Essex County herald. [volume] (Guildhall, Vt.) 1873-1964, 1895-12-06


When the Republican Fifty-tourth Con
gress met last Monday it was confronted
hy Just such a condition as stared in the
faces of the members of the Thirty-sixth
Congress in 1859, after the Democratic
free trade tariff of 1857 had been in force
for not quite two years.
The country had proSpered under the
Walker tariff of 1916, which, although
passed by Congress as protest against
Inc protective tariffof 1912, yet was upon
the whole tine best revenue tariff ever in
force in the United States. and contained
Il fair measure of protection, after the in
ylustries of the country had become adj
justed to it.
But the revenues were in excess o. the
necessities of the Government, and TO de-
crease the revenues Congress passed the
Act of 1857, materially reducing duties
The consequence WAS tremendous in
crease of imports, and a drain Of gold
from the country which created wide
spread panic and depression in all home
industries
The Government was not then I'm the
banking business" and the gold required
for export had to be supplied by the
State banks of issue in redemption of
their own notes. Many of them failed to
stand the strain and went out of exist
ence, leaving the innocent note-holders
with mass Of worthless paper on hand
which they once fondly believed to be
money.
Since the Republican party came into
power in 1861, up to the present time, 10
man has ever lost d cent by the failure OF
any national bank whose notes lie held
and all the demand obligations Of the
United States haze been promptly paid.
The legislation of the Republican party
provided sufficient revenue from tariff
and internal taxes to pay all the appro-
priations made by Congress, including
the obligations of the Sinking Fund, and
in addition, to pay off the principal OF
the public debt in manner which as
founded the world.
The people did not complain of high
taxation. Their prosperity increased
with a rapidty never equaed. AS their
prosperity grew the revenues become so
large that one by one the taxes were re.
moved until the only internal revenue
taxes left were upon beer, spirits and
tobacco, and articles of foreign growth
which could not be produced in the Uni
ted States were admitted free of duty.
In 1892 the United States were the
envy of the world. In an evil day the
people followed the example of the
scnptural character who "waxed fat and
liked" They were prosperous, but the
greater the prosperity, the greater the
discomfort. They determined to have a
change and they got it--in the neck.
The revenues Of the Government for the
past two years have fallen short of the
N>PNioiH III ~ "uS'loliESu ~ NOiiS COS anu
absolutely necessary for the support OF
the Government by more than 100000.
900.
The imports of merchandise have ex.
ceeded the exports, the credit of the Gov.
eminent has been impaired so far as it
could be by NEUTRALITY-SUSPICIOUS. of its
affairs, the Treasury gold reserve has
been twice depleted to the danger point,
and stands now at the verge.
1t is true that the currency needs re.
forming, but the imperative need is a
revenue that will pay expenses, and stop
the drain OF gold. After that the work
of reforming the currency can be taken
up Currency reform is not the work of
day nor year. There must be well
considered plan first agreed upon and
then there must be continuity in the ex.
ecution Of the plan, or it will come to
naught.
" The Republican party is the only polit
ical organization competent TO bring
order OF the existing chaos and restore
to the country some measure of that
prosperity which has been wrecked b1
Democratic incompetence and misman
agement.