The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1897-03-10
uniform practice to retire, not increase,

enforced. our revenues should alwave
he large enough to meet with ease and
promptness not only our current neede
and the principal and interest of the min
lie debt but to make proper and liberal
provision for that most deserving body
OF public creditors-the soldiers and the
sailors and the widows and orphans who
are the pensioners of the United States
The government should not be nor
mltted To run behind, or increase its
debt. in times like the present.
Suitably to provide against this is tbe
mandate of duty; the certain and easy
remedy for most of our financial diaicui-
ties. A deficiency is inevitable so lone
as the expenditure of the government
exceeds its receipts.
1t can only be met by loans. or an in
creased revenue.
While large annual surplus of revenue
may invite waste and extravaganza
inadequate revenue creates distrust and
undermines public and private credit
Neither should be encouraged. Re
tween more loans and more revenue
there ought to be but one opinion. We
should have more revenue and that
without delay, hindrance. or postnone-
ment.
A surplus In the treasury created bv
loans is not permanent or safe reliance.
II will suffice while it lasts, but il cannot
last long while the OUTLAWS of the govern
ment are greater than the receipts. az
has been the case during the past two
years Nor must it be forgotten that
however much such loans may tempo-
rarily relieve the situation the govern
ment is still indebted for the amount
of the surplus thus accrued, which il
must ultimately pay, while its ability
to pay is not strengthened but weak
ened by continued deficit. Loans are
imperative in great emergencies to pre-
serve the government or its credit, but
failure to supply needed revenue in
time of peace for the maintenance of
either has no justification.
The best way for the government ia
maintain its credit, is to pay as it goes
not by resorting to loans, but by keen
ing out of debt-through an adequate
income, secured by a system of taxation.
external and internal, or both. 1t is the
settled policy of the governmet, pur-
sued from the beginning and praciced
b. all parties and administrations. to
raise the bulk of our revenue from taxes
upon foreign productions entering the
United States for sale and consumption
and avoiding for the most part every
form of direct taxation, except in time
Of war. The country is clearly opposed
to any needless additions to the sub
Jects of internal taxation, and is COM
mitted by it's latest popular utterance to
the system of tariff taxation There can
be no misunderstanding, either, about
the principal upon which their tariff tax
alton shall be levied. Nothing has ever
been made palmer at general election
than that the controlling principle in
the raising of revenue from duties on I'M
ports is Jealous care for American inter-
ests and American labor The people
have declared that such legislation
should be had as will give ample protec-
ton and encouragement to the industries
and the development of our country. 1t
Is therefore, earnestly hoped and ex-
Pected that congress will, at the earliest
practicable moment, enact revenue leg
islation that shall be fair reasonable
conservative and just, and which, while
supplying sufficient revenue for public
purposes, will still be generally bene-
fetal and helpful to every section and
every enterprise of the people To this
policy we are all, of whatever party,
firmly bound by the voice of the people
q power more vastly 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 always
been the firmest prop of the treasury.
The passage of such a law or laws would
strengthen the credit of the government
both at home and abroad, and go far to-
wards stopping the drain upon the gold
reserve held for the redemption Of our
currency, which has been heavy and well
nigh constant for several years.
In the revision of the tariff especial at
tention should be given to the re-enact-
Inent and extension of the reciprocity
principle of the law of 1890, under which
so great stimulus was given to our for
elgn trade in new and advantageous
markets, for our surplus agricultural
and manufactured products The brief
trial given this legislation amply 5usti-
hes further experiment and additional
discretionary power in the making OF
commercial treaties, the end in view al
ways to be the opening up of new mar
kets for the products of our country, by
| granting concessions to the products OF
| other lands that we need and cannot pro-
| duce ourselves, and which do not involve
any loss of labor to our own people, but
tenQ 10 increase their employment.
The depression of the past four years
| has fallen with especial severity upon the
great body of toilers of the country, and
| upon none more than the holders of small
farms. Agriculture has langushed ano
| labor suffered, The revival of manufac-
| turing will be a relief to both. No por-
| tions of our population is more
devoted to the institutions of free
| government, nor more loyal in theiI
| support, While none bears more
cheerfully or fully it's proper share in tn,
maintenance of the government, or /:
| better entitled tC it's wise and liberal care
and protection. Legislation helpful tC
producers is beneficial to all. The de-
/ pressed condition of industry of the farm
and in the mine and factory has lessenec
the ability of the people to meet the de
mands upon them and they rightfull,
expect that not only a system of revenu,
shall be established that will secure thu
largest income with the least burden
but that every means will be taken Il
decrease rather than increase, our pub
| lie expenditures. Business conditions ar,
not the most promising. 1t will take tim
to restore the prosperity of former years