The Farmington times. (Farmington, St. Francois County, Mo.) 1905-1926, 1907-08-09
TARIFF AND HIGH PRICES.
Prosperity Waning But Taxation Con-
tinues.

II is not a pleasant task to warn the
public that there must be n reaction
from the nigh pressure prosperity that
has evidently ovcrstepped the bounds
Of safety. The recession has ALREADY
begun aud how far the pendulum will
swing In the other direction Is the
question that concerns everyone. In
spite OF the enormous increase In the
volume OF currency In circulation.
money is tight" and difficult to pro-
cure ON even the best of security and
at high rates OF interest Merchants
In New York are paying six per cent
for accommodations and some of the
banks are even refusing to discount
commercial paper at that rate. Call
money was 10 per cent. at the begin.
ming OF the month and very little to he
had at that eXorbitant rate. Business
Is gradually slowing up and in the
west merchants are awaiting the har-
vestlng OF the crops before buying
their fall stocks Of goods The rail
roads are discharglng men aud stop
are not being undertaken, unless con.
tracts have previously been entered
into.
The high price of commodities and
the resulting greatly increased cost
OF living, without compensating in
crease Of income. Is compelling those
with limited incomes to economic.
There is general era Of strikes and
lockouts on account OF the demands
for higher wages and the refusal to
pay such increase. Everyone Is wait
ing to see what the harvest will be-
and to arrange their business accord.
lngly. II is stlll too early to deter.
mine what the shortage In the crops
will be- but It is certain that the aver.
age Will be below normal. with par.
tial failures in some states Of small
grains at least. There is n general
failure of the fruit crop in many
states and even small fruits have been
a partial failure.
There IL compensation for the
grower and farmer, however, for the
that perhaps on the average the farm.
ers will have as much money to spend
The higher prices for what they have
to buy are the disCouraging feature
Meantime the government Is collect.
ing tariff and internal revenue taxes
far In excess Of the need OF revenue.
even under the eXtravaGant appropria.
lions Of congress and the end of the
fiscal year finds surplus of sS7 900.
900 collected over and above the out
go. The national banks have been
loaned slSi0oO,0 900 OF the surplus that
the enormous tariff taxes have piled
up In the last few years upon which
they pay no interest to the govern
ment, but are loaniug out at the high.
est rate that money will demand.
We thus have the extraordinary
spectacle under the present Rcpubll.
can policy, Of the collection from the
people of tariff and other taxes, much
in excess Of the needs of the govern.
mcnt and these excess taxes, which
should be in the pockets OF the people,
loaned out to them, so that in fact
the taxpayers are borrowing their own
money at high rates of interest.
Can any voter indorse such n sys.
TEN? Should not tho tariff be re.
vised so that the trusts will not be so
highly protected and taxation be re-
duced? The Republican standpatters
declare their policy to be to continue
to let well enough alone and the com.
ing congress will continue that policy
of protecting the trusts and plumber.
Ing the people.