The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-08-08


BE- @se Of the most important since the
civs1 war: Ne 70 beyond this and believe u
Wis Be the rsa impostans since the civil
Wa For the first time In the third Of
century the Democratic party il in fall
posssssion and control Of the legislative
sns sxscusivs departments Of the govern
meet The results Of the chan ses which
sesntor Dolph believes will BE- made in oar
tariff laws will greatly affect our varied In
duasrts and the prosperity Of our people.
ans ne expects that any legislation in the
direction Of free trade will result. - such
legislation has always resulted in this
cossatry, in business stagnation.
~ course the Democratic party con-
sin4fss In the mass 10 assert that the
abandonment Of the protective system
viz cause increased development OF 70
sossrces and viii promote national and In
div1duai prosperity. The declaration Of
thu Chicago convention upon the tariff
qnsstion wss radical enough to require
corr plsts sbsogstion Of the protective
posscy, but responsibility naturally pro-
duess conservatism and Senator Dolph
hostis that the Democratic leaders eithsr
lace confidence II the Democratic theory
or courage 70 put that theory Into practice.
On shs correct decision Of the tariff and
fssuctai questions viii largely depend the
futars prosperity OF the country.
senator Dolph predicts that vhstsvsr
tariff regulation 10 enacted will b In the
dissstion of ffss trade. Duttss upoa many
meaufsctured articles and probably on
agricultural products viii b decreased.
Wss'i. lumber. coal, lead ore and similar
articles. denominated by free traders raw
maisriais. viii be placed on the tree list
Ths sugar bounty will be removed, the tin
plata industry destroyed and many articles
no~ on the free list will be mads dutiabls.
A ssgar duty II SURE to b imposed since
- non-competitivs industry il il lsgit-
imass subject for revenue duty. and it
Viz practically servo - . protective duty
70 she Louisiana sugar growers. To ~
cure sufficient revenue resort will BE- had
TO sntsrnai TAXATION. The proposition TO
tmpose IN income tar will meet with op-
position in both parties. Our reciprocity
treaties viii b abrogsted, . necessity, Of
eosrss. II sugar. tss and COLES ass to b
placed ON the dutiabls list
The financial question u. In the sstima-
ttsa Of the administration, the one upon
witch lesislstion II the most urgent On
the tariff question party lines will b
strictly drawn. but upon financial ques-
tiosss the case will b different. The ad-
msaistration 10 In favor Of sound cur.
rsncy and At maintaining the gold bssis.
Tia president 10 opposed 70 free coinage,
In favor Of the repeal Of the Sherman law
are disseminating the purchase Of silver,
bus the majority Of his party are in favor
Of sres silver coinaes. and It remains 70 b
sssn whether President Cleveland can con-
tros the Democratic majority and force
them 70 his views or, % ex President Har.
rison sptiy said. "whether he can drive
his wild team" without ditchine the
psf.y.
The most significant portion Of Senator
Dosph's article - sst forth whom he says
thss mot everyone Who il opposed to the
free coinage of silver viii favor the repeal
OF the Sherman law. All do not look
ulson that Law - the cause Of all our finan-
ciaa troubles or upon its repeal a. the
remedy for all our financial Ills. What
sii~ct the repeal OF the Sherman law and
tie consequent depreciation Of the price of
silver bullion would have upon our finan-
cis. condition cannot DO predicted with
certainty. but confidence in the ability
o: the government to maintain the parity
OF value between the gold and silver dol.
las does not depend alone on tho volume
Of our silver currency rs compared with
tks provision made for its redemption in
g,,d. bat also depends upon the relation
between the intrinsic and par value of the
silver dollar" Senator Dolph says that ..if
tbs issue Of treasury notes for tho pur-
eN ase Of silver is discontinued the major
isy In congress. in order TO provide against
. suinous contraction Of the circulating
nnsdium. may be compelled to adopt the
es pedient of state bank circulation"
senator polrh, In our judgment, Is
et,ssiy mistaken. There would be no
'Nrainous contraction OF the circulating
n.sdium." by the repeal Of the purchase
clause Of the Sherman law We would
,r,ain the gold we now part with for silver
ls:liion, and the stoprags of silver pur-
ei, ases would be the signal for the unlock
ieg of gold and other currency oil over the
country. The return of financial con-
silence would make people stop boarding
gssd and locking up currency. With
tAis radical change Of financial policy
srss-ar,s wouid AGAIN h~~ams n huxs. -
a.ead OF q seller of our securities. There
would he no contraction: there would be
Practical expansion OF our currency.
"a hen the proposition tn repeat the Sher.
an &C. is introduced substitute pro-
ssIing for the free coinage of silver wil.
stsstouetediy he offered, and. IN the judg-
ss.snt OF senator poIph. will pass the senate
sd possibly the hoase. but ii is not prob
ale tina, free coinage bill would PASS
=, Gher branch Of congress over the psea-
sksn.s veto.
senator Dolrh fairly SAYS that there are
iheien, causes other than the Sherman
Ans Tor the present financial disturbances.
sc quote:
The resources of this country are 40
sFeas that she increase of our national OBJ
cations few hundred millions or the
a'e0fease 81 TIE gold reserve In the treasury
, ie@ fntsl3aEs - no cause Tor alarm So
sang as the people have confidence in the
}sstenssoa Of the government 10 maintain
- currency. whether silver or paper AZ
rsr with gold treasury notes ard silver
currency WILL PASS current AZ their face
as fear OF legislation hostile TO our in
s'istries. or calculated 30 impair the crrdi.
h. a.