Middletown transcript., 1903-04-11

Representative Babcock'of Wisconsin,
Chairman of the Republican Congress
ional Committee, has taken issue with
the tariff policy of the President and the
members of the Cabinet and declares in
unequiyocal terms that the Republican
party is pledged to tariff revision by the
Fifty-eighth Congress. Mr.. Babcnck,
speaking to your correspondent, said
that he regarded as wholly unwarranted
the apprehension of hard times as re-
suit OF revision Of the tariff by the Re-
publican party. Democratic revision
would, of course, ruin the financial pros
perity OF the country because it was
clearly understood that such revision WAS
undertaken with free trade object in
view. Republican revision, on the con-
trary, would be undertaken with the
policy of protection always in sight and
would not therefore seriously disturb the
prosperous condition the country is now
enjoying. Mr.. Babcock says that in the
last campaign the Republican party lost
many Republican cities because the cost
OF living had increased out OF all proper
ton to the income of salaried employees.
This was not the case in the country dis
tricts because OF plentiful crops, but with
a failure of crops the condition would be-
come universal and nothing but disa,t ter
to the Republican party could result.
Mr.. Babcock maintains that 80 per cent
of the American people are protectionists
and want protective tariff, but that
means a duty of sufficient amount merely,
to compensate the employer for the in
| creased price he has to pay for labor
All over that is extortion and tends to
create monopoly He cites the case of
the Steel Trnst which he maintains, NM
der the existing schedules, is enabled to
take from the pockets OF the people $780,
OO0, 900 annually to which it is not en-
titled
~
Charles A. Conant, Secretary OF the
Morton Trust Company and Professor
John w. jerks have been selected as
| two members of the commission of three
| which is to confer with the representa-
tives of Mexico aud presumably China
and Japan with view to devising a sys-
| tenn whereby the silver using countries
of the world may employ silver OH a
gold basis and eliminate the serious huc-
/ .al hoc ~
system OF every silver using country dur
ing the past few years. MIR. Conant stop
ped in Washington on his return from
Mexico and consulted with Secretaries
Root and Shaw. He says that, in SO far
as outlined, the proposed plan conforms
closely to that adopted by the Uuiied
States in the Philippines. The War De-
partment is making rapid progress in
preparation of the new Philippine sill
ver currency. three million pesos. Of
which were authorized by Congress, and
it is expected the coins will be ready for
shipment at an early date. In the mean
time. the question of assessing an almost
, prohibitorv tariff on Mexican and other
silver coming into the Philippines Is be-
ing seriously considered.
~
The remarkable growth Of the export
of manufactured articles by the United
States is clearly shown by figures issued
today by the Treasury Department. In
1870 the expectation OF manufactures
amounted to $1.243 547. In 1902 they
amounted to $408, ,841 ,401. Tn 1870 they
formed practically,6 8 per cent Of the total
exports. in fa1z approximately go per
cent Of the total exports. The growth ! N
this direction is especially marked since
1S95 since which time the increase has !