The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1896-06-30
FUSION WITHOUT SACRIFICE OF
PRINCIPLE.
O-ornesnondenoe of the Progressive Farmer.


distasteful to those who regard the
triumph of principle of primary i'm
~portance. But a fusion of the Peoples
party and the Republican party on the
leading issues of the day can be made
without a sacrifice of principle, as l
will now proceed to show:
The Republican party is an advocate
of a protective tariff, not for revenue
only, but for protection pure and sim
pie. This is the old Henry Clay doc
trine, and is substantially correct, proof
of which I will give before l get
through.
A fusion can consistently be made
with the Republican party, or at least
proposed, on the following terms:
The Peoples party to advocate a pre-
tective tariff aud the Republican party
| to advocate the financial plans of the
Peoples party, which are:
1st. The unlimited coinage of silver
at the ratio of 16 to 1 q believe there
| should be a small charge for mintage,
but free and unlimited in every other
respect)
Pad. An increase Of the circulating
medium to at least $50 per capita by a
proper issue Of full legal tender fat
United States Treasury notes, ire
deemabla in cOin.
3rd. That ali national banks, as banks
of issue, shall be abolished.
The protective tariff Of the Republ1-
cans being correct and the aforesaid
financial plans of the Peoples party
bzing also correct, it is highly proper
that our present Distressed financial
condition be brought to a close by a
proper union of said forces.
ADVANTAGES OF A PROTECTIVE TARIFF
DISASTROUS REJECTS OF A LOW
TARIFF IN 1882 81.
IL 1882 we had an unnecessary accu |
mutation OF money in the Treasury,
resulting from a high tariff. In Crder
to prevent this accumulation in future
Congress, during said year, passed an
act to reduce the tariff so per cent.
Where they had been been collecting
800 they would heuceforth collect but
$50. Ten per cent. was to be taken eff
every six mouths AS the tariff was
lowered importations increased, which
of course sent more money to Europe.
The country eventually became flooded
with English goods, but many of our
people were cut of employment by
reason OF our mar ufacturing having !
been to a great extent transferred to
Europe, and, cons, qIently, had no
money with which to purchase. The
panic of 1887, one of the worst we
have ever had (the present is the woret)
was the result. Congress had to raise
the tariff The so per cent. was never
taken eff See Speech of the Hon
John A. KGeson, of Iowa, delivered in
the House of representatives some
years ago. 1 quote from memory,
but an investigation will show that l
am substantially correct
If a low tariff would not work in
1882, we have abundant reasons, in ad-
dition to the Same that then existed, !
why one would not work now.
Our EUROPEAN DEBT.
We owe Europe about five billion
Is. 600, 900, COo) dollars which at 4 per !
cent. interest, requires two hundred
million 600, 600, OOW per annum, in
gold, to meet the interest.
During the first 20 years, say up to !
1898, our exports GOODS sold abroad
have exceeded our imports goods
bough:) about one hundred million
600, 900, OOO dollars per annum. This
excess of exports would, if not alb
sorbed by interest debt, make US
one of the strongest nations financially
on the face of the globe, and would
also provide much gold for a circulat
ing medium among the people.
Now after applying u surplus, de-
rived from exports, to said interest
debt, we still owe for interest about
800, coo. 600 per ennum, which must
be raised and met.
A moments reflection will show that
any material increase of importations
goods bought Il means an additional
flow Of either gold or bonds to Europe.
Hence, in o der to prevent this addi-
tional flow we must have a protective
tertf Our money system must be
protected.
Trusts, combines, ETC., can be prop
erly guarded against by sending good
and true men to Congress, but for lack
OF space l cannot treat this subject
| here,