The Grenada sentinel. [volume] (Grenada, Miss.) 1868-1955, 1907-08-10
TARIFF AND HIGH PRICES.
Prosperity Waning But Taxation Con
tinues.

It is not a pleasant task to warn the
public that there must be a reaction
from the high pressure prosperity that
! has evidently overstepped the bounds
Of safety. The recession has already
begun and 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 be
had at that exorbitant rate. Business
is gradually slowing up and in the
west merchants are awaiting the har.
yesting of the crops before buying
their fall stocks of goods. The rail-
roads are ~dischargng men and stop
ping improvements. New buildings
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 a compensating in
crease of income, is compelling those
with limited incomes to economic.
There is a 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
ingly. 1t is still too early to deter
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 a general
failure of the fruit crop in many
states and ever small fruits have been
a partial failure.
There is a compensation for the
grower and farmer, however, for the
price they are obtaining Is higher, so
that perhaps on the average the farm
ers will have as much money to spend.
The higher prices for what they have
70 buy are the d~iscouraging feature.
Meantime the government is collect
ing tariff and internal revenue taxes
far in excess of the need of revenue,
even under the e~xtravagant appropria-
tiOnS nf OnornCC onI Tho A-d &c fhn
fiscal year finds a surplus Of ST., 000,-
600 collected over and above the out
go. The national banks have been
loaned $1S4,0 900 GOO 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 loaning out at the high
est rate that money will demand.
We thus have the extraordinary
spectacle, under the present RepIbli-
can policy, of the collection from the
people of tariff and other taxes, mach
in excess of the needs of the govern |
ment and these excess taxes, which
should be in the pockets of the people,
out to them, so that in fact |
the taxpayers are borrowing their own |
money at high rates of interest.
Can any voter indorse such q sys-j
Should not the tariff be re-
vised so that the trusts will not be so
protected and taxation be re-
The Republican standpatters
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.