St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-08-28
hoard money; banks closed; the panic

IN extra session one year ago To sion.
the panic IL proposed to remove the one
cause which had produced il, and cancel
the contract which Reeds congress had
NTH the millionaire mine owners.
After long and exasperaIing struggle,
IN spite OF the tlllbustering and obstruc.
ton OF the silver monopolists, it at last
succeeded. AT once public confidence
was restored: the banks started up
again: nancy came out of It's hiding
places and was deposited; the .'runsn
ceased; no more bank failures &C.
CURED: the scare, the panic, was over.
The Flfty.ihlrd congress has restored
that confidence in our money which the
flfty-hrSt congress had destroyed. The
Sherman law was repealed in order to
preserve blmetal !iSm, to keep both gold
and silver Ia circulation as money. 1t
anilhlled the bargain made with the
silver mllli0haires which compelled the
government to continue the issue of pa
per money regardless of its ability to
redeem the same IN gold OF silver, at
the'OptiOn Of the holder. 1t has main
Tailed and re-establiShed the parity
and interconvertlbility of every dollar
of the peoples money. ~
The question of silver coinage has not
been settled, but the special privileges
=
been annulled.
The Mckinley Law
greatly increased the tariff taxes upon
imported merchandise. for the purpose
or giving certain protected beneticiares
a monopoly of the home market. 1t
compelled our people to pay for what
They purchased more than il was worth
anywhere outside of the United States.
+ - x-cfal In. A
uuStrieS were to be encouraged and
built up." This law gave renewed
vitality and enlarged opportunities for
the great trusts and combines which
have SO long fattened upon our people.
The Fifty-third congress has wiped
the Mckinley law from the statute
books and has substituted therefor a
tariff law containing the lowest duties
and the largest tree list which this
country has had since the beginning OF
the war. This new law haSbeen passed
only after prolonged and desperate
struggle with the consolidated trusts
and combines WEIGH owe their life and
power to Mckinleyism. Every iufu-
ence which enorm JUS wealth and grasp
Ing eXtortIon could bring I'd bear to pre-
serve Mcklhleyism has beenreSorted to-.
While they have been able to impede
and cripple the reforms wedesired, they
were hot powerful enough TO preserve
MckinleyIsm or to prevent the passage
OF law which depriveS them of much
or their power, greatly reduces the peo-
pies taxes and cheapenS the cost OF
nearly everything used by the people.
The Free List
embraces LOG items which were heavily
taxed by McKinley's law. Among
them are:
Wool, taxed by Mckinley 50 to 100 per
cent. The Flfty-third congress puts it
upon the free list in order TO give our
manufacturers the benefit of cheap
foreign woods to mix with our domestic
woods, thereby reducing the cost of
making WOODEN goods and supplying
our people with cheaper and better
wOOlens. 1t is believed that by reduc.
ing the price of woolens there Will re
suit increased consumption and more
goods will be made. This will give a
better and steadier market for domestic
WOODS and greater demand for labor
at better wages.
On the raw woods imported in 1898 we
collected tax of 81, 203, 1913, which here
aftersWlll remain in.tne packets of the
people.
- Chemicals. Oils and Paints-In this
schedule eighteen items taxed by Me-
kinley are made free. They include
.Sulphurlc acid. vitriol, mineral oils, in
.digo, various paints, coiors, etc. On
these impOrtationS in 1898 tax of S114.
967 was collected.
Buhr miilStones, taxed Is per cent by
Mckinley. are made free.
In the metal schedule nine items are
transferred to the free list. They in
nh n ot.rf /sI~
binding twine Of the cotton fields cop.
per. etc.
The copper trust has been one of the
greatest aud most merciless of protec
iien'S' monopolies. Since 1867 the tariff
has been so high as to prohibit importa-
tlon. While the trust sold its copper
abroad at the worlds prices, it sold it al
home at its own price. American cop
per has been cheap everywhere except
in the United States. Enormous fortune:
have been made by the trust through it:
monopoly and manipulation of the home
market. Its powers of eXtorticn nc
longer exist.
Lumber. timber, boards, shingles. lath
slaves, hubs, ETC., heretofore taxed fol
the benefit of pine land rings, are made
free. In 1898 we collected 81, 81
taxes upon imported lumber. 1t is i'm
possible to overestimate the benefits
our people will hereafter have from
cheaper lumber.
Farm machinery, such as plowS. har
rows, drills, mowers, reapsrs, horse
rakeS, cultiYatOrS, threshing machines
Cotton gins, ETC., are henceforth free
The American farmer can hereafter buy
his farm machinery as cheap as do the
people of other countries. with whom hi
completes III the market of the world.
Salt rs Free.
Taxed by Mckinley 35 per cent il
bags and barrels and 81 per cent il
bulk, every ounce consumed Except il
| New England fiShpries) has for year:
| paid tribute to the salt trust. Hence
| forth Western farmers can buy salt a.
cheap as do the New England fisher
men aud the people of other countries
Fresh fish are free.
Binding Irvine is at last untaxed.
BurlapS and grain bags are free.
Such are a few of the log items from
which the Fifty-third congress has re-
| moved the protective tax. As to these
! absolute free trade will prevail. W.
| shall now have an opportunity Of test
| ing by actual experiment and upon {
| large scale that 'theory" which the
| Mckinlpyites predict will utterly ruiz
| the industries of the United States"
Reductions.
| This book is not large enough to con
| tain list of the reductions made by tn,
new law. The items given below ma,
| illustrate what has been done. The
figures give the percentage of reduction
from the Mckinley law:
Reductions Exceeding rs Per Cent
Per cent
| Bar iron. certain sizes, reduced 80. Il
Steel and wrought-iron spikes. z
| Wooden yarns, etc. valued 80 cents
| per pound or leSs).. ..... s:
Wooden cloths valued 80 cents per
pound or less).. z;
Wooden shawls valued so TO 40
Reductions Between so and IS PEI
Cent Are Made on ia stems
Among Which Are the Following
Per cent
Castor oil. Observation-Disclosures. 6,
ODfum .................. D,
4 a