The record-union., 1897-03-05

| metallism will have early and earnest
attention. 1t will be my constant en-
| deavor to secure it by cooperation
| with the other great commercial pow
ers of the world, until that condition is
realized, with the parity between gold
and silver Money springs from and is
supported by the relative values of
| the two metals. The value of silver
| already coined, and of that which here
| after may be coined, must be kept
| constantly at par with gold by every
| resource at our command. The credit
of the Government the integrity of its
| currency, and the inviolability of its
obligations must be preservad This
was the commanding verdict of the
people and it will not be unheeded.
ECONOMY MUST BE OBSERVED.
Economy is demanded in every
branch of the Government at all times,
but especially in periods like the pres
ent depression of business and distress
among the people. The severest econ
omy must be observed in all public ex-
penditures and extravaganza stopped
wherever it may be developed. If the
revenues are to remain as now, the only
relief that can come must be from de-
creased expenditures. But the present
must not become the permanent condi-
ton of the Government.
1T has been our uniform practice to
retire, not increase, our outstanding OBJ
LEGATIONS, and this policy must be again
resumed and vigorously enforced. Our
revenues should always be large enough
| to meet with ease and promptness not
only our current needs and the prlncl-
pal and interest of the public debt, but
to make proper and liberal provisions
for that most deserving body of public
creditors, the soldiers and sailors, and
the widows and orphans who are the
pensioners of the United States.
MORE REVENUE NEEDED.
THE Government should not be per-
mitted to run behind or increase it's
Gebts in times like the present SuIta-
bly, to provide is the mandate of duty,
a certain and easy remedy for the most
of our financial difficulties. A defic1en-
cy is inevitable so long as the eXpend-
itures Of the Government exceeds its
receipts. 1t can only be met by loans
or an increased revenue. While a
large annual surplus of revenue may
invite waste and extravaganza, mad
equate revenue creates distrust and
| undermines public and private credit
Neither should be encouraged. Between
more loans and more revenue there
ought to be but one opinion. We should
have more revenue, and that without
delay, hindrance or preparement. A
surplus in the treasury created by
loans is not a permanent or sale reli-
ance. 1t will suffice while it lasts, but
it cannot last long while the outlays Of
the Government are greater than its re-
ceipts, as has been the case during the
past two years. Nor must it be forgot
ten how much loans may temporarily
relieve the situation, the Government
is still in debt for the amount of the
surplus thus accrued, which it must ui-
timately pay, While it's ability to pay IS
not strengthened but weakened by
continued deficit. Loans are impera-
tive in great emergencies to preserve
the Government or its credit, but q
failure to supply needed revenue in
time of peace for the maintenance or
either has no justification.
THE best way for the Government to
maintain it's credit is to pay as it goes
not by resorting to loans, but by keep
ing out of debt, through an adequate
Income secured by a system of taxation
l-external or internal, or both. 1t is
the settled policy of the Government,
pursued from the beginning and prac-
ticed by all parties and administra-
tions. to raise the bulk Of the revenue
from taxes upon foreign productions
entering the United States for sale and
consumption, and avoiding for the
most part every form of direct taxa
ton. except in time of war. The coun-
try is clearly opposed to any needless
additions to the subjects of interna-
ltional taxation and is committed by its
latest popular utterance to the system
of tariff taxation.
TARIFF LEGISLATION.
There can be no misunderstanding
either about the principle upon which
this tariff taxation shall be levied.
Nothing has ever been made palmer at
a general election than that the con-
trolling principle in the raising of rev.
enue on imports, in Jealous care for
American interests and American la
Dor, is wished The people have de-
clared that such legislation should be
had as will give ample protection and
| encouragement to the industries and
the development of our country.
1
pected that Congress will at the earliest
practical moment enact revenue legisla-
ton that shall be fair, reasonable, con-
servative and just and which While sup
plying sufficient revenue for public pur-
poses will still be signally beneficial and
helpful for evry section and every enter
prise of the people. To this policy we are
all, of whatever party, firmly bound by
the voice of the people-a power vastly
more potential than the expression of
any political platform.
THE paramount duty Of Congress is
to stop deficiencies by the restoration Of
that protective legislation which has al
ways been the firmest prop of the treas
ury. The passage of such a law would
strengthen the credit of the Government
both at home and abroad, and go far
| toward stopping the drain upon the gold
reserve held for the redemption of our
currency, which has been heavy and
we'll nigh constant for several years.
RECIPROCITY.
"In the revision of the tariff especial
attention should be given to the re-en-
actment and extension OF the reciprocity
principle of the law of 1890, under which
| great stimulus was given to our foreign
trade in new and advantageous markets
for our surplus agricultural and manu-
factured products. The brief trial given
this legislation amply justifies a further
experiment and additional discretionary
power in the making of commercial trea-
ties, the end in view always to be the
opening up of new markets for the