The midland journal. (Rising Sun, Md.) 1885-1947, 1894-10-12
QUESTIONS OF THE
DAY.
Senator Stewart on the Tariff.

States Senate, republished from
National Watchman.
Mr.. President, what the Senator
from Connecticut [Mr. Platt1 has
said will probably be misunderstood.
| do not think he explained him
self fully.
In general sense we pay for all
we buy with commodities, and when
we trade with the world generally,
and buy more than we can pay for
with commodities, we must settle
in some other way, and pay in
money, and thus we get into debt;
and when a nation gets on that
basis it very soon becomes bankrupt.
The only object of international
trade is the exchanges of inter-
national productions. 1t is very
likely that in one country they may
buy more than they may sell anoth-
er country, or sell more than they
buy; but if the general balance is
not equal, so that the exports equal
the imports, they will soon get in a
bad way.
| have heard a great deal said
about paying international balances,
and that for that purpose you must
have an international money.
There is no greater fallacy than
that. There ought to be no inter
national balances. The United
States is not engaged in exporting
or importing. 1t is individuals
who are engaged in that business;
and if they buy commodities that
are exported from other countries
and not raised in this country, let
them find some way to pay for them.
l do not know why this country
should regulate it's currency to
accommodate importers of foreign
luXuries who buy more than the
people want. We ought not have
any more than we can pay for with
our products. If we do just like
an individual, we shall be getting
into debt, and the country is now
getting into debt and getting poorer
and poorer. That is our condition.
We are buying now more than we
can pay for, and we are borrowing
money to tide over our difficulties
for the present.
Italy has been buying more than
she can pay for, and we are follow
ing in the footsteps of Italy.
Twenty years ago Italy had a diff
ferent government. Now she has a
military despotism and is in the last
stages of revolution. Italy was told
that if she would agree to pay in
gold, her bonds could be sold, and
she agreed to pay in gold, and
issued her bonds. Spectators and
dealers in bonds took them, dis
tributed them among the commun-
ity at large, and kept doing it so
long as Italy could pay the interest.
Italy could only undertake to pay
the interest by increasing taxation;
and it had to be increased from
time to time. This process was
continued until finally, am in
formed, Italy has an income lax OF
"A per cent, and she had a defc-
iency last year of over $50, ,OOO,OOO
There is a deficiency staring her
in the face for the next fiscal year
much larger, and she cannot further
increase her revenue by increasing
taxes. She is now discussing, to
prevent going into insolvency, the
prOpriety of selling her art treas
ures, which she has carried through
all her difficulties and trials and
tribulatiOns; and which she has
clung to through all the ages, and
has reverenced them so much that
she prohibited by law individuals
selling them. She has a large mil
itary force, which is becoming daily
more and more necessary to keep
the people in subjection. There is
a case where country has been
buying more than it sold, and has
been going into debt. Ifthis coun-
try follows that example and buys
more than it can sell, it will reach
the same condition.
l believe it is true that it does
not make any difference whether
we trade with particular state OF
country. If we want anything we
Twill buy it, and if they want any
Ithinp thaV will huU If of ne If thax,