The extreme alarm of the American Protectionists at the con-
dition of the National Treasury is well illustrated by a Bill reported to the House of Representatives, which will, it is said,. be passed. The Protectionists believe that if the present huge surplus continues, the Debt will be paid off, and then the Tariffs must be reduced. They are, therefore,. seeking for any popular means of waste, and have actually proposed a grant of £2,000,000 a year for five years in aid of education, the money to be distributed to the States. in proportion to the illiteracy of the people. As Congress. has nothing to do with education outside the District of Columbia, this grant-in-aid is outside all precedent, and com- mences a most dangerous system. The States are relieved of their own burdens, and, in fact, taught that if they fail, the- nation will make up their deficiencies. It is difficult to be- lieve that the Senate will pass such a Bill; but the wish to
the Treasury without lowering duties is sincere and is. shared by the moneyed classes, who are afraid that if the Debt. is paid off, the National Banks must be reorganised. There will be no Bonds for them to hold against their paper issues.
Previous page
