The herald., 1896-08-27

ted against the protective policy that
had prevailed uninterruptedly for more
than thirty-two years and brought un-
exampled prosperity 70 the country,and
firmly pledged to its complete overthrow
and a substitution for tariff for revenue
only. The change having been decreed
by the election in November its effects
were at once anticipated and felt We
cannot close our eyes to these altered
conditions, nor would it be wise to ex-
clude from contemplation and investi-
cations the causes which produced them.
They are facts which We cannot. as a
people. disregard, and we can only hope
to improve our present condition by a
study Of their causes. In December,
1892, we had the same currency and
practically the same volume Of currency
that we have now, 1t aggregated in
1892. s2.372, 500 sol; in 1898, 81 229, 900, 600;
in 1894. $2,323 442, 1862, and in December.
1895, ST. 1914 100000 The per capita Of
money has been practically the same
during this whole period. The quality
of the money has been identical, all kept
with our money, therefore, to account
for this sudden, aggravated industrial
change. Whatever is to be deprecated
in our finances, it must be every where
admitted that our money has been alb
solutely good and has brought neither
loss nor inconvenience to it's holders.
A deprecated currency has not existed
further to vex the troubled business
situation.
WHAT MAKES HARD TIMES.
A pretense is made to attribute the
hard times to the fact that all our cur
rency is on a gold basis. Good money
never made times hard. Those who as
sert that our present Industrial and
financial depression is the result of the
gold standard have not read American
history Alright, or been careful students
of events of recent years. We never had
greater prosperity in this country in ev-
cry field of employment and industry
than in the busy years from 1880 to 1892,
during all of which time this country
was on a gold basis and employed more
gold money in it's fiscal and business op
erations than ever before. We had, too,
a protective tariff. under which ample
revenues were collected for the govern
ment, and an accommodating surplus which
was constantly applied to the payment
of public debts. Let us hold fast to that
system which we know is good. 1t is not
more money we want. What we want
is to put this money we already have at
work. When money is employed, men
are employed. Both have always been
steadily and remuneratively engaged
during all the years of protective tariff
legislation. When those who have money
lack confidence in the stability of values
and investments, they will not part with
their money. Business is stagnated, the
lifeblood of trade is checked and con-
gealed. We cannot restore public con-
tidence by an act which would revolu-
tionize all statutes, or an act which en-
tails deficiency in the public revenues.
We canot inspire confidence by advocat-
ing reputation or practicing dishon-
esty.
A TARIFF NEEDED.
We canot restore confidence either to
the treasury or to the people without
change in our present tariff legislation.
The tariff of 1895, the only measure of a
general nature that affected the treasury
and the employment of our people
passed by the fifty-third congress, was
that general tariff act which did not
receive the approval of the president.
Whatever virtues may be claimed for
that act, there is confessedly one which
1t does not possess. 1t lacks the essen
tial virtue of its creation, the raising of
revenues sufficient to supply the need
of the government 1t has at no time
provided enough revenue for such needs,
but 1T has caused a constant deficiency
In the treasury and a steady depletion
In the earnings of labor and lands. 1t
mas contributed to swell our national
debt more than s262, 900 coo, a sum near
ly as great as the debt of our,sovern-
ment from Washington to Lincoln. in
Guiding all our wars from the revolution
to the rebellion. Since it's passage work
at home has been diminished. prices of
agricultural products have fallen. conf
dence has been arrested, and distress is
seen on every hand.
TARIFF CONTRASTS.
The total receipts under the tariff act
OF 1894 for the first twenty-five months
OF it's enforcement, from September. 1894
to June. 1896, were 1851, ,615, 32S, and the
expenditures $640, AIS, 1863, or a deficiency
OF SS2,S03,O35. The decrease in our ex-
ports of agricultural products and man
ufactures during the first fifteen months
OF the present tariff, as contrasted with
the exports of the first fifteen months of
the tariff of 1890 was S220, ,35S. 800. The
excess of exports over imports during
the first fifteen months of the tariff of
1880 was S213,972,96S, but only $56, 75S, ,423S
under the first fifteen months of the
tariff of 1884. loss under the latter of
$l5I, ,214.345. The net loss in the trade
balance of the United States has been
$1969S3,607 during the first fifteen
months operation of the tariff of 1894 as
compared with the first fifteen months
of the tariff of 1890. The loss has been
large, constant and steady, at the rate
of S1S, 100000 per month, or $50, 900 for ev
cry business day of the year.
LOSING BOTH WAYS.
We have been sending too much money
out OF the country or getting too lit
tie ln or both. We have lost steadily in
Doth directions. Our foreign trade has
been diminishing and our domestic has
suffered incalculable loss Does not this
suggest tho CauSe Of ON. Dracap+ do,,,o.