The Yale expositor., 1904-08-05

government so closely correspondent.
In the fiscal year that has just closed
the excess OF income over the ordin-
airy expenditures was nine millions of
dollars.
This does not take account of the
fifty millions expended out of the ac-
cumulated surplus for the purchase of
the Isthmlan canal. 1t is an extraor-
binary proof of the sound financial
condition of the nation that, instead
of following the usual course In such
matters and throwing the burden upon
posterity, 10y an issue of bonds, we
were able TO make the payment out
right and yet after 1t to have in the
treasury surplus of one hundred and
slXty-one millions. Moreover, we were
able to pay this fifty millions of dol
lars out Of hand without causing the
slightest disturbance to business con-
ditions.
I'VE have enacted tariff law under
which during the past few years the
country has attained Il hight of ma
terlal well-being never before reached.
Wages are higher than ever before.
That whenever the need arises there
should lie REIMBURSEMENT Of the tariff
schedules is undoubted; but such
changes can with safety be made only
by those whose devotion to the prin-
ciple OF n protective tariff is beyond
question; for otherwise the changes
would amount not TO n reimbursement.
but TO repeal. The reimbursement when
made must maintain and not destroy
the protective principle. To the farm
er, the merchant. the manufactures.
this is vital; but perhaps no other man
is so much interested rs the wagewOrk-
or in the maintenance of our present
economic system. both as regards the
finances and the tariff.
Protection Needed.
"The standard of living of our wage
workers is higher than that OF any
other country, and it cannot so remain
unless we have protective tariff
which shall always keep as mini
mum n rate of duty sufficient to cover
the difference between the labor cost
here and abroad. Those who. like our
opponents. 'denounce protection as rob-
berry thereby explicitly commit them
selves to the proposition that. ii they
were to revise the tariff. no heed
would he paid to the necessity OF meet
ing this difference between the stan
dards of living for wageworkers here
and In other countries; and therefore
on this point their antagOnism To our
position 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 1924 and the conditions which
that tariff of 1894 helped 10 bring
about.
"We believe in reciprocity with
foreign nations on the terms outlined
in President McIUnleys last speech.
which urged the extension of our
foreign markets by reciprocal agree
ments whenever they could he made
without injury 10 American industry
and labor. 1t is Il singular fact that the
only great reciprocity treaty recently
adopted-that of Cuba-was finally op-
posed almost alone by re representa-
tives of the very party which now
states that ii fav0rs reciprocity 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 i'm the negotiation and ratifica-
ton of the treaty. and i'm the legiSla-
ton which carried il into effect. was
the highly practical manner in which
without sacrifice of principle these diff
ferenccs Of opinion were reconclled.
Justice 10 All.
There was no rupture OF great
parry, but an excellent practical ont
come. the result of the harmonious &C.
operation OF two successive presidents
and two successive congresses. This is
an Illustration Of the governing ca
pacity which entities lis to the conf
dence of the people not only in our
purposes, but in our practical ability
to achieve those purposes Judging by
the history OF the last twelve years.
down to this very month. is there JUS
tiication for believing that under sim
liar circumstances and with similar
initial differences of opinion. our OPP
ponents would have achieved any prac-
teal result
We have already shown in actual
fact that our policy is TO do fair and
exact justice TO all men, paying no
heed to whether man is rich or poor:
paying no heed to his race, his creed,
or his birthplace
1--WE recognize the organization OF
capital and the organization of labor
as natural outcomes of orr Industrial
system. Each kind OF organization l.
to be favored as long as 1t acts I'm a
spirit Of justice and of regard for the
rights of others. Each Is to be granted
the full protection of the law. and
each in turn is 10 be held TO strict
obedience TO the law; for no man is
above II and no man below il. The
humblest individual is to have his
rights safeguarded as scrupulously as
Gasoline Engine Ezpiodes.
BY latest reports It is learned that