the interests of American labor, which is the capital of our
workingmen; its stability and proper remuneration furnish the most
justifiable pretext for a protective policy."

This specific principle, if fairly and justly applied to all
industries alike, would be a basis for customs duties that all
would agree to, but, when made, a struggle arises in determining
the articles to be protected, and those to be free of duty. The
President said that the reduction should be made of duties upon
the imported necessaries of life. Such articles are not imported;
they are mainly produced by our own people. By common consent the
few articles that are imported, classed as necessaries of life,
and which cannot be produced in this country, are already free of
duty. When Congress undertook to reduce the revenue it was found
difficult to apply the rule suggested by the President. He said:

"Nothing more important than the present condition of our currency
and coinage can claim your attention.

"Since February, 1878, the government has, under the compulsory
provisions of law, purchased silver bullion and coined the same at
the rate of more than $2,000,000 every month. By this process, up
to the present date, 215,759,431 silver dollars have been coined."

He properly stated that the mere desire to utilize the silver
product of the country should not lead to a coinage not needed for
a circulating medium. Only 50,000,000 of the silver dollars so
coined had actually found their way into circulation, leaving more
than 165,000,000 in the possession of the government, the custody
of which had entailed a considerable expense for the construction
of vaults for its safe deposit. At that time the outstanding silver
certificates amounted to $93,000,000, and yet every month $2,000,000
of gold from the public treasury was paid out for two millions or
more silver dollars to be added to the idle mass already accumulated.
He stated his view of the effect of this policy, and in clear and
forcible words urged Congress to suspend the purchase of silver
bullion and the coinage of silver dollars until they should be
required by the business of the country. This is the same question
now pending, but under circumstances of greater urgency.

The President enlarged fully upon this vital subject and has adhered
to his opinions tenaciously. He was re-elected with full knowledge
of these opinions and now, no doubt, will soon again press them
upon Cong