The weekly herald. [volume] (Amarillo, Tex.) 1906-19??, 1908-08-27


material, but that they cannot export
hardware In which the raw material
constitutes large portion of the val
ne, We are sending manufactures
OF steel all over the world, The
steam engine for instance, Is made
by skilled labor. and yet We can send
II abroad and defy competition, Our
electrical machinery IL made by
an implied threat In case OF Demo-
cratic success; but the offer Is so
made that II gives the employees no
guaranty OF IFS fulfilment The same
kind OF promises were made in 1896,
and yet for six months after the cleo
ton times were worse than they were
before. There we're business fall
ures and bankruptcies and many In
stitutlons that promised their em'
ployes steady work and good wages
shut down or reduced wages, II any
factory posts up the sign which the
Leather Betting company is sending
out the employees ought to gett ogoth-
or and ask for a guaranty as to the
amount OF the wages they are 10 re-
ceive and as TO the length OF time
during which the guaranty is to ex-
tend, II the votes are to be bought.
the purchase price, at least should
be made secure. II the employees
herltage-citlzenship-is TO be sold,
he ought, at least, to be sure OF his
mess OF pottage,
But the whole system Is vicious.
Business should not be built upon
legislation; II should stand upon its
own merit, and when II does stand
upon It's own merit we shall not only
have purer politics, but we shall have
less fluctuation in business condl-
lions and more equitable distrlbu-
ton OF the proceeds OF toll.
cannot pass from thi spart OF my
subject, without calling attention to
the TACT that Secretary Taft has al
lowed himself to be drawn into the
use Of an argument which the bene-
ficlares OF protection have been en-
ploying for generation. Speaking
OF the gradual substitution of rev.
enue tariff for the protective system,
he says in his notification speech:
"The introduction in power OF a
party with this avowed purpose can
not but halt the gradual recovery
from our recent financial depression
and produce business disaster, COM
pared with which our recent panic
and depression will seem small in
deed"
Here is a threat OF a panic II the
Republican party is not retained in
power. This panic argument was
worked overtime in 1895, but am
surprised that Republican refers
to It In the present campaign.
We have had three panics since
the Republican party was born: the
panic Of 1873, the panic OF 1898, and
the panic OF 1907. The panic of
1873 came after the Republican par
~ had been in complete control OF
the federal government for twelve
years, and eleven years before our
party succeeded in securing control
OF the executive branch OF the gov
erhment The startling panic ar
depression" OF 1873 occurred in the
very midst of Republican rule, just
after a Republican victory, and UNI
der high tariff. Is 1t not strange
that Secretary Taft should forget
this panic, when he warns us to be-
ware of any departure from the pro-
tective system?
The panic of 1907 came after the
Republicans had been in complete
control OF the federal government
for more than ten years. They had
had an opportunity to do everything
that the wanted to do and to undo
everything that needed to be I'M
done, and we were under such a high
tariff that even Secretary Taft ad-
mitted the necessity Of revision. This
panic was so bad that banks felt 1t
necessary to do something that they
had never done before, namely, ar
bitrarily limit the amount OF money
that depositors could draw on their
own accounts. Ex-Secretary Shaw
says that the stringency of 1907 was
"the severest the world has ever
witnessed" With this panic fresh
in his mind, Is 1t not strange that he
should argue that his election is ne
cessary to prevent panic?
have referred to two Of. the three
panics, both OF these coming under
conditions which compel the Repub-
lican party to accept the RESPONSE
bility for them Now, let us con-
slider the panic Of 1893. If that
could be properly charged to the