Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1908-07-30

sly q
of the most remarkable material de-
velopment Inc prosperity, there
comes financial fstringency, a panic
and industrial depression. This was
brought about not only by the enor-
NOUS expansion of business plants and
business investments which could not
be readily converted, but also by the
waste of capital in extravaganza OF
living, in wars and other catastr61
Plies The free convertible capital
was exhausted. In addition to this,
the confidence of the lending public Z
in Europe and in this country had
been affected by the revelations of
irregularity, breach of trust, owe Isl
sues of stock, violations OF law ane
lack of rigid state or national SUPERB
vision in management of u largest
corporations. Investors withheld
what loanable capital remained avail
able, and it became impossible for
the soundest railroads and other en-
terprises to borrow money enough for
new construction Or reconstruction.
Restoration of Prosperity
Gradually business is acquiring q
healthier tone. Gradually wealth,
which was boarded, is coming out
to be used. Confidence in security
of business investments is a plant of
slow growth and is absolutely neces-
sary in order hat our factories may
all open again, in order that our un-
employed may become employed, and
in order that we may again have the
prosperity that has blessed us for ten
years. The identity of h interest
of the capitalist, the farmer, the busi-S
ness man and the w~age-earner in the
security and profit of investments can
not be too largely emphasized. / subs
NIT to those most interested, to wage
~earners, to farmers and to business
men, whether the introduction into
power Of the Democratic party, with
Mr. Bryan at its head, and with h
business construction that 1t openly
advocates as a remedy for present
evils, will bring about the needed con
fdence for the restoration of pros
perity.
Republican Doctrine of Protection
The Republican doctrine of protec-
ton, as definitely announced by the
Republicans this yea and by previous
conventions, is that a tariff shall be
imposed on all imported products
whether Of the factory, farm or mine,
sufficiently great to equal the differ
ence between the cost Of production
abroad and at home, and that this
difference should Of course include
the difference between the higher
wages paid in this country and the
wages paid abroad, and embrace a
reasonable profit to the Americank
production. A system Of protectionS
thus adopted n put in force has
led to the establishment Of a rate OF
wages here that has greatly enhanced
the standard of living of the labor
ing man. It is the policies Of the
Republican party permanently to con-
tinue that standard Of living. In 1877
the Dingley tariff bill was passed,
under which we have had. as already
said, a period OF enormous wealth.
Necessity for Revision Of, Tariff
The consequent material Develop
ment has greatly. changed the condf-s
lions under which many articles de.
scribed by the schedule Of the tariff
are now produced. The tariff In al
number Of the schedules exceeds theS
difference between the cost Of pro-
duction Of such articles abroad and
at home, including a reasonable profit
to the American producer. The ex-
| SOSo llIoI SClNCS III
useful purpose, but offers a tempta-
ton to those who would m~onopolize
the production and the sale of such
articles in this country, to profit by
the excess over rate. On the other
hand, there are other schedules in
which the tariff is not sufficiently high
to give the Measure of protection8
which they should receive upon Re-
publican principles. AS to those the
tariff should not be reduced. A revi-
sion of the tariff undertaken uponi
this principle, which is at. the basis
of our present business system, begun
promptly upon the incoming of the
new administration and, considered at
the special session with the pres
liminary Investigations already begun
by the appropriate committee of the
house and senate, will make the dis
turbance Of business incident to such
a change as little as. possible.
Democratic Plan and It's Bad Effect
The Democratic party in its. plat
form has not had the courage of its
previous convictions on the subject
kof the tariff denounced by it in 1904
as a system Of the robbery of the
many for the benefit of the few, but
!. 1t does declare its intention to change
L.. -
the tariff with q view to reaching a
revenue basis and thus to depart from
the protective system. The introduce
ton into power of a party with this
!, avowed purpos nno but halt the
gradual recovery of. the more recent
/ financial depression and produce bust
: ness disaster in comparison with
which u recent panic and depres-
: sion will seem small indeed.
Farmer n Republican Party
As the Republican platform says,
the welfare of the farmer is vital to
i that of the whole country. One of the
strongest hopes of returning prosper
, ity is based on the business which his
crops are to afford. He is vitality in-
terested in the restraining of Excess
f sive and unduly discriminating rail-
road rates and the enforcement of the
pure food laws, in the promotion of
: scientific agriculture, and increasing
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