Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1900-11-01
HANNAITE GALL.
Why Such Prosperity as There In Can
mot BE Credited to the Mckin-
ley Administration.

Measure of prosperity enjoyed by the
country at large is due to the admins
tration of President Mckinley and pro-
ceeds from republican policies is
groundless and absurd. The Dingley
tariff bill is the only law enacted dur
ing the present administration that in
any wise changed the status quo in
herited from its predecessor. There
fore, if the improved industrial condi-
tions, the existence of which is not de-
MED, result from any act of the admin
istration, the Dingley bill alone must
be credited Herewith.
The absurdity of the Hannafte claim
is so palpable that only the most cred
ulous and unthinking can be deceived
thereby. The improved industrial con-
ditions became noticeable in the Unit
ed States in the spring of 1898. An i'm
provement in industrial conditions was
noticeable generally throughout Eu-
rope a year earlier, and during the last
two years a decided improvement IN in
dustrial conditions has been general
throughout all civilized countries. Mr..
Hanauer. American vice consul at
Frankfort, Germany, reports to the
state department that "the wave of in
dustrial prosperity in Europe which
has steadily risen since 1895 has be-
gun to recede." This is official testi-
mony to the universally of a rising
tide of prosperity covering all Europe.
Yes, Senator Hanna and the army of
republican spellbinders who are trav-
ersing the country seek to convey the
impression that America alone has a
monopoly of improved conditions, and
that the credit belongs to the Mckinley
administration.
The facts are that for q number of
years prior to 1896 a condition border
ing on industrial ~stagnation prevailed
not only in the United States, but
throughout all Europe, and the i'm
provement, when it came, was as uni
versal as was the stagnation that pre-
ceded it. That the ebb and flow of
prosperity would be simultaneous
| throughout all civilized nations is not
a mere coincidence, but the result of a
cause coequal and coeXtensive with the
result.
Mr.. Hanna surely will not claim that
the Dingley tariff bill, the object and
effect of which was to close the mar
kets of America against foreign manu-
factures. caused prices to advance and
industrial conditions to improve in the
countries of Europe whose markets
were thus curtailed. Yet the fact re-
mains that, Notwithstanding the in
jury to England, Germany and France
in having their products so largely ex-
cluded from this, their best market, in
dustrial conditions improved in those
countries and the improvement was
visible fully a year before an improve
~ment became visible in the United
States. And it can be easily shown
that the cause which produced the
prosperity in Europe was the same
that has produced the measure of pros
perity that has come to us, and that
the Dingley bill, instead of promoting
prosperity, retarded the same. 1t can
be further shown hal the Dingley bill
has been the means of enabling Amer
lean manufacturers to combine into
giant monopolies and deprive the
American people generally of what
would be their just share of the ma
TONS prosperity, if that monopoly
breeding bill had not passed.
In order to understand the causes re-
sponsible for the universal depression
that prevailed prior to 1896, and the
universal improvement in industrial
conditions hat has since taken place,
it becomes necessary to determine
what is the controlling condition of
prosperity.
The controlling condition of pros
perity is not found in the health of
the people, or the b~ount:fu1Dess of
harvests, important and valuable as
these conditions are, because good
health and good crops have been uni
versal through periods of intense
business depression. The controlling
condition of prosperity is found in the
movement of price levels. When the
universal price level is falling bank
ruptcy becomes the inevitable and un-
ayoidable reward of enterprise. Such
condition DON paralyzes industry and
limits production to the imperative
demands of daily life, and, if long
continued. cuts off employment and
wages from labor, confiscates the
property of debtors, increases the
burdens of taxation and ultimately
transfers the property of a commun-
ity to the money lenders, the one class
hat is benefited at the expense of
all others by a ~protracted period of
falling prices.
On the other hand, when the uni
versal price level is rising all human
activities are stimulated through the
hope and realization of gain. When
prices are rising money cannot be
boarded at a profit, and money en-
ployed in the production and distri-
button of wealth yields a certain
profit, while money hat is idle is los
ing it's power to command other
things in exchange. A condition of
rising prices, extending through a
long period, brings production and
consumption to a maximum, and the
demand for labor always exceeds the
supply so that enforced idleness dis
appears from the earth.
When the universal price level is
rising the rich who employ their
wealth in production may grow rich
er, after giving labor its just and hon.
est share. Employer and laborer both
share the increased product. In fact,
when the products of labor are in
creasing in price the demand for labor
will always exceed the supply and en-
able the laborer to demand and re-
ceiye his just share, a condition that
brings increased wealth and content
ment to all.
Next, in order 10 understand the
cause of the improvement in indus
trial conditions hat has been uni
Fersal, it is necessary to understand
the cause of a universal rise in price.
This is f0and in an increased money