The times. [volume] (Richmond, Va.) 1890-1903, 1896-04-07

RIOS, absurd of all propositions TO say
that the way to build up nation and
secure il It's highest prosperity Is 10 TAX
one par. OF it's citizens for the beneht oil
another part. and 10 deprive all OF lis
citizens Of their natural right 20 purchase
whatever they need at lowest possible
prices at which they can be bought.
An object-lesson for this homily is 70
be found In an article in the April Forum
by Senator Sherman. In which ne at
tcmpts 10 snow that the depletions OF
the gold reserve nave come from de-
nciency of revenue, and that the a'"-
cheney Of revenue is due 90 the loweren
duties OF the Wilson tariff. sherman is
NOT really concerned about the gold re-
serve. What he wants Is protective du-
ties. The statement OF his thesis Is
enough 10 show the alteration OF ms
mind when this subject Is broached' but
every suggestion he makes confirms the
idea.
In point OF fact, the depletion of the
gold reserve commenced long before the
Wilson tariff law went into effect. II
commenced when silver began to decline
in value, and has ever since been greater
or less as the movement for free coinage
seemed stronger or weaker. In the fiscal
year 1898. while the Mckinley law was
stll ia force. the sum of sl02, lOo3i5 was
drawn out Of the Treasury in exchange
for grcenbacks and Sherman notes, al
though there was "A surplus revenue that
year. and there had been one for several
preceding years. Everybody knows that
the depletion Of the gold reserve has
been due to alarmed foreigners sending
their securities here for sale, and IT had
DO more connection with the revenues
collected by the Government than II had
with the Italian invasion Of Abyssinia.
Mr. sherman says: The enormous i'm
portations under the Wilson law, for
which We had to pay gold. necessarily d.
minished the exports Of the United
States" But why did they "necessa-
riy" diminish them? our exports are
chiefly food products. cotton. and oil.
What Europe takes Of these depends upon
crops in Europe. and her need for our
articles. What connection is there be-
tween what we buy from Europe and her
need of what we have TO sell? Nothing.
except as we buy from them, they have
more with which TO buy from us. But
these enormous impOrtations under the
Wilson law" happen TO be $ll3, 0o0 900, $685.
900 coo. and SlS4.o0OO 900 less in the three
years Of the Wilson law than they were
in the fiscal years 1890, 1891, and 1892 of the
Mckinley law.
Senator Sherman points out the
Importation Of 1.-TWO articles. we
can produce in the United
States" under the two tarin laws, and
both were imported more largely under
the Wilson than under the Mckinley
law. They are wool and hides. 1.-The
importation of hides" he says, I'm
creased under the present act
! two and one-half fold. The Amer
| lean farmer was thus deprived OF his
home market" The New York Journal
of Commerce makes the following COM
! ment upon this:
Would not any reader Of this who was
| not otherwise informed suppose that
hides. like wool, were protected under the
| Mckinley law and put on the free list
| under the Wilson law? And yet the fac
is that Mr.. Snerman's party put hides OF
| the free list more than twenty years ago
| they were on the free list under the Nc
! kinley law but were grouped with suga
and coffee in the reciprocity division.
Furthermore, II was Mr.. Mckinley:
| original proposition 10 put a duty OF
| hides, the abolition OF which had don'
! very much for the shoe and leather in
terests Of the United States, including tn
| expectation of Leather. This PROPOSE
| ton raised a tremendous excitement il
the boot and shoe centres Of Massachu
setts and Massachusetts members OF IN
| House compelled the Ways and Mean
| Committee TO recede. and leave hides un
| touched. declaring that If this were no
done. they would have TO vote agains
| the bill Subsequently the reciprocity
section was incorporated In the bill, ant
in that was a threat OF duty on hides.
The most rational protectionist lose
his balance when he begins TO talk tariff
What can be the matter with them!