The Crittenden record. [volume] (Marion, Ky.) 1904-1907, 1905-06-02

made as chairman OF the convention,
that the majority in Congress will
be compelled to take action with
view to obviating the steady def
cit does not agree with that made at
LIST. Louis by Secretary Shaw, re-
Gently, when he said, 1--WE are hot
worried about the deficit but Mr..
ITaft's version is the one entertained
by the President and majority of
1.-The members Of his cabinet. Secre- ,
rotary Taft told the Ohio Convention
that Congress would have to restore
the war taxes, Increase the internal
revenue taxes, or so readjust the
tariff as to augment its revenue pro-
duciug power.
Speaking to a high protection
State like Ohio, Secretary Taft doubt
less deemed 1t wise to 90 no further
than to present the alternatives, but
there is no doubt, In the minds Of
those who have discussed the sub.
joct recently with Mr. Taft, that he
believes the tariff schedules should
be readjusted, as do all the members
|. Of the Cabinet, except Secretaries
lShaw, Wilson aud Metcalf, all Of
whom are inyeterate stand patters.
There are strong indications that
the tariff REIMBURSEMENT policy will
receive considerable help from a new
and unexpected source, namely from
some Of the most influential Of the
protected interests. Several mana
gers Of Legitimate beneiiciaries Of
the protective tariff have advised
the President that their industries
are over protected ParadoXical AS
As they may seem their second state
! meut on the subject seems even
I more SO. They say that there are
too large profits iu their respective
lines. Ia calculation Of this state.
J. meft, however, they make IL clear
: 10 anyone who takes the trouble {,
q think. They say that with the tariff
so high as 20 present the allurng
q possibility OF inordinate profits, new
y, and inexperienced business men ar,
~, lproue 20 rush into the industry aul
y establish small plants which iuvaria
d bly, come 10 financial grief iu a short
e time. Were these little fellows al
lowed 20 pass through aperoi o.
financial stress, ultimately 10 fail
=, they would naturally sell their pro
duets At reduced prices O. secure IN,
&c much needed ready cash aud :,
y demorialize the entire market. 4,
u avoid this undesirable result, "a,
q large producers buy up the smaller
aud weak competitors aud are offer
. compelled to do so At serious loss
because the little fellows iuvAriabl,
" overvalue the plant aud stock. More
over, even at fair valuation, thesp
additional plants are seldom WORT
much 20 the larger concerns Whicl
are already provided with all a.
machinery, etc, that they require
y To make these purchases the large
. tcoucerus are compelled ~ rule. &
issue additional stocks or bonds an
these Increased liabilities are preju
dical 90 tbs interests " the stocI
/, holders. Therefore, argue the pro
= tscied manufacturer, % would b
. more beneficial were the tatiti sche
dulles reduced 90 = reasonable basi,
the ovefplus oidumest,c competiilp
clrtailed aud the marketkep; steady
II will, ot course, be- obvious o. Co
reader that this argument IL sdyaut
- ed only Uy the managers u les,t
l. mate manufacturing concerns whic
b. make their profits out oi their bus
a. ness aud that such reasoning j. oh
a uoXious % al 81 those trusts who's
- pruiits ate largely comprised 81 IN
he margins ca stock mauipulaiious /
". Wall street.
o. The Senate committee on lutel
.y- state Cotlmerce has finally adjourn
70. rd, after taking testimony ou a
OF railway rate question ior upwards
a thirty days, without action. AZ III
l. executive session u the commit,
Ct. hell after the last hearing. howeve
hi, u Vas developed that the commit,