The Montgomery advertiser., 1904-01-02


 thorough orranisation of the party.
 As to the issues, HEr. Newiands said that the last campaign demonstrated that the masses of the people attached little importance to the question ox mperlaa- ism. It was clear that the intense com mefcialism of the past decade had blunt cd the sensibilities and conscience of the American people. The colonial system was now established and would have to stand It's trial and whilst the Democracy would not fail to reassert the time-hon- ored doctrine of the Declaration of Iude- pendence, and its applicability to other people as well as our own, the insue would have little practical effect in the coming campaign.
 As to the money question Mir. Newiands said that time had vfndicated the doc Urine of the Democratic party as to the quantitstive theory of money, fhe Re- publican party in 1873 when gold was at its lowest ebb of production. hardly suf- ficient to satisfy the demand of the arts, demonetixed silver, gold's traditional ally and complement. The result was the panic of '7S and the consequent depres- sion till "a when silver was partially re- storted by the Bland act.
 In 1893 when, although gold had in- creased in production, the derpsud for 1t on the part of other countries then drift ing to the gold standard, was so great as to drain our gold. the gold withdrawal was supplemented by the silver with drawal through the repeal of the Sher- man act-and SO our country. deprived by these two forces of q sufficient circulat- ing medium. struggled on the shoa.s of bankruptcy and distress from 1893 to 1898. The increased production of gold prior to that time unanticipated, was relief. and 4a<1 hox nit fa e9rNrrlo afa Of 8 as against $2s in 1es6-an increase of one-third. We contended for quantity in iS96-and were told that quality alone would give relief. None came, however, until in 1898 and subsequent years. in- crease in quantity vindicated our theory and the wisdom of our demand. The re- suits of the quantitative theory were now largely realised, and until the quantity was threatened with diminution no mark ed issue on the money question could be made. The Democratic party would re- main true to its ancient tradition of hi- metalism, and be ready to reassert 1t when diminution in the quantity of money, either as the result of an in- creased demand for gold at the dimin- ished production of gold. required 1t. but until then, though the party would show It's friendiiness to silver. when oppcrtun- ity offered, bimetalism would rest in abeyance as an active political issue. eil- yer would yet be restored to its old posi- ton as a money metal. but the time was not now.
 The tariff would again be an issue: bus the Democratic party would not again present the kind of issue made by Mir. Cleveland. It was safe to say that the radical, tncompromising views of Mir. Cleveland did incalculable, harm both to the country and to the Democratic party. The Morrill, tarift act was passed during the civil war as revenue measure. though in many respects 1t was highly protective in character. Its character as a revenue producer was 50 pronounced that it was difiicult to dispose of the sur plus accommodating in the treasury, and the Republican party itself was consid- ering a voluntary reduction. MT. Cleve- land threw down @ challenge, involving radical changes; 1t was taken up by the Republican party and the issue of pro- lection was forced to the front. Mir. Cleveland was beaten and the Republi- can party, flushed with victory, passed the Mckinley act. the rates of which
 were in excess of those of the Morriil act. Thus Mr. ClevelaAd's challenge led to an increase instead of a reduction in exist Ing rates. The country surprised by the increase and resenting it, put Mir. Cleve- land and the Democratic party again in power, and the result was the Wilson bill. protective measure with less rates than the Mckinley bill, but in many re- spects greater than the original Morrill, act. The establishments caused by this
 measure and other causes led to the res- toration of the Republican party to pow CT, and the result was the Dinsiey act, the highest protective measure we have ever had We had thus in the period be- tween 1890 and 1898. as the result of Mir. Cleveland's injudicious challenge, three tariff acts, two Republican and one Dem- ocratic, each differing from the others and yet all carrying rates in excess of the original Morrill, act which it was Mir. Cleveland's purpose to overthrow Could any s1ttement be more convincing as to the extreme delicacy of the tariff situa- tion and the danger of making a radical issue regarding 1t?
 Whatever might be the demerits of the protective theory in the abstract, there could be no question that the protective system was now thoroughly inter woven with all our industrial
 conditions. Free trade was a myth. The
 tariff would always exist and whatever
 might be It's rates. 1t would serve as protection to domestic industries as
 against foreign importations. The Ques- tion was one of percentages not of principle. The Democratic party, if in full power, could not avoid framing a tariff act, which would afford fair pro- lection to both American labor and American capital, for the imposition of
 any tax upon foreign Importations re-
 strain. to that extent, foreign competi- l tion; and American labor could not re-
 ceive fair wages unless American capi-
 tai could be made profitable. The war which we must wage must be against q
 swollen and exaggerated protection
 which yields to capital vastly more ad-
 vantage than it does to labor. and which
 enables 1t to mOnopolize the American
 market at prices largely in excess of the
 amount necessary to pay fair wages to
 labor and fair interest to capital. Demo- | cracy must insist upon taking down at first the top bricks of the tariff wall.
 as Senator Bacon of Georgia has re-
 marked: and it must do this so gradu-
 ally and so progressively as not to alarm and disturb the legitimate industries of
 the country. It could not put >trust-made products upon the free list. for that
 would mean that the products made by
 foreign trusts would supplant the pro-
 ducts made by American trusts; and
 thus American labor employed by the | trusts would suffer. The reduction must
 be a gradual one. The excessive rates
 which are to be reduced should suffer
 percentage reduction covering a period
 of years. This relief. while not speedy.
 would be certain, and surely the coun-
 try which had been for over forty years
 in tariff struggle. with the result that
 the tarin duties are higher than when