The Bourbon news., 1904-08-02

initial on the most important issue
which has recently been before the
people, and which may at any time
in the near future be before them
again. Upon the principles which
underlie this issue the convictions of
half OF our number do not clash with
those of the other half. So long as
the republican party is in power the
gold standard is settled, not as a mat
ter OF temporary political expediency,
not because of shifting conditions in
the production of gold in certain min
ing centers, but in accordance with
what we regard as the fundamental
principles of national morality and
wisdom.
Under the financial legislation
which we have enacted there is now
ample circulation for every business
need; and every dollar of this circu-
latlon is worth dollar in gold. We
have reduced the interest-bearing
debt and in still larger measure the
interest on that debt. All of the
war taxes imposed during the
Spanish war have been removed
with view to relieve the peo-
pie and to prevent the accumula-
tion of an unnecessary surplus The
result is that hardly ever before have
the expenditures and income of the
government so closely corresponded.
In the fiscal year that has just closed
the excess of income over the ordi-
nary expenditures was nine millions
of dollars. This does not take ac-
count of the fifty millions expended
out Of the accumulated surplus for
the purchase of the ISthmian Canal.
1t is an extraordinary proof of the
sound financial condition of the ma
ton that instead of following the
usual course in such matters and
throwing the burden upon posterity
by an issue of bonds, we were able to
make the payment outright and yet
after it to have in the treasury a sur
| plus of one hundred and sixty-sne
millions. Moreover, we were able to
pay this fifty million of dollars out of
| hand without causing the slightest
| disturbance to business conditions.
| We have enacted tariff law under
which during the past few years the
country has attained a height of ma
terial well-being never before reach
ed. Wages are higher than ever be-
fore. That whenever the need arises
there should be a readjustment of the
tariff schedules is undoubted but
such changes can with safety be made
only by those whose devotion to the
principle of a protective tariff is be-
yond question; for otherwise the
changes would amount not to read
| justment but to repeal. The read
| justment when made must maintain
and not destroy the protective prin-
ciple. To the farmer, the merchant,
the manufacturer this is vital; but
perhaps no other man is so much in
tereSted as the wage-worker in the
maintenance of our present economic
system, both as regards the finances
and the tariff. The standard of liv-
ing of our wage workers is higher
than that of any other country, and it
can not so remain unless we have a
protective tariff which shall always
keep as minimum a rate of duty suf-
ficient to cover the difference between
the labor cost here and abroad. Those
who, like our opponents, "denOunce
protection as a robbery" thereby ex-
plicitly commit themselves to the
proposition that if they were to re-
wise the tariff no heed would be paid
to the necessity OF meeting this diff
ference between the standards of liv-
ing for wage-workers here and in
other countries; and therefore on this
point their antagOnism to our posi-
| tiOn is fundamental. Here again we
ask that their promises and ours be
| judged by what has been done in the
immediate past. We ask that sober
and sensible men compare the work
ings of the present tariff law, and the
conditions which obtain under it, with
the workings of the preceding tariff
law Of 1898 and the conditions which
that tariff of 1893 helped to bring
about.
We believe in reciprocity with for
eign nations on the terms outlined
in President McKinley's last speech
which urged the extension of our for
eign markets by reciprocal agree
ments whenever they could be made
without injury to American industry
and labor. 1t is singular fact that
the only great reciprocity treaty re-
Gently adopted-that with Cuba-was
finally opposed almost alone by the
representatives of the very party
which now states that it favors re-
ciprocity. And here again we ask
that the worth of our words be judged
by comparing their deeds with ours.
On this Cuban reciprocity treaty there
were at the outset grave differences
of opinion among ourselves; and the
notable thing in the negotiation and
ratification of the treaty, and in the
legislation which carried it into eff
feet, was the highly practical manner
in which without sacrifice of prin-
! ciple these differences of opinion were
reconciled. There was no rupture of
a great party, but an excellent prac-
tical outcome, the result of the har-
monious cooperation of two success
sive presidents and two successive
congresses. This is an illustration of
the governing capacity which entities
us to the confidence of the people not