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T.W.S. 3

measures in regard to finance
adopted. That they will be
adopted sooner or later I have
no doubt but it will not be
this year. The political issue is
really whether the Republican or
Democratic party shall control.
The tariff is scarcely an issue in
fact, because as we have to raise
nearly five hundred millions of
dollars for Government expenses we
are compelled to have a tariff
for revenue, so practically the
protective tariff men have matters
their own way. Free trade cannot
assert iself in face of the
revenue which must be raised