The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-01-06
M'KINLEY's POLICY.

Eugene V. Smalley formulates what
viii be the policy of President-elect
Mckinley. that is, his policy as to
internal affairs; nothing is said about
his foreign policy. It is as follows:
1. An immediate revision of the tariff
on moderate protection lines. No ex-
tremely high duties that might foster
trusts or defeat the purpose of OBJ
tanning adequate revenue to pay the
expenses of the government.
,. The restoration of the reciprocity
treaties of the Harrison administra-
ton.
3. The maintenance of all kinds of
money at parity with gold.
4 Efforts. toward international BIZ
metallism, in fulfilment of the pledge
of the St Louis platform.
D. Gradual retirement of the green
backs, as soon as the government has
surplus of revenue to apply to this
purpose and some other form of cur
rency, bank or metallic, can be substi-
tuted for them. No new issue of bonds
VIII be favored for the purpose of TAX
ing up the greenbacks.
8. The enlargement of the national
banking system to enable Independent
banks or branches of city banks to be
carried on in small towns. This might
lower the interest rate in the country
districts and tend to lessen the pres
ent centripedal tendency of money to-
ward the large cities
4 Economy in government eXpendi-
lures to correspond with the economies
enforced in all other lines of business
by the condition of the times.
There is quite enough outlined here
to keep any administration busy. This
means entire tariff revision, always a
very important matter and one that
cannot be hurried through with.
The tariff plan is moderate in out
line, but there is such a great chance
to differ as to what constitutes moder-
alton. Of course if duties are made so
high that they are prohibitive no rev.
enue can be derived from them.
There can be no revenue raised
from articles that may come under a
reciprocity treaty. Reciprocity is
nothing but tentative free trade, a sort
of putting the feet in the water just
for the pleasure of the sensation but
with no intention of going in over the
ankles.
The most important part of the pro-
gramme is that which deals with the
financial question. The efforts look
ing to the brinning about of interna-
tional bimetallism may be said to have
begun in the mission of Senator VOL
colt to Europe. The success of his
mission viii very largely determine the
question of another international mon
etary congress.
The retirement of the greenbacks
should not be a very great problem
if congress will but authorize their re-
tirement by forbidding their reissue
and ordering their destruction when
received by the government; provid-
ing there is a sufficient surplus rev.
enue to warrant such a course. Their
retirement under such circumstances
would be more gradual than it would
be if bonds were issued for that speci-
fic purpose. The sentiment of the
country would be against an issue of
bonds to provide for their retirement.
Nor is it at all certain that the SEN
timent of the country would be favor
able to any legislation looking to the
extension of the national banking sys-
tenn. 1t is very evident that the finan-
cial question is still the most import
ant one before the country, and that it
will be so considered by the incoming
administration.
1t is good to know that the necessity
for economy in government expendi-
lures is recognized. If adhered to, it
will furnish the solution of many a
problem.
The success of the next administra-
ton. as of all administrations will de-
pend largely upon congress. Presi-
dent Mckinley can do much to shape
the course of congress but not every
thing. If his policy will bring pros
perity it is sincerely to be hoped that
every success will attend it.