEy.