The Providence news. (Providence [R.I.]) 1891-1906, 1897-03-04
INAUGURATION.
Continued from Page 4.

VIII not Dc unhccdcu.
Economy is demanded in every branch
of the government at all times, bul
especially In periods like the present OF
depression in business and distress among
the people, The scvercst economy must
be observed in all public expenditures
and extravaganza stopped wherever IL IL
found, and prevented wherever i'm the
future it may be developed. II the
revenues arc to remain as now, the only
relief that can come must be from de-
creased expenditures. But the present
must not become the permanent condition
of the government It has been our uni
form practice to retire, not increase, our
outstanding obligations and this policy
must again he resumed and vigorously
enforced. Our revenues should always be
large enough to meet with ease and
promptness not only our current needs
and the principal and interest of the pub
Tic 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 permitted
to run behind, or increase its debt in
times like the present.
Suitably To provide against this Is the
mandate lof duty; the certain and
easy remedy for most Of our financial
difficulties. A deficiency Is inevitable so
long as the expenditures of the govern
ment exceed its receipts
IL can only be met by loans, or an in
creased revenue, while a large annual
surplus OF revenue may invite waste and
extravaganza inadequate revenue creates
distrust and undermines public and pri-
vate credit. Neither should be encour-
aged Between more loans and more re-
venue, there ought 10 be but one opinion.
We should have more revenue and that
without delay, hindrance or postpone
ment
surplus in the treasury created by
loans, Is not permanent or safe reliance.
IL will suffice while IL lasts, but IL can
not last long while the outlays Of the
government are greater than it's receipts,
as has been the case during the past two
rears Nor must it be forgotten that how
ever much such loans may temporarily
relieve the situation the government is
still Indebted for the amount Of the sur
plus thus accrued, which it must ulti-
mately pay, while its ability TO pay is |
not strengthened but weakened by a con |
tinued deficit. Loans are imperative i'm |
great emergencies To preserve the govern
ment or its credit, but a failure TO supply |
needed revenue in time OF peace for the
mHlnfpnunNa nf affhnr hae
The best way for the government TO
maintain its credit is to pay as it goes
not by resorting TO loans, but by keeping
out OF debt-through an adequate income
secured by a system of taxation, external
and internal, or both IL is the settled
policy OF the government, pursued from
the beginning and practiced by all parties
and administrations 20 raise the bulk of
our revenue from taxes upon foreign pro-
auctions entering the United States for
sale and consumption; and avoiding for
The most part every form of direct taxa.
fion, except in time of war The country
Is clearly opposed 10 any needless addi-
tons to'the subjects of internal taxation.
and is committed by its latest popular
ltterance TO the system of tariff tax
alton. There can be no misunder-
either, about the prin-
'iple' upon which this tariff
axation shall be levied Nothing has
yer been made palmer at a general cleo
ion than that thccontrolling principle in $
he raising of revenue from duties on i'm c
'orts, isz Jealous care forAmerican interests 7
nd American labor The people have q
eclarcd that such Legislation should be $
ad as will give ample protection and @
'ncouragement TO the industries and the o
evelopment OF our country. II is, there $
1re, earnestly hoped and expected that u
congress will, at the earliest practicable
loment enact revenue legislation that II
hall be fair, reasonable, conservative and C.
q st and which, while supplying sufficient a
,venue for public purposes will still be t
, generally beneficial and helpful 10 Il
Tery section and every enterprise of the a
cople To this policy, we are all. of o.
hatever party, firmly bound by the voice a
the people-a power vastly more poten- u
al than the expression OF any political u
atform. The paramount duty of Con- fl
'ess is 70 stop deficiencies by the rcstora. o'
on of that protective legislation which fo
as always been the flrmest prop Of the &C
casury The passage of such law or b'
ws would strengthen the credit of the at
'vcrnment both at homo and abroad, and OF
far towards stopping the drain upon W
G gold reserve held for the redemption nc
our currency which has been heavy and
oil nigh constant for several years bl
In the revision of the tariff especial 90
tention should be given To the re-enact. -
INT and extension of the reciprocity O..
inciple of the law of 1890 under which =.
great stimulus was given 70 our So,
'eign trade in new and advantageous -,
'rkcts, for our surplus agricultural and ~,
inuiacturcd products. The brief trial ,,,
zen this legislation amply justilcs a o.,
rthcr experiment and additional discre.