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III.

Parties Past And Present.

Use of Political Parties—Necessary iu a Republic—Views Respect-
ing Them—Fanciful Party Names—Origin of Whig, Tory, Lo-
cofoco, Etc.—Colonial Parties—Parties of the Revolution—Par-
ties of the Confederation—Extinction of Whig and Tory Titles
—Rise of Federalism—Principles of Federalism—Rise of the
Old Republican Party—Its Leaders and Principles—Fall of the
Federal Party—Triumph of the Republican Party—Its Division
and Fall—How the Whig Party Rose—Rise of Democratic Party
—Principles and Leaders of Each—Impress on Legislation—De-
cline of Whig Party—Its Legacy to the Nation—Slavery and
Political Parties—Democratic Divisions—Free-soil Party—Rise
of the New Republican Party—Its Principles, Leaders and
Strength—Rise and Fall of Enow-nothing Party—Its place
in History—The Greenback Party—Revival of Democracy—
Growth of Prohibition Party—Rise of Populism—The People's
Party—Free Silver Party*—Labor and Other Parties 4a

IV

Principles Of Free Trade.

Definition of Free Trade—Principle of a Tariff—Early Free Traders
—Tariff for Revenue—Tariff Reform—Politics Confuses Terms
—The English Idea—Old and New Theories—Law as to Capital
—As to Labor—Productiveness and Labor—Increased Price—
Doctrine of "Laissez Faire"—Protection Iniquitous—Class
Taxation—Diminished Labor—Wrong of the Custom House—
Division of Labor—Aggregate of Labor—Diversified Industry-
Produce for Produce—Value of Free Competition—Facility of
Exchanges—Diminution of Labor—Capital and Employment-
Independence of Foreigners—Free Trade in Politics—Tariff a
Tax—Monopolies and Trusts—Views of Gladstone and Patrick
Henry—Protection Invokes Wars—England Repudiated Her
Own Protection Laws—Reaches Free Trade—Views of Wells,
Tanssig, Robert Peel, Jackson, Rowan, Dallas—Protection
Leads to Smuggling—Comparison of Free Trade and Protection
Eras—Views of Buchanan, Lloyd, Garfield—Smith—Free Trade
Era of 1860 to 1860 one of Prosperity—General Principles , . . lOo

V.

Principles Op Protection.

Principle not in Donbt—Practiced by all Nations—Necessary to
Commercial Supremacy—For Industrial and Manufacturing In-
dependence—Protection Unites Art and Nature—Protective and
Revenue Tariffs—Revenue Duties Fall on Necessaries—Protect-
ive Duties Fall on Competitive Articles—Rate and Adjustment
of Protective Duties—Prohibitory Rates—Essence of Labor in
Products—Per Cent, of Labor—Application of Protection to
Labor—Effect of Protection on Labor—Protection Does not In-
crease Cost to Consumer—Competition Regulates Cost—Encour-
agement to Capital—To Invention—More and Better Goods—
Tariff for Protection not a Tax—Producers Pay the Duty—Sen-
timent in Bradford—Opinions of List, Smith, Mill—Advantage
of Protection to Agricultural Commnnities—"The American
System"—Opinions of Washington, Madisou, Jefferson, Taus-
sig—American Conditions—European Conditions—Protection
Cures Monopoly—Gives Competing Power Abroad—Revenue
Tariff a Tax—Doctrine of Natural Right—Duty of Development
—Use of Natural Gifts—Our Own Economics—Absolute Cheap-
ness not Desirable—Protection Does not Tend to Overproduc-
tion—Protection Since 1861 — Carey's Deductions—Uses to
Farmers—Free "Raw Material "—Protection not for Privileged
Classes—Does not Contribute to Great Fortunes—Nor to Trusts
—Tends to Fairer Profits—Our Material Growth 126

VI.

Silver And Gold.

