The McCook tribune. (McCook, Neb.) 1886-1936, 1904-05-27
~PROOFAGAINST PANIC
SENATOR GALLiNGER SOUNDS
KEY NOTE OF CAMPAIGN.
Events Have Shown That In limo
of Financial Disturbance and Spec.
ulative Generalization Protection
Operates as a Preventive of Pan:S
and Paralysis.

uIGu u speech WHICH promises 10 De-
come as useful in the campaign of
1904 as was his great speech, PRO
lection is the ISSUE" in the campaign
of 1902. Prosperity is nce more the
issue which o~vershadows all others.
1t is even more true to-day than it
was two years ago. In the we'll chos-
Ell language of the New York state
Republican platform:
THE greatest national issue is the
maintenance Of prosperity"
Prosperity we now have and have
had in marvellous meaSur beginning
with 1897, when the Republican party
regained control of national affairs
and r~einstated the national policy of
protection to American labor and in
dustry. How shall we maintain pros
perity? That is the leading question
to be considered in the great civic
struggle of 1904. Senator Gallinger'S
speech deals with this question. 1t
has for its text the following senate
resolution offered on April %, 1904:
Resolved, That our continued pros
perity as a nation is the best possible
assurance that our fiscal policy is
sound and stable, and that its dis
turbance by legislation is O war
ranted by the best interests of the
people"
Speaking to this resolution, Sena-
tor Gallinger drew attention to the
fact that, as proclaimed by NJ of
the house leaders of hat ~Organiza-
ton, the Democratic party will go
forth to the conflict of this year with
Tariff Reduction and Genuine Recip-
rocity inscribed on its banners. There
is the issue. 1t is plain and unequiv-
ocal. There is NJ installing the Dem.
ocratic purpose. The tariff law Of
1897, productive though it has been
of the most extraordinary results
ever known in the history of the
world; productive Of the highest de-
gree of prosperity and the greatest
sum of human happiness ever known
in connection with fiscal legislation;
productive of abundance of work at
an average wage rate three times
that of continental Europe; produc-
tive of trade, Of commerce, of indus
try far exceeding in volume the trade,
commerce and industry of any other
nation on earth; productive of a vast
increase in the total and in the per
capital wealth of u country, as
shown by the mighty increase alike in
the bank deposits of the rich and in
the savings deposits of the wage earn
erS-this tariff law of 1897, with all
it's splendid results, is to be attacked
and repealed and tinkered and butch
cred by the double process of direct
reduction and wide-open reciprocity
N competitive products.
That is the Democratic program for
1904. What is to take the place of
the Dingley law in the event of Dem
ocratic success in this years presi-
Dental election? Who can tell? 1t
may be, as Senator Gallinger says,
"A Wilson bill, or a Mills bill, or a
Morrison bill, or a tariff like that of
1916 and of 1857, both of which tariffs
proved disastrous to the best inter
ests of the country" Vigorously and
ably Senator Gallinger challenges this
destructive propaganda. With an i'm
pressive array of facts and figures to
support his contention, he AYERS that
the country should stick to the grand
old ship protection and not lower her
colors to free-trade pirates. The
speech bristles with strong argument
and fact. 1t deals fairly and effect
lively with the trust question, showing
conclusively that trusts owe neither
their origin nor their continued eX-
istence to a protective tariff.
This showing is made the more eff
fectiye by the plain business facts of
the past year. 1t has been a bad
year for the overin1ated trusts. Some
of them have gone down, while 9th
ers shave had a hard time to weather
the storm of their own creation.
Shocks and strains have occurred
which would surely have wrecked
prosperity but for the presence of a
protective tariff as a safeguard. What
with trust stocks tumbling in values
by the billion, and other stocks shar-
ing in the general depression, while
great labor strikes were keeping some
hundreds of thousands of men in vol
unIary idleneSS, the conditions were
favorable for a general panic of the
worst description. But there was no
general panic. The business of the
country went on as usual, and there
was no damage and no disaster out
side the ranks of those who had
brought on and participated in the
great speculative debauch. Such pan
ic as there was was a rich mans |
panic. The poor man escaped. What
was the reason Of this exemption of
the general mass? Production did
not stop; employment did not cease.
Protection took care of that. The
country continued to do its own work.
1t did not, as in ~1893-1897, turn over
its great market to foreigners be-
cause of Democratic tariff making.
This time we had a Republican tar
If.
Protection proved p~anic-proof. !
N;n nou,, N 4