Year: 1876

labor and our productive industry


Now, sir, the first measure-which
is imperative on every government
which expects to receive the appro-
baton of its subjects and command
their confidence and supports to
protect by legislation all in their in
dividual and collective rights from
aggression from any source, and also
to foster and protect its home indus
try from the advantages that other
nations possess. 1t is home produc-
ton that increases its wealth and
power, and on which the people must
rely for business and the government
for support. Foreign commerce is
Of secondary consideration, because
this will always grow in proportion to
the increase Of domestic productions
beyond the wants of the people. Non
producing countries can only have a
limited commerce with other nations,
and never can flourish or prosper
when home industry, and it's labor is
not fostered and protected by the
government. Therefore, it is the first
duty of every enlightened government
to protect its home industries in all
their various departments-in manu-
factures, the products of it's mines,
and agricultural pursuits, etc., which
produce wealth, power and expand the
business of the country. This is par
ticularly desirable in a comparatively
new country, where it is the interest
OF all classes embracing eight-tenths
OF the community, except the holders
of non-productive capital, who grow
rich on the calamities of the impover-
ished producers of all classes by
taking advantage of manufacturers,
that prices should not descend to the
rates prevailing in much older coun-
tries, where cheaper capital, extended
machinery, and starvation wages pre-
vail for the masses. Home protec-
ton, therefore, from such hostile in
terests or inequalities, is the foundation
of every nations prosperity. To ne
glect this duty ON the part of our
law-mak kers is not only unwise but is
absolutely crime The unusually
high rates of interest engendered dur
ing the rebellion, which became a
necessity under our financial policy,
and also the large dividends derived
from banks, railroads and many other
stocks, is also for the benefit of non
producing capital and against labor
and home production, and tends to
withdraw capital from home industry
and loan it on high rates of interest or
invest it in speculation, stock, ETC.,
which create but little wealth, and
largely tend to depress and destroy
domestic production. This can be
remedied by providing for the refund
ing of the national securities at low
er rate of interest; by gradually de-
scending to the rate that is likely to
prevail in our country when its in
dustry is fully developed and wealth
becomes more abundant under such a
governmental policy. In England
the lowest rate is 3 per cent. on
consols. On government securities in
this country it is not likely that the
rate of iaterest will descend below 4
per cent. for sixty or a hundred years
to come as a permanent rate. There
fore, we would refund the securi-
ties now due, and as they fall due,
by providing for a new loan, say,
twelve hundred million of dollars to
run forty years free of taxation, with
coupons attached, paying interest at
the rate of 5 per cent for ten years;
A per cent. for ten years and 4 per
cent for the remaining twenty years.
Such a loan could be- negotiated by
the Secretary of the Treasury without
the aid of brokers and money shavers
at home or abroad, with only expen-
ses of printing the new bonds, and
making the exchange without paying
a per centage to any body. -...


All the 5-twenty's now due, and
as fast as they fall due, would be ex-
changed for this loan and would fall
due before the expiration of the 5
per cent. rate of interest. The TO-
forties will also fall due, and Twill
be refunded in this loan as paid off in
the meantime. The only securities
then left would be the SKIES of 1881,
and these also can be paid off by the
time they fall due out of the sinking
fund. This would dispose of national