The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1894-09-27

at greatly reduced prices; that the nine
ucts would dwindle because of the influx
of foreign fabrics and because Of the de-
structiOn Of the consuming power OF the
people, impoverished from want Of work
or working at reduced wages; that the earn
ings of railways built up. in relation to
and as a part of our Industrial system,
would greatly diminish and their power to
greatly diminished; that new enterprises
would cease or be greatly curtailed, thus
throwing out Of employment those engaged
lated earnings of the laborers in savings
banks would be partially withdrawn and
that in consequence the business OF the
country would be rapidly curtailed.
The uncertainty Of what would be the
creased the troubles. The manufacturer
rals under one system my and sell 'i his products
under another system The importer could
not import manufactured articles at the
Mckinley rates Of duty and sell them in
COZ competition with later importations on
the basis Of free trade or tariff for revenue
duties. The merchant could not afford to
puy an a ma market necessarily unstable The
and Of trade. A suggestion from President
Cleveland or from the leaders Of his party
that radical changes would not be made,
that no revolution in our industrial sys-
tenn was contemplated, would have mended
matters. This word was much needed, but
was Was, not utteredLon the contrary, it was
spoliation' would be destroyed This was
the potential cause Of our distress and Of
the financial troubles Of the last eighteen
Distrust Of Credit ToIlo.vs.
With it came distrust of credit. Manu-
1asturers We're asked to pay. saving banks
prepared for a crisis which they saw APP
Riroaehing: Accompanying this industrial
bankers panic, arising from over-specula-
ton ana undue expansion of credit and
from the fear that our gold would go out
imported goods, that the continued purchase
of silver and the issue of treasury notes for
such purchases would impair our power to
money. gold, silver and paper, the latter
increasing at the rate of $3,OOOOOO or
81, 900, 600 per month, and the treasury. bal
ishing revenues. These fears of trouble
respecting our currency were not wholly
groundless, but with the cooperation Of the
tain the parity. But distrust once having
appetite, gFew BY what t tied fed on, .G and ia
Universal business distress followed
The president called congress in special
session. The Democratic leaders We're not
Was stop ps Of f er w su
wanted free coinage of silver instead. They
We're willing to jump from the frying pam
they stopped the debate, and with a ma
jority of the Republicans and a minority Of
Democrats the purchasing, clause Of the
the money panic, but it did not stop the
distress. The industrial trouble was acute.
Money was plenty, but not in demand.
ns the streets for bread
were closed, business remained stagnant.
Then came the Wilson bill, full of free
trade and full of distress for the, working
man and for the business man, but there
was feeling that soon we would know the
worst and that we could begin again or
surrender.
Then came the struggle in the senate and
the result 1t is not as bad was anticipated,
but it. is bad enough. Fires will be re-
kindled, many industries will start up again
to live under the rates Of the act. of 1894
with continental and English prices for
abe in 10 4R he py an
disaster of the last eighteen months must
be laid at the door Of the Democratic party,
and no sophistry or special pleading can
cause of all this distress directly upon the
organized Democratic party.
Republican Policy and Natlohal
49, Growth.
During all this period of thirty years piror
to 1888 the policy of the Republican p.rty
was the policy. adopted by the fathers of
the republic that our revenue should be
collected chiefly from duties on imports,
upon tobacco, distilled spirits and malt
liquors; that other internal taxes should
not be resorted to except IN times OF great
cies, and thus, during the war, in addition
to the duties on imports manufactures and
all transportation were taxed, as were in
BILE after the close of the war these taxes
We're RENTED except the tax upon spirits
and tobacco Their policy was that in
ought to be made and protection given as
would secure employment at reasonable
wages for as many American laborers as
possible in the production, of articles en-
tering into consumption which come in di-
rect competition with foreign labor en-
gagged in the production Of like articles,
Of supplying the demand for home consump-
ton, and that in levying these duties con-
ditions here as compared with other coun-
plant and rates of interest should not only
be equalized, but that fair advantage
should be given to our own producers and
and secure the largest production at home
as also the largest measure of domestic
competition.
That high duties should be levied upon
all luxuries, and that all necessaries Of life
which for climatic or other reasons cannot
be produced in our own country should be
These general views have been embodied
in every tariff law passed by, the Republican
party during all the period Of it's power.
to time to meet the necessities Of revenue,
and to meet the changed condition as re-
spects production in our own country and
in foreign countries. During all this time
the Democratic party has assaulted this
policy, and has insisted that duties should
be levied for revenue only, ana at times in
their platforms have agreed that discrimi-
nations should be made in raising revenue
SO as to give incidental protection to the
American producer. always criticising the
details Of every tariff law upon our statutes
In 1892 in their platforms and in their
campaigns the Democrats did not raise the
banner Of reform, but proclaimed that with
the election of President Cleveland and of
a Democratic house and senate they would
establish tariff for revenue only, discard
ing and eliminating every, element of pro-
lection. The logical execution of this pro-
gramme. would have required them to es-
ttablish the principle Of levying duties chief
ly upon nOn-cOmpetitive articles, such as
tea, coffee and the like, and certainly would
have required that these articles with COM
petitive articles should be equally taxed,
and this has been their claim no matter how
high the rate Of what the protection-it was
for revenue only.
Wilson's House Tariff Bill.
Now eighteen full months of President
Cleveland's administration have passed into
history, as also eighteen months of the life
Of the eFifty-third congress, during which
time congress has been in session thirteen
months with the exception OF a month S va
cation last November. With a majority Of
so in the house and a clear working ma
jOrity In the senate, they entered uDOn