Middlebury register. (Middlebury, Vt.) 1886-1937, 1897-08-06
THE SPIRIT OF THE PRESS.

UOn-paTllSdU currency COullulScloh - "h
extremely cautiously worded document.
Apart from the declaration that the
several forms of paper money offer IN
nv Judgment, a constant embarrassment
to the government and imperil a safe
balance in the treasury" there is moth
ing to suggest the line upon which the
president thinks the revision of our fl
nancla system should be conducted.
The report of the indianapolis confer
ence, asking for the appointment OF a
commission. is commended to the favor
able consideration of congress, but the
president in no way commits himself to
the commentator of this conference
that the greenbacks be retired. He dis
tinctlv states that the commission he
desires to appoint should be made up of
representatives of all parties in order
that the result of its deliberations should
carry weight with the entire public
There is nothing in the message to en-
barrass the work of our bimetalhst COM
mission abroad. When the message was
received by the house of representatives.
on Saturday last resolution authorizing
the appointment Of the commission was
promptly passed by party vote. The
opponents of the resolution took the
position that the revision of the financial
system was the duty of congress. and
that this duty could not and should not
be evaded by the appointment of COM
mission whose recommendations would
he predetermined by the present views
of men appointed thereon. In the senate
no action was taken. as debate could not
be restricted, and an immediate adjourn
ment was desired.
The speeches on the tariff last week
were almost exclusively from the Demo
cratic side, the Republicans taking the
position that the speedy enactment of
the bill was of more Importance than APP
peas in its behalf. The one important
Texas, the young leader of the minority
in the house. Mr.. Bailey's speech fully
justified his elevation to his present
position. The part of the speech which
dealt with the general principles of free
trade covered, of course, familiar ground,
but the argument was expressed with
exceptional terseness and power. Reply
ing to the protectOnist declaration that
1.-The country is suffering beyond de
scription from the industrial invasion of
goods from other countries, Mr.. Bailey
showed that the importations during the
81 months under the Wilson law had
been but S217O,0OO as against S2.3S7.
OOO 600 during the last 81 months under
the Mckinley law. The existing depres
sion. he said, could not be attributed tC
the increase of imports. Even had there
been such an increase it would not have
brought disaster, but an increase in oul
exports. He added
The gentleman from Maine knows a:
well a. do that if each nation IN the
world should forbid its citizens to buy
commodities produced in other countries
international commerce would be com.
pletelv annihilated because there coulC
And yet, though he will not deny thai
the absolute prohibition against foreign
buying would totally destroy foreigl
selling. he will NOT admit that a restric
ton on foreign buying correspondmgly
restricts foreign selling.
On the question Of trusts Mr.. Bailey
continued as follows.
Trusts are the legitimate and unavoid
ahle outgrowth of protection and boti
aim AT the same end. Each is INTENDED
10 enable the manufacturer, TO escapr
competition. You had prepared bill
intended 10 prevent foreign competition
and YOU aVoWed that domestic compcu
ton would sufficiently reduce the pric,
of commodities to the people.
To the first paragraph of the bill WI
offered an amendment which provide
that if the domestic manufacturers dic
combine 10 escape domestic competition
they should have no benefit of your pro
lection against foreign competition. Die
you, gentlemen. Join u In this PROPOSE
tion. a we had reason to expect, if yoI
were really in favor of competition
The advantage which your diff
ferential gives to the sugar trust exceed
Sl.O00.0 900 annually, while the report
of its own officers show that it declare
dividends of S9.l25.00O per annum. Sub
tracing the 81 100000 which you Civ
from the S7,l25.0O0 which it declares il
dividends, it shows an earning capacit.
of s., l25,000 without your assistance
which is at least - per cent on the actua
p value of the property.
But the portion of the speech havin
the greatest Importance was not that i
which he spoke for the entire Democrat
party. but that in which he defeude
p the tariff position of its now domnan
agricultural element. In the most ur
compromising terms he declared tn
r policy Of "freetrade in raw materials
to be contrary to free trade theory an
contrary to all principles of Justice be
{ tween classes and sections. Respectin
. Democratic tradition Mr.. Bailey shove
3 that the historic Democratic tariff q
: 1916 affixed high or low duties accordin
as the articles taxed were luxuries c