never better observed than when the people's taxation for its support is
scrupulously limited to the actual necessity of expenditure and
distributed according to a just and equitable plan.

The proposition with which we have to deal is the reduction of the
revenue received by the Government, and indirectly paid by the people,
from customs duties. The question of free trade is not involved, nor is
there now any occasion for the general discussion of the wisdom or
expediency of a protective system.

Justice and fairness dictate that in any modification of our present
laws relating to revenue the industries and interests which have
been encouraged by such laws, and in which our citizens have large
investments, should not be ruthlessly injured or destroyed. We should
also deal with the subject in such manner as to protect 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.

Within these limitations a certain reduction should be made in our
customs revenue. The amount of such reduction having been determined,
the inquiry follows, Where can it best be remitted and what articles can
best be released from duty in the interest of our citizens?

I think the reduction should be made in the revenue derived from a
tax upon the imported necessaries of life. We thus directly lessen the
cost of living in every family of the land and release to the people in
every humble home a larger measure of the rewards of frugal industry.

During the year ended November 1, 1885, 145 national banks were