e

We can do this when we determine to trade with other people upon fair terms, but we cannot do it so long as we protect England and other manufacturing Countries in the grest markets of the world upon the pretense of protecting ourselves in our own. Let us diminish the cost of production in our agricultural and manufacturing industries, not by diminishing the wages of labor, but by reducing taxation upon the necessaries of life and upon the materials which constitute the basis of our finished products, and by removing, as far as we can, the restrictions which empeople in their efforts to exchange the fruits of their own toil which they do not need for the commodities of other countries which they do

barrass our

need.

CHAPTER III.

THE NATIONAL FINANCES.

FROM

Hon. WILLIAM L. TRENHOLM,

Comptroller of the Currency.

the beginning, when its adherents called themselves Republicans, the Democratic Party, so named by its enemies in derision, has been the Party of the people.

to

Its constant aim has been to protect and defend the rights, to promote the welfare and happiness of the whole people; its steadfast dependence has been upon the people united in support of interests common all. Hence it is a cardinal principle of Democracy to oppose whatever tends to divide the people into classes, to array one fraction of the population against another fraction, or to create or multiply conflicting interests or competing occupations. A divided people is at the mercy of demagogues and schemers-only in union is there strength. The spirit of Democracy is hostile to State. or Federal legislation which directly or indirectly gives to particular classes or sections, or to those who are engaged in particular industries or occupations, any preference or advantage over their fellow citizens of other classes, other sections or other employments; it (310)

is jealous of entangling alliances between the Government and corporations or other organizations of monopolistic tendencies; it is averse to the growth of mutual relations between the Treasury and the Capitalists, whether these latter are or are not united in associations or trusts.

It is because the principles of Democracy are rooted in the Constitution; because it draws its vital force from the life and energy and intelligence of the masses; because its aims have always been directed to objects of broad public utility and advantage; because it has condemned sectionalism in every form and fought against cliques and cabals even in its own ranks, when they sought to turn the powers of Government, or the operations of law, to private or corporate advantage; that this great party of the people has survived all the vicissitudes of time and of circumstance and has remained, throughout the entire history of the United States, the only permanent national political organization. The Federalist party had definite objects of temporary importance-when these were accomplished the organization went to pieces. The Whigs arose, flourished awhile and fell asleep. The Republican Party came into power because temporary issues divided the Democracy. The war gave to the Republicans a supreme principle of co-hesion-its results brought them an unparalleled opportunity but the issues of peace produced disintegration and led the great body of the people back to the historic and enduring stronghold of Democratic