I take my place with the rank and file of the Democratic party who believe in tariff reform, and who know what it is, who refuse to accept the results embodied in this bill at the close of the war, who are not blinded to the fact that the livery of Democratic tariff reform has been stolen and worn in the service of Republican protection, and who have marked the places where the deadly light of treason has blasted the counsels of the brave in their hour of might. The trusts and combinations the communism of pelf-whose machinations have prevented us from reaching the success we deserved, should not be for gotten or forgiven. We shall recover from our astonishment at their exhibi. tion of power, and if then the question is forced upon us whether they shall submit to the free legislative will of the people's representatives, or shall dic tate the laws which the people must obey, we will accept and settle that issue as one involving the integrity and safety of American institutions. I love the principles of true Democracy because they are founded in patriotism and upon justice and fairness toward all interests. I am proud of my party organization because it is conservatively sturdy and persistent in the en forcement of its principles. Therefore, I do not despair of the efforts made by the House of Representatives to supplement the bill already passed by further legislation, and to have engrafted upon it such modifications as will more nearly meet Democratic hopes and aspirations. I cannot be mistaken as to the necessity of free raw materials as the foundation of logical and sensible tariff reform. The extent to which this is recognized in the legislation already secured is one of its encouraging and redeeming features, but it is vexatious to recall that while free coal and iron ore have been denied us, a recent letter of the Secretary of the Treasury discloses the fact that both might have been made free by the annual surrender of only about $700,000 of unnecessary revenue. I am sure that there is a common habit of under-estimating the importance of free raw materials in tariff legislation, and of regarding them as only related to concessions to be made to our manufacturers. The truth is, their influence is so far reaching that, if disregarded, a complete and beneficent scheme of tariff reform cannot be successfully inaugurated. When we give to our manufacturers free raw materials we unshackle American enterprises and ingenuity, and these will open the doors of foreign markets to the reception of our wares and give opportunity for the continuous and remunerative employment of American labor. With materials cheapened by their freedom from tariff charges the cost of their product must be correspondingly cheapened. Thereupon justice and fairness to the consumer would demand that the manufacturers be obliged to submit to such a readjustment and modification of the tariff upon their finished goods as would secure to the people the benefit of the reduced cost of their manufacture, and shield the consumer against the exaction of inordinate profits. It will thus be seen that free raw materials and a just and fearless regulation and reduction of the tariff to meet the changed conditions would carry to every humble home in the land the blessings of increased comfort and cheaper living. The millions of our countrymen who have fought bravely and well for tariff reform should be exhorted to continue the struggle, boldly challenging to open warfare and constantly guarding against treachery and half-heartedness in their camp. Tariff reform will not be settled until it is honestly and fairly settled in the interest and to the benefit of a patient and long-suffering people. Yours very truly, GROVER CLEVELAND. TAX LAWS. An Act to Subject to State Taxation National Bank Notes and United States Treasury Notes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That circulating notes of national banking associations and United States legal-tender notes and other notes and certificates of the United States payable on demand and circulating or intended to circulate as currency and gold, silver or other coin shall be subject to taxation as money on hand or on deposit under the laws of any State or Territory; Provided, That any such taxation shall be exercised in the same manner and at the same rate that any such State or Territory shall tax money or currency circulating as money within its jurisdiction. Sec. 2. That the provisions of this act shall not be deemed or held to change existing laws in respect of the taxation of national banking associations. Approved, August 13, 1894. SILVER STATISTICS. The Law of July 14, 1890, Commonly Called the Sherman Law. [Public-No. 214.] An act directing the purchase of silver bullion and the issue of Treasury notes thereon and for other purposes. Be it enacted, etc., That the Secretary of the Treasury is hereby directed to purchase, from time to time, silver bullion to the aggregate amount of 4,500,000 ounces, or so much thereof as may be offered in each mouth, at the market price thereof, not exceeding $1 for 371.25 grains of pure silver, and to issue in payment for such purchases of silver bullion Treasury notes of the United States to be prepared by the Secretary of the Treasury, in such form and of such denoninations, not less than $1 nor more than $1,000, as he may prescribe, and a sum sufficient to carry into effect the provisions of this act is hereby appropriated out of any money in the Treasury not otherwise appropriated. SEC. 2. That the Treasury notes issued in accordance with the provisions of this act shall be redeemable on demand, in coin, at the Treasury of the United States, or at the office of any assistant treasurer of the United States, and when so redeemed may be reissued; but no greater or less amount of such notes shall be outstanding at any time than the cost of the silver bullion and the standard silver dollars coined therefrom, then held in the Treasury, purchased by such notes; and such Treasury notes shall be a legal tender in payment of all debts, public and private, except where otherwise expressly stipulated in the contract, and shall be receivable for customs, taxes, and all public dues, and when so received may be reissued; and such notes, when held by any national banking association, may be counted as a part of its lawful reserve. That upon demand of the holder of any of the Treasury notes herein provided for the Secretary of the Treasury shall, under such regulations as he may prescribe, redeem such notes in gold or silver coin, at his discretion, it being the established policy of the United States to maintain the two metals on a parity with each other upon the present legal ratio, or such ratio as may be provided by law SEC. 3. That the Secretary of the Treasury shall each month coin 2,000,000 ounces of silver bullion purchased under the provisions of this act into standard silver dollars until the 1st day of July, 1891, and after that time he shall coin of the silver bullion purchased under the provisions of this act as much as may be necessary to provide for the redemption of the Treasury notes herein provided for, and any gain or seigniorage arising from such coinage shall be accounted for and paid into the Treasury. SEC. 4. That the silver bullion purchased under the provisions of this act shall be subject to the requirements of existing law and the regulations of the mint service governing the methods of determining the amount of pure silver contained, and the amount of charges or deductions, if any, to be made. SEC. 5. That so much of the act of February 28, 1878, entitled: "An act to authorize the coinage of the standard silver dollar and to restore its legal-tender character," as requires the monthly purchase and coinage of the same into silver dollars of not less than $2,000,000 nor more than $4,000,000 worth of silver bullion, is hereby repealed. SEC. 6. That upon the passage of this act the balances standing with the Treasurer of the United States to the respective credits of national banks for deposits made to redeem the circulating notes of such banks, and all deposits thereafter received for like purpose, shall be covered into the Treasury as a miscellaneous receipt and the Treasurer of the United States shall redeem from the general cash in the Treasury the circulating notes of said banks which may come into his possession subject to redemption; and upon the certificate of the Comptroller of the Currency that such notes have been received by him and that they have been destroyed and that no new notes will be issued in their place, reimbursement of their amount shall be made to the Treasurer, under such regulations as the Secretary of the Treasury may prescribe, from an appropriation hereby created, to be known as national bank notes redemption account; but the provisions of this act shall not apply to the deposits received under section 3 of the act of June 20, 1874, requiring every national bank to keep in lawful money with the Treasurer of the United States a sum equal to five per cent of its circulation, to be held and used for the redemption of its circulating notes, and the balance remaining of the deposits so covered shall, at the close of each month, be reported on the monthly public debt statement as debt of the United States bearing no interest. SEC. 7. That this act shall take effect thirty days from and after its passage. Commercial ratio of silver to gold for each year since 1867. |