The Durham recorder. [volume] (Durham, N.C.) 1879-19??, 1908-09-29

assault upon property rights, some
body come up here and assault mine"
he said, while the people roared.
But they have charged that we as
saulted their property rights, stopped
their development and threw their
men out of employment. The work
has stopped and the men have been
unemployed. But the legislature
never did it. You have doubtless
heard something of panics. For ten
years We couldn't hear anything but
panic. We don't hear it now. In Sec.
rotary Roots speech while presiding
over the New York convention, he
said the panic of 1898 was caused by
the WILSON, German tariff bill OF 1894.
(Laughter.) And republican news.
paper of the north said he ought to be
ashamed OF himself. And Mr.. Taft,
the republican candidate. that careful
man who never speaks until he is
told what to say, said the same
thing. Prices reached that year the
lowest. Stagnation existed every.
where. The soup houses of New
York were no more abundant in New
York than in London, Paris, Berlin, or
Tokyo. Coxey's army went tramp
ing across the continent and great
armies of tramps went about the
whole world But a better time came.
The Almighty directed men to the Sc
cret treasure houses of the world
They unlocked the hands of the frost
in the Klondyke regions and dug into
the bowels of the earth. The chem
fists found a cheaper way to separate
the precious metal from the base al
10y and great mountains Of fieecy
granite were combed, by the great
fingers of industry. We went to war
with Spain and England with South
Africa. The world fought China on
account OF the boxers and money
poured into the channels OF trade.
Business doomed and the wheels OF
the factories began to turn. That
prosperity lasted ten years. But be
hold last October when we went to
bed with this great abundance, we
awoke in a panic. not general, not as
acute in London as America. not Sc
we're in Berlin, Paris or Australia, but
genuine old-fashioned, low-down,
radical panic confined to the United
States. daughter, For the first
time in history, there were more for.
eigners to leave this country than
came. 100000 of the old world in
habitants bundled their clothes and
set back for their home. Never be-
from did the oppressed Russian take
his starving brother from the republi-
can wolf and lead him back home. II
was the first time that this country
was less attractive than the starving
cid world oh, you radical, YOU say
that? Well. when I was young law.
to my postoffice. CLaughter.)
"And the cause of this condition
has been the ubiquitous tariff that
made possible the control Of the ne
cessaries of life The inevitable re-
suit of all taxation is a monopoly.
| Do YOU need a concrete example OF
that? we'll. when | was a young law.
yer, the first year I made the enor.
nous sum Of s144: they taxed me sl2.
one-twelfth OF my earnings. My
ne:ghbor was making s10..,v and II
didn't hurt him. II they had taxed
him s144. he would still have not felt
IL while II would have taken all that
] made and removed me from the
realm of competition. Uaughter.)
Had there been no tax on tobacco
there had been no great tobacco trust
and had there been no whiskey tax.
no whiskey trust ever would have
sprung up. The effect OF all taxa
ton Is to destroy competition. to
take the premium of suffiing to de
stroy endeavor. II lowers the price
Of raw material, runs down the scale
Of wages and runs UP the price be.
cause the monopolist controls every.
thing. II Is time TO put stop 10
: this thing and / thank God that We
have at last a mighty voice great
enough 20 reach around the world.
(applause.) with heart that heats In
sympathy Of the struggling masses.
and a moral character strong enough"
but the sentence was broken In the
shouts for Bryan. "and this year we
are going to elect William Jennings
Bryan for president and put a stop to
this foolishness." (Great applause. }
The governor took fall out Of the
income tax and reminded his hear.
ers that whereas the democrats were
called anarchist twelve years ago for
advocating II. President Roosevelt
and his chubby underling. Mr.. Taft,
favor II. He said that would tend
TO mlnify the extravaganza Of the ma
ton hitherto borne by the poor tax
payers.
He discussed the bank guarantee
Of deposits and maintained that so
far from wrecking the system. II rem.
ders entirely impossible a panic by
making all deposItors secure and the
run on the bank out Of the question.
And he gave this capital epIgram:
They say It's wrong TO make the
good banks responsible for the bad
ones. Is h any worse than letting the