Western Kansas world. [volume] (WaKeeney, Kan.) 1885-current, 1904-06-04
PROOFAGAINST PANIC
SENATOR GALLINGER SOUNDS
KEY NOTE OF CAMPAIGN.
Events Have Shown That In Time
of Financial Disturbance and Spec
uIative Generalization Protection
Operates as a Preventive Of Panic
and Paralysis.


ger of New Hampshire has contrib
uted speech which promises to be-
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 once more the
issue which overshadows all others.
1t is even more true to-day than it
was two years ago. In the well chos-
en- language of the New York state
Republican platform:
1.-The greatest national issue is the
maintenance of prosperity
Prosperity we now have and have
had in marvellous measure beginning
with 1897, when the Republican party
regained control of national affairs
and reinstated 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 it's dis
turbance by legislation is not 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 one of
the house leaders of that 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 no 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; pcniuc-
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 vast
increase in the total and in the per
capital wealth of our 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
in 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 Mills bill, or
Morrison bill, or a tariff like that of
1876 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
| fective by the plain business facts of
| the past year. 1t has been a bad
| year for the overinflated trusts. Some
| of them have gone down, while 9TH
| ers have had 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
| protective tariff as a safeguard. What
| with trust stocks tumb bling 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
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 1S93-1S97, turn over