The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-10-12
AUTHORS OF THE PANIC
Began in Europe Long Before Cleve,
land Was Nominated.
HOW PROTECTION HAS INJURED N. C.
Pri chard's Claims Taken Up One BY One
and Shown 10 Have No Foundation
Upon Which to Rest. A
Mastery Are ument.
Especial to News and Observer

Especial TO News and ODServer.)
Snow Hill, N. C, Oct. 11-Hon. Furnifold
McLendon Simmons, by appointment, ad-
dressed magnificent audience here to-
day. He represented this county when
he was in Congress fifteen years ago
and has a host of warm friends here.
They gave him great welcome today
his election to the Senate He was
warmly greeted when he rose to speak to
day and he made speech which many
say ranks with the great tariff speech
made by Vance here in his last general
canvass of the State. He discussed State
questions in his best manner and had
the approval and applause of all. He
confined himself chiefly, however to a
discussion of the tariff, and he made the
question so plain that wayfaring mar
cannot err about it, Greene hasn't been
afflicted much either with so-called
Commercial Democrats" who believe In
protection or Independents, who be-
licve in getting office most any old way.
IL there were any such here today, Senator
Simmons must have converted them for
his speech was "a magnificent effort,
worthy of man filling the high position
which he adorns.
Upon the tariff and national questions
he spoke as follows:
THE PROSPERITY ARGUMENT.
The great Republican argument this
year is prosperity. They say prosperi-
ty came with Mckinley and the Ding
ley tariff, and is therefore due to Re-
publican legislation and administrations
Undoubtedly good laws help to make
prosperity, and bad laws help to bring
adversely. But there may be adversely
with good laws and there may be pros
perity with bad laws. When the Re
publican party claims credit for pres
ent prosperity because that party hap
pens to he in power. they overlook the
fact that the prosperity of today is not
confined TO this country, Dut Is World
wide. German. France and England
in Europe. Japan in Asia, Argentina in
South america and Mexico and Canada
in North America. some with high
tariff. some with low tariff. and some
with no tariff at all, are all enjoying an
time. And this wave of prosperity be
gun in all these countries and through
out the world at about the same time
it begun here. If the prosperity we are
enjoying proves that high protection Is
the best policy. the prosperity of Japan
equally proves that low tariff is the best
policy. while the prosperity of Great
Britain proves that free trade is the
best policy.
GREAT BRITAIN VERY PROSPEROUS.
This is the conglomeration of incon-
Sistencies and nonsense to which the
Republican prosperity argument leads.
To prove their prosperity contension.
the Republicans point to the bulk Of
our foreign trade, to the growth of our
export trade. and the increase in our
circulating medium. Tried by the test
"i the bulk of foreign trade. Great Brit
am lS more prosperous than we are.
Tor that little island. less than twice
the size of North Carolina. had a foreign
export and import trade during the past
year nearly twice as large as we had.
Tried by the test of circulating medium,
France Is more prosperous than we are,
Tor that country has Il per capita circua
tion of S3I.0O. while we have only $500
Tried by the test of increase in the per
cent of export trade. at least six other
nations are more prosperous than we are
The per cent of increase i'm our EXPORT
trade during the decade from 1891 to
1902 was only 30 per cent That of Ger
many and Italy was about one and one
half times as much. That of Argentina
about twice as much. That of Mexico
nearly twice as much. or 6.; per cent to
our :,,::; per cent. That of Janan nearly |
three times as much, or 81 per cent.
while that of Canada was exactly three
times as much. or 30 per cent. Some
of these countries have the gold stand
ard. some the silver standard: some have
colonies and some have no colonies: some
have high tariff, some low tariff. and
some no tariff ut all. And yet they are
all prosperous.
PANIC BEGAN IN EUROPE.
The Republicans are not more Fortunately
in their argument that adversity cama
in with Cleveland and the Wilson bill%l
and was therefore due to DenocraticS
legislation and administration. than they
are in their prosperity argument 1t is
true. we had during the middle of Gleve-
lands administration business depression
and financial stringeney, but the argl-
ment that this condition was caused by
Democratic legislation and policies does
not take into account the fact that at
this very time there was a like condi-
tion of trade depression and money
stringency prevailing i'm every comme-
TciaI nation in the world Rpfore it had