The daily sentinel., 1908-07-09

exceed our total imports by ten to
one and they are nearly all protected.
Ii is safe to say that the people pay
at least $500 10 the already wealthy
beneficiaries of prctectionism for ev-
cry dollar that is paid into the Treas
.urv. Behind the wall of high protec-
ton. which in some cases is alto
gether prohibitite, the trusts levy
enormous tribute on the people. This
has accounted to not less than S1o,-
OO0, 100000 in the last decade not
counting the amount paid to support
the government. This money has
come from the pockets OF the farmer,
the mechanic, the merchant, the pro-
fess,onal man and the laborer, and
las been poured into the Golfers OF
the protected classes. More than
two-thirds of the capital that derives
benefit from protection belongs TO
the trusts The Democrats Will re-
wise the tariff downward and in the
interest of the tax payers, who are
always forgotten by the Republican
party.
'There must be a revision and
gradual reduction of the tariff by the
friends of tariff reduction for the
common good and not by the benefic-
iaries of its abuses who justify use OF
the impost taxing power for the chlef
purpose of preferring privileges and
profit upon the few at the expense or
the many
.The President himself has said:
~ am of the opinion that one
change in the tariff could with ad-
vantage I've nude forthwith. Our for
ests need every protection, and one
method of protecting them would be
TO nut upon the free list wood pulp,
with n corresponding reduction upon
paper made from wood pulp, when
they come from any country that
does not put an export duty upon
them
"What was the fruit of this recon-
mendation? In the house committee
vas appointed TO investigate the sub
iect. This was scheme to muddy
the waters, to placate the newspapers
and to excuse non-action. The Re-
publican majority decided to do moth
| ing. In fact, my countrymen, as
.ecall it the only work done by the
great Ways and Means Committee of
the Republican House in the matter
of the revision or reduction of the
aG mittedly unjustifiabie tariff was
to report out bill to put upon the
/ free list tea sweepings and tea dust.
This e the sum total of the result OF
all the anti-election tariff revision
promises made and repealed in sew
eral campaigns.
The Recent Panic.
Proceeding at once to mention
of the Republican party's dealing
with the disturbed finances of the
country. we are brought before that
curious Legislative compound, the
Vreeland-Aldrich bill. The Repub-
lican party boasts of its knowledge
of finance What have they given
us in this law?
1T will be remembered that j.
1929 under Republican admin =
istration panic was anticipated
The panic came and with Republicai
effrontery they charged that panic
10 the Democratic party. Now cor
trolling every branch of the govern
nlent. they ANONYMOUSLY seek tt
charge on us every consequence
growing out of their own maladmin-
istration of the government.
"The only sort of legislation witt
any great force of public opinion be
mind it that the Republican party at
tempted to enact was a bill to pre-
vent the recurrence of panics. The
last panic was depCSitor pane
brought about by fear upon the par
of the deposltor that he could nol
get back his money which had been
left in bank This fear was produc-
ed ny the fact, which had become
known, that the banks had been
spending their depositors money to
risky. If not unlawful concerns.
run upon the banks by depositors. not
by note holders, in consequence oc
CURED. The Republican party has
attempted to prevent the recurrence
Of depositors' panics by an emergency
bank note bill, in the provisions of
which they have decreased the secur-
ity that the depositor had in a two
fold way, first by reducing the
amount of reserve required by law
20 be held. and secondly. by making
the new emergency notes prior lien
upon all the assets of the bank, de-
creasng the security that the bank
had to keep for the depositor and in
creasing the bank liabilities that
might be charged against leoosits
In my opinion 1t is an accomplished
scheme to enable banks that have
floaSedA questionable enterprises by
making them the basis of a nationa.
circulating medium Of exchange. The