Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1907-06-12
Prices and Prosperity.

| N'iAiloANu biIt BipSl'tIIlE Which tilt
$1,000 farmers Of Maine are now enjoy
; ing under the Dingley tariff law. when
all kinds of agricultural products are
bringing top notch prices, with the
hard times and low prices that pre-
vailed under the Wilson law. 1t calls
attention to the fact that the Wilson
products. So it did-the same kind of
a tariff it had on manufactured prod
ucts, viz, a low tariff for revenue
only" it was 50 low a tariff in fact
that it utterly failed to defray the
running expenses of the government.
| Under it the Cleveland administration
expenses to raid the gold reserve kept
for the redemption of outstanding
treasury notes. This in turn was re-
! plcnished by the issue and sale of
! bonds, bearing interest at per cent.
| The result Of all this was that when
the Cleveland administration finally
| half years of the Wilson law it left
behind it bonded national debt $751;
| 100000 larger thar it was when it came
| into power The law that worked such
| disaster to the administration rcSpon-
| sible for it, worked equal disaster
! t. the country at large. Mills were
| fl1tsl rsGnnnI hnSinnSS
tracted, and the whole country filled
with idle mon. Under such circum-
stances prices went down for the nur-
chasing power of the country was
greatly contracted. The opportunities
for earning money were everywhere
curtailcd. Instead of two or three jobs
today, there were half a dozen idle
men eagerly chasing up every job ia
sight. This condition of affairs was
directly due t. the infamous Wilson
law. 1t continued until President
Mckinley convened Congress in special
session in tn" summer of 1897 and
- ''It'l 10 ltItttl. ~ JlltI StSolbIl lIlC
DInglcy tariff law was framed and
Passed Under this law the country
entered upon a period of splendid pros
pcrity which it is still enjoying. The
Sentinel declares that the idea that the
ningl"y tariff law is responsible for
tn" present prosperous prices of agri-
.
no explanation for the fact that under
tn" Wilson law the prices Of farm
products touched the lowest level since
tn" close of the Civil War.
The only argument Il sensible pro-
tc"ti"nist makes" declares the Scnti-
mel, "is that protection, by increasing
manufacturing Industries creates an
added demand for agricultural prod
uCts, and 50, indirectly, helps the
farmer" Unqucstionably the Dingley
lay. by keeping all our factories hum
ming and their thousands of busy
workers employed at top notch prices,
has largely stimulated the purchasing
and consuming power Of the whole
country, making it possible for our
great home markct-thc best in the
world to absorb Il vastly larger
5uI"unt If agricultural products than
Was possible during the soup house era
that prevailed under tho Wilson law.
and IT, pay higher prices for them. In
what way protection increases manu-
farturinc. however. til" Sentinel dis
cr"ct!v ignores It is hy making manu-
countries whore the standard of living
and IL" scale Of wages is much lower
than in this country. pay for the Privi-
leg" an amount Of money that shall
il part ar wholly cuualizo those differ
cnr.a h"f"r" they can enter into and
roa&csa the great American market.
The Same reason for protection
that applies to mon who work
out the products Of their Ia
h"r in factories applies also to the
men who work out the products nf
tiNlr liDOr upon the farms mere Is
no reason why foreign farmers. whose
standard of living is vastly inferior to
that of the American farmer should be
permitted to enter into and possess the !
great American market on equal
terms. The Sentinel tries to aSCribc the ,
increase of prices Ia the initiation Of the |
currency. Thanks to the Republican !
party our country is today upon a |
sound currency basis. Every dollar is !,
4 gold dollar. worth one hundred cents |
This fact, has, undoubtedly, been an |
important factor in our prosperity; |
hut ii is q fallacy t" ascrihc the adj |
vanC" Of prices primarily to this fact.
Periods Of high wages. are invariably |
periods If high prices. High wages are
a sure sign of an active demand for
labor. demand that can only come
from industrial activity ana expansion.
When everybody who is willing to