The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1904-07-15
The Fit Time.

The st. Paul Dispatch advocates tariff
revision without fear or favor, and a few
days ago that paper published under the
caption "The Fit Time," the following
editorial:
When Mark Hanna gave the password
'1et-well- enough Alone" industry was at
the foodtide both of legitimate produc-
tion and of speculation. Unable to dis
tinguish the two elements, the activity
was mistaken by many for solid pros
perity. The let-well- enough-a alone era
ended when the froth of speculation was
blown off and when the stimulus to pro-
duction, given both by the release OF
boards created by the economies of the
post-panic years and by the bonus of the
Dingley act, ceased to energize both spe-
culation and industry. 1t was while
the stimulants were still operating,
though sensibly losing force, that Pres
ident Roosevelt, in a speech in April,
1908, at Minneapolis, said: "In making
any readjustment (of the tariff under
changed conditions of business) there are
certain important considerations which
cannot be disregarded. If tariff law
has on the whole worked well, and if
business has prospered under it and is
prospecting, it may be better to endure
some inconvenience and inequalities for
time than by making changes to risk
causing disturbances and perhaps paraly-
sis in the industries and business of the
country" ey
That was in April, and by September
the markets. had demonstrated the falls
ity of the prosperity, disclosed the pure
ly speculative glitter, and the slump"
began. Inevitably, under a system of
taxation that levies on what men con-
sumo and use, it showed in diminished
imports yielding diminished income. In
December the reaction had become 50
strong that the president took notice of
it in his messare, noting the falling
revenue and urging economy, and his Sec
rotary of the treasury predicted a de-
ficiency of revenue The condition con-
tinues, more marked in that section of
the Union where dependence is upon
manufactures, but reflected in the West
in decreased railway earnings, showing
less movement of freights caused by de-
creased buying The stock market is
stagnant The iron industry, the trade
barometer, is at the mercy of reluctant
buyers. Exports of manufactures have
increased, indicating surfeited demand at
home and forced sale of excess abroad.
The unparalleled prosperity" of the
country, upon which the president con-
graduated it in April, 1908, has sub
sided
The changed conditions" have arrived.
The stimulus of protection is exhausted.
Either there must be another and a
stronger dose administered, as Represen-
tative McCleary prescribes, or there
must be gradual withdrawal of stimu-
lants until industry gets into normal
condition. There is but one way to do
that, and that is to adopt the 'Roose-
Welt idea" of the standard for measur-
ing protection, the difference in labor
cost here and abroad" and reducing tax
alton of imports to that. The present
Industrial and financial conditions are
most favorable. There is plethora of
money of unquestioned solvency to sus
tain industry, if aid be needed. The ag
ricultural interests, getting no protec-
ton, would be uninjured. The manufac-
turing interests show, by their exports
abroad, that they need no protection
other than that which a revenue tax
would give, supplemented as it would be
by cost of transportation. The times are
most suspicious for the Republican par
ty, through its congress, to begin the
work of redemption of pledges, the ad-
mission of fulfllment of it's policy.