The Democratic advocate., 1908-08-28
Tho Panic af 1909

The Panic Of 1893.
Il have referred to two Of the three
ditions which compel the Republican % papty r
to accept the responsibility for them. Now
cau,d le. Us Go consider the panic Of 1892 II thai
epatc De properly orih charged to the Demo
But & can It be fairly charged to. the Demo
efter tba IL came ian 1t Is true few months
President: but 1t came while the Mckinley
high tariff was still in effect and before :
single SIM Republican law had been repealed
operation before the election. In fact. II
was the failure Of the Republican party te
oo 90 Its duty and satisfy the people that
these causes would have brought on g
panic even If the Republican party had
remained ord med In na+ power Now this IS the
Republican candidate presumes to threaten
panic In case Of Democratic success
Inc third proposition which the pro.
tarin asked for is necessary-is still less
considered. 1t is true that we pay higher
wa, wages s. per day than are paid elsewhere
the actual labor cost of an article is high
er here than abroad. On the contrary
the rule Is that high priced labor pro.
a1ces fnhes cheaper article than low-priced
Manufacturers of hardware will tell
you that they can export hardware which
amount of raw material, but that they
cannot export hardware in which the raw
material constitutes large proportion OF
of steel al! over the world. The steam en-
gine. for instance, is made by skilled la
Dor. Dor. and yet we can send it abroad and
cry is made by. skilled labor, and yet we
nave no rear OF foreign competition, even
In tn the ;.h foreign markets Our agricultural
yet we export it to all countries. Our
sewing machines are manufactured by
skilled labor. but the American traveller
and the list could be extended Indefinitely
For % years the American working
man has been told that ne receives higher
wages than the English workman solely
because Of protection. but our wage earn.
ers now know that this cannot be done to
protection, because the English workman
workman, although the German tariff is
higher than the tariff of Great Britain.
Does Not Make Good Wages.
Protection does not make good wages
Our better wages are due to the greater
the greater hope which free institutions
give them, to improved machinery, to the
better conditions that surround them, and
to the organizations which have been
formed among the wage-earners.
"a revenue tariff will not bring a panic
1t Will not inaugurate Industrial depres-
contrary. it will stimulate business and
give more employment, and larger de.
mand for labor will be au guaranty against
the % Of egei be
is now practiced because Of the high sched-
ules; reduction in price will enable more
people to buy: and this larger demand fo1
and the q
lower price will greatly stimulate expor-
tation, and manufacturers who are now
will be better prepared to enter the CON
test for supremacy in the worlds trade.
I'VE cannot hope to invade foreign mar
kets to the extent we should until we re-
lieve our manufacturers of the handicap
that protection places upon them In the
purchase of materials they have to use
our exports without increasing our i'm
ports Trade must be mutual If 1t is to
be permanent. President Mckinley recog-
nized this, and in the last speech that he
made he pointed out that we must buy
from other nations II we expect to sell to
other nations.
No Immediate Change.
plate an immediate change from one sys-
tenn to the other; it expressly declares that
the change shall be gradual, and a gradual
IS Is pn WITH resus Of eaeH se
taken. We elect Congress every two
years and President every four years
the the results Of that policy are not satisfac-
"But we believe that. the experience the
people have had with pfGtecti4n tba IN Tor vdr pro-
restoration of the tariff by gradual steps
to q revenue basis, and we are convinced
that the advantages following each step
will be SO. pronounced and that the bene.
fits will be so universally enjoyed that
there will be no cessation in the progress
toward a system under which the tarifl
will be levied for the purpose of revenue
and limited to the needs OF the the govern.
ment. The low tariff law OF 1s46 did not
produce a panic. On the contrary, 1t was
so satisfactory that when the Republican
party wrote its first platform 10 years
afterward the protective principle was not
indorsed
an income tax as part of the revenue sys.
tenn, and for constitutional amendment
as means Of securing this tax. Secretary
Taft announces In his notification speech
that he is in favor of an income tax when
ever the revenues are so low as to require
it. and expresses his belief that it is pos
sible to secure such tax without a con-
stitutional amendment
"If it is possible to frame a law which
will avoid the OBJECTIONS raised to the In:
that Is uncertain. If an income tax is de-
sirable. surely Secretary Taft cannot con-
sistently oppose the adoption Of a constitu,
L1Onal Qm6Qumcul. IL Tue pTluCipIS Is IlSus
and the tax wise, Congress ought to have
authority to levy and collect such tax
and no supporter of Secretary Taft can op-
pose our position without dissenting from
the Republican candidate.
Whole Aim Justice.
.'The whole aim Of our party Is to secure
justice in taxation. We believe that each
Individual should contribute to the support
of the Government in proportion to the
benefits which he receives under the protec-
tion of the Government We believe that q
revenue tariff. approached gradually, ac-
cording to the plan laid down % In our plat
ton, and that the addition of an income
tax will make taxation still more equitable PIE
support of those who find a pecuniary
profit in the exercise Of the taxing power
ought to have the support of that large
majority of the people who produce aae the
nations wealth in time of peace. protect
the nations flag in time Of war and ask
for nothing from the Government but even
handed Justice