The Montgomery advertiser., 1908-08-22

a,dosss. more ssuitssis sg ,a distributiOn of the
 cannot pass from this part of my subject without calling attention to the fact that Secretary Taft has al- use Of an argument wltcn the nsnoo nciaries of protection hav0 been era- ploytng for generation. SpeakinR oG . tns grsduai substitqt.on of . revsnus says In his modification speech:
 The esirtfoducfion in power of a par- " with this avowsd purpose cannot out recent financial depression and produce business disaster compared with which our recent panic and de- precision will seem small indeed"
 Republican party is not retslnsd 'i in power. This panic argument waa worked overtime in 1888. but I am surprised that Republican refers to It in the present campaign.
 We have had three panics since the Republican party was born: the panic
 s lsis; ,a5e s6e panie of 1893 and the after the Republican party had been In complete control of the Federal government for twelve years, and eleven years before our party sue eeutive branch Of the governnnenf. The startling panic and depressiOn''s or 1873 occurred in the very midst of Republican rule, just after . Republl- can victory: and under . high tarii Is It not strange that Secretary Taft should forget this panic, when he warns us to beware of any departure from the protective system?
 The panic of 1907 came after the nepuoiicans had been In compiste con- trol Of the Federal government for more than ten years. They had had they wanted to do and to undo etery- ! thing that needed to he undone. EfiN we were under such q high tariff that even Secretary Taft admitted the ne- bad that banks felt It necessary to do something that they had never done be- fore, namely, arbitrarily limit theh ssmount or money money that deposttors could Secretary Shaw says that the strfn-e gency of 1907 was the everest tha world has ever witnessed" With this panic fresh in his mind. Is 1t not strange that he should argue that his election is necessary to prevent q
 I have referred to two of the three panics. both of these coming under eon- ditions which compel the Republican party to accept the responsibility of th lem. Now. let us consider tho panic of isss. If that could be properly charged to the Democratic party. 1t would only be one Democratic panic to two Republicans panics. But can it be fairly charged to the Democratnss
  the inauguration of a Democratic | President, but 1t came while the Me- Kinley high tariff was still in effect and before single Republican law causes that were in operation bee0rB 1 the election. In fact, it was the faif- ure of the Republican party to do its duty and satisfy the people that and these causes would have brought on panic, even if the Republican partq had remained in power. Now. this record. the kepubfiesn caTSdldats | presumes to threaten q panic tn case of Democratic success
 The third propositien which the pro. | the tariff asked for 6 necessary, 4@
 stlll less considered. It is true that
 we pay higher wages per day than are 1 sarily mean that the actual labor cost l of an article is htgner here than
 abroad, On the contrary. the rule is
 that high priced labor produces a | cheaper article than low w-prtced labor ! Manufacturers of hardware VIII tell
 you that they can export hardwAre | and a small amount of raw material. | but that they cannot export hardware in which the raw material constituses | a large proportion of the value. We are sending manufactures of steel all l over the world. Tho steam engine for instance. is made by skilled labor, | defy competition. Our electrical ma | chinery ts made by skilled labor, and | yet we have no Tear of foreign com | petition. even in the foreign markets. l Our agricultural machinery is made l by skilled labor. and yet we export it l 10 all countries. Our sewing machines l are manufactured by skilled labor, hut
 the American traveller nnds our sewing l machines everywhere and the list l could be extended indefinitely.
 For twenty-five years the American l workingman has been told that he re- l ceiVes higher wages than the EnGliHh
 workingnnan solely because of protec- l tion but our wage-earners now know l that this cannot be due to protecttons | because the English workman receives | higher wages than the German work man. although the German tarif is higher than the tariff of Great Brit | ain.
 wages. Our better wages are due to the greater intelligence and skill of our 1 workmen. to the greater hope which free institutions give them, to inc
 proved machinery. to the better condi. | lions that surround the !, and to the
 organizations which have been formed | among the wage earners.
 A revenue tartn will not bring a | panic: it will not inaugurate industrial
 depression: it will not reduce wages. on the contrary. it wiu stimulate busi- T ness and give more employment. and d