paid at home will be spent at home. This is the philosophy of protection, and it cannot be abandoned, amended or abated."

[Springfield, O., September 10th, 1895.]

"My friends, there is one objection to the law, if there were no others, which must make its permanency impossible. It fails to raise the needed revenues for the daily expenses of the government. That would condemn it in the judgment of the American people whatever differing views they might have on the question of protection and free trade. The law from the date of its enactment to the present time—and it is now a year old—has not raised enough money from customs duties and internal revenue combined to meet the necessary expenses of the government. The result has been a monthly deficiency. No law like that can be approved by the American people, for they prefer Protective Tariffs to an increased and increasing bonded indebtedness, and they would rather have a safe balance in the treasury than a deficiency, and even a surplus, to a tainted public credit.

"The operation of that law in respect to its revenues alone, independent of any other consideration, is vitally important in this discussion. It is worth. while to know from official sources the revenue-raising power, both of the law of 1890 and that of 1894. The people themselves know from their own experience the difference between the two laws in respect

to their own incomes and the general business of the country. It is unjustly charged that the Republican law of 1890 was incapable of supplying the needed revenues for the government, and that the deficiencies in the treasury, which have occurred since the incoming Cleveland administration, were directly traceable to it. The Republican tariff law went into effect in October, 1890. The receipts under it for the first nine months, commencing October 1st, 1890, to July 1st, 1891, were: From customs, $153,287,831.47; from internal revenue, $106,436,500.01; the receipts from miscellaneous sources were $22,118,356.21. The total receipts for that period were $281,842,687.69. The expenditures for that period of nine months, from October 1st, 1890, to July 1st, 1891, were $280,710,748.34. The receipts, therefore, exceeded the expenditures by $1,131,939.35. There was no deficiency up to this time. The receipts under the Republican law of 1890, from July 1st, 1891, to July 1st, 1892, were: From customs, $177,452,964.15; from internal revenue, $153,971,072.57; the receipts from miscellaneous sources were $23,513,747.52; total receipts, $354,937,784.24. The total expenditures of the government for that year were $345,023,330.58, showing an excess of receipts over expenditures of $9,914,453.66. There was no deficiency up to this time. The receipts under the Republican tariff law for the fiscal year commencing July 1st, 1892, and ending July 1st, 1893, were: From customs, $203,355,016.73;

from internal revenue, $161,027,623.93; the receipts from miscellaneous sources were, $21,436,988.12; total receipts for fiscal year of 1893, $385,819,628.78. The total expenditures for that year were $383,477,954.49, an excess of receipts over expenditures of $2,341,674.29. There was no deficiency up to this time.

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Now, in that year, 1893, on March 4th, the present Democratic administration came into power, pledged to reverse the protective policy of the government, which had existed for more than thirty years. Then there were distrust and consternation in every business circle. No business man knew what to do, for he could not predict what the party in power would do. Business collapsed. Panic and failures followed. Then the receipts commenced to fall off, as I will show you. The receipts from July 1st, 1893, to July 1st, 1894, during all of which period the Cleveland administration was in control of every branch of the government, were: From customs, $131,818,530.62; from internal revenue, $147,111,232.81; the receipts from miscellaneous sources were $18,792,255.82; total receipts $297,722,019.25. The total expenditures during that period were $367,525,279.83. Here occurs the first deficiency. Here is the first time that the receipts fell short of the expenditures of the government, the deficiency being $69,803,260.58. Is it any wonder that there was a deficiency when we consider the condition of panic, poverty, and business paralysis which prevailed at that

time and which immediately followed the restoration to full power of the Democratic party? The law continued in operation until August, 1894, and for the months of July and August, 1894, the receipts from customs were: $26,828,595.47; from internal revenue, $25,252,094.89; the receipts from miscellaneous sources were $2,715,971.13; total receipts, $54,796,661.49. The total expenditures for those two months were $68,305,219.38, a deficiency of $13,508,557.89. On August 28th, 1894, the BriceGorman Act went into operation. The receipts under that law from September 1st, 1894, to September 1st, 1895, were: From customs, $161,391,367.76; from internal revenue, $115,877,954.01; the receipts from miscellaneous sources were $15,089,503.98; total receipts for that year, $292,358,825.75. The expenditures during this first year were $358,953,315.23, an excess of expenditures over receipts for the first year of this Democratic Tariff Act of $66,594,489.48. During the first year, under the BriceGorman law, the receipts from customs and internal revenue were $276,269,321.77. During the first fiscal year, under the Republican Tariff law, receipts from customs and internal revenue were $331,424,036.72, a difference in favor of the Republican law of $55,000,000. Under the Republican law sugar was free; under the Democratic law sugar is taxed. Even in the last fiscal year when the Republican law was in operation, with universal distress throughout the country, there was more money collected from

customs duties and internal revenue than was collected during the first year under the Democratic Brice-Gorman Tariff law.

"The statement of the condition of the United States Treasury, on the 31st day of August 1895, shows an excess of expenditures over receipts for the month of August of $3,693,103.30.

"During the first nine months of the Tariff law of 1890 the receipts from customs and internal revenue equaled within $17,000,000 the total receipts from customs and internal revenue of twelve months under the Brice-Gorman law. The average monthly receipts from customs and internal revenue, under the Republican law, for the first nine months, was over $28,000,000, and under the Brice-Gorman law was $33,000,000.

"The average monthly receipts from customs duties during the operation of the Republican Tariff law were $17,066,774.67; the average monthly receipts from customs duties under the Democratic Tariff law of 1894 were $13,167,533.63—a difference in favor of the Republican law of $3,899,241.04 per month. One thing must not be forgotten-that at no time from the passage of the Republican Tariff law of 1890 down to the close of President Harrison's administration did that law fail to raise all the revenue needed to meet every expense of the general government, and during no part of that period did the gold reserve fall below $100,000,000. The revenueraising power of the Republican Tariff law was only