The herald and news. [volume] (Newberry S.C.) 1903-1937, 1904-07-29
PRESIDENT ROOSEVELT
OFFICIALLY NOTIFIED
Continued From Second Page.)

Got because OF shifting conditions IN
the production OF gold in the certain
mining centers, but in accordance
with what we regard as the funda-
mental principles OF national morality
and wisdom.
Upon the financial legislation we
have enacted there is now ample cir
culation for every business need:
and every dollar OF this circulation
Is worth dollar in gold. We have
reduced the nterest-bearing debt and
in still larger measure the interest
on that debt All Of the war taxes
imposed during the Spanish war
nave been removed with a view to
relieve the people and to prevent the
accumulation OF an unnecessary sur
plus. The result is that hardly ever
before have the expenditures and in
come OF the government so closely
corresponded. In the fiscal year that
has just closed the excess OF income
over the ordinary expenditures was
nine million dollars. This does not
take account OF the fifty millions ex-
pended out OF the accumulated Sur
plus for the purchase OF the Isthmian
Canal. 1t : an extraordinary proof
OF the sound financial condition OF
the nation that instead Of following
the usual course in such matters and
throwing the burden upon pos
terity BY an issue OF bonds, we were
able to make the payment outright
and yet after it to have in the treas
ury surplus OF one hundred and Six
ty-one millions. Moreover, we we're
able to pay this fifty millions OF dol
lars out of hand without causing the
slightest disturbance to business con-
ditions.
We have enacted tariff under
which during the past few years the
country has attained 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 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
jus1ment 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 econom-
ic system, but as regards the finances
and the tariff The standard OF living
of our wage-workers is higher than
that OF any other country. and it can
not so remain unless we have q pro-
tective tariff which shall always keep
as minimum a rate OF duty sufficient
to cover the difference between the
labor cost here and abroad. Those
who. like our opponents. 'denouncc
protection as robbery thereby eN-
plicitly commit themselves to the
proposition that il they We're 70 revise
the tariff no heed would be paid to
the necessity Of meeting this differ
encc between the standards OF living
for wage-workers mere and II other
countries: and therefore or this point
their antgonism TO ouT position Is
fundamental Here again we ask that
their promises and ours be Judged
BY what has been done in the imme-
date past. We ask that sober and
sensible men compare the workings
of the present tariff law, and the con-
ditions which obtain under it, with
the workings of the preceding tariff
law OF 1894 and the conditions which
that tariff of 1894 helped to bring
about.
We believe in reciprocity with for
eign nations on the terms outlined
in Presidents McKinley's last speech,
which urged the extension OF our