Importance of the Question, "What is Money ?"—Kinds of Money—
Money Values—Money Systems—American Coinage—First Coin-
age Act—Gold and Silver Values—Reasons for a Change—Coin-
age Act of 1834—Mistaken Ratios—Silver Monometalized—
"Gresham's Law »—" Mint Act" of 1837—Coinage Act of 1849
—Effects of the Discovery of Gold—Alarm of the Commercial
World—Our "Legal Tender Acts "—Resumption of the Coin-
age Act of 1873—Silver Demonetized—The "Trade Dollar " of
1876—Extent of Coinage to 1878—Coinage Act of 1878—Free

and Unlimited Coinage System—Restoration "of the Silver Dol-

lar—Coinage Act of 1890—What it Did—The Proposed Free

Coinage Act of 1892—What it Sought Compared with Other

Acts—Repeal of Purchasing Clause in Sherman Act—Rapid

Growth of Free Silver Coinage Sentiment—How it Affected

Parties and Legislation—Place in Party Platforms—Effects

Upon Finance and Business—Silver and the Campaign of 1896

—Opinions of Party Leaders 154

til.

History Of American Tariffs.

English Colonial System—The Confederation and Free Trade—The

Constitution and Imposts—Tariff Act of 1789—Protective Era

• —Embargo and Tariff of 1812—High Protective Era—Act of

1816—Disasters of 1817-19—Act of 1824 and the "American

System "—Attitude of Parties—Act of 1828—Hostility to It

and Compromise Act of 1833—Nullification—Panic of 1837—

Protective Rates of 1842—Repealing Act of 1846—Effect of Mex-

ican War, Discovery of Gold, Foreign Wars and Famines—Tariff

Act of 1857—Panic of 1857—Protective Act of 1861—Effect of

Civil War—Panic of 1873 and Act of 1874—The Tariff Commis-

sion'and Tariff of 1883—The Morrison Bill—The Mills Bill-

Tariff Act of 1890—Policy of Reciprocity—Tariff Legislation in

1892—Doctrine of Tariff Reform—The Wilson Tariff Act of 1894

—Reduction of Duties—Destruction of Reciprocity—Failure of

its Income Feature—A Deficit of Income—Panic and Industrial

Depression—The Dingley Relief Measure of 1896—Tariff Senti-

ment Abroad—Lord Salisbury's Views—Protective Legislation, 207

VIII.

American Reciprocity.

General View of Reciprocity—Commercial Treaties—" Most Favored
Nation" Clause—Reciprocity and the American Republics—
Modern Commercial Era—Escape from European Dominion—
The "Monroe Doctrine"—Prophecy of John Adams—The In-
ternational Conference—Report on Reciprocity—Blaine's Re-
view and Recommendation—Reciprocity and Tariff Act of 1890
—Second Stage of Reciprocity—Acceptance by Foreign Nations

—Effect npon Commercial Relations—General View of its Oper-

ations—Repeal of Reciprocity by Wilson Tariff Act—Effect of

Repeal—Discrimination by Foreign Nations 300

IX.

The Monroe Doctrine.

The Venezuelan Boundary Dispute—England's Attitude—Position

of the United States—Arbitration Proposed, and Monroe Doc-

trine Explained—England Denies the Doctrine and Refuses to

Arbitrate—Olney's State Paper—The President's Bold Message

—Response of the Congress—The Venezuelan Commission—

American War Sentiment—A Firm Foreign Policy Demanded—

Change in English Sentiment—Historic Review of Monroe

Doctrine—The Holy Alliance—Attitude of Allied Monarchs To-

ward America—England's Proposition t& America—Rush's

First Announcement of the Doctrine—Consideration by Ameri-

can Statesmen—Formulated and Announced by President Mon-

roe—Supported by Adams, Clay, Webster and Other Statesmen

—Various Announcements by Presidents and Secretaries of

State—An Enduring Principle of Our Unwritten Law—How it

is Applicable to the Venezuelan Question 366

X.

Oub Cuban Relations.

Spain and Cuba—History of Cuban Insurrections—Spanish Attitude

Toward the Island—The Last Uprising—Review of Insurgent

Work—Victories Afield—Institution of a Government—Demand

for Belligerent Rights by the United States—Resolutions by

Congress—Attitude of President Cleveland—Should Our For-

eign Relations Change as to Spain and Cuba—Sentiment of

Statesmen and Publicists — Reasons For and Against a

Grant of Belligerent Rights—Execution of Neutrality Laws—

How Our Nation is Affected—American Interests in Cuba—

Appeal of Patriotism and Humanity—Extent of American

Sympathy 402

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