Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1908-01-15
Republican Procrn.tination.

Republican PrOcrnstination.
The Republican doctors are all mixed
up on what ails the financial patient,
and are advising all kinds Of treat
ment, hardly any two of which ap-
proach agreement. Under the rules Of
the House of Representatives tie Dem
ocrats have no power to prescribe for
from. 1t may be said that the Re
publican doctors have left the patient
In such rundown condition that 1t
will require careful treatment and a
long period for recuperation before it
will be safe to put the patient under
the knife for radical cure. But
something should be done forthwith, or
a second collapse will result In more
dangerous condition than the present
one.
Congress met on Dec. 2, and on the
following day the President recon-.
mended "the need of Immediate atten-
tlon" to the necessity of an elastic cur
rency. Over two weeks before Con-
hhNsSo +hiVt tAC lSStuSlit Sttiu IA IL tStltl
to Secretary Cortelyou that assurances
had been given him that leaders in
Congress are considering a currency
bill which will permanently meet the
needs Of the situation. Did the Re-
publican leaders deceive the President,
or have they decided upon another
course? Senator Culberson offered In
the Senate a resolution directing inves-
LEGATION rs to the causes of the panic,
but by the unanimous vote of the Re-
publican members the resolution was
referred to the Committee on Finance
instead of acting upon 1t. In speaking
to that question, Senator Culberson
said: II want the American people to
know that there are some men-the
Democrats-in this chamber who be-
lieve immediate action is necessary"
The Republican leaders, however, took
no notice of the Presidents recommen-
dations, or apparently of the panicky
condition of the country, with the
banks refusing to pay their depositors
on demand, except that the Speaker
appointed the Committee on Currency
and Banking. Such delay Is cruel to
those bankers and their deposItors who
are suffering, and shows the hardness
of heart of the Republican leaders. Not
that any legislation the Congress Is
likely to accomplish will cure the dis
ease. But II, for instance, bill pro-
yldlng for a secured elastic currency,
drawing Z per cent interest, was en-
acted, 1t would relieve the tension in
the larger money centers, such as New
York or Chicago, and thnt would give
relief to the country banks by allow
ing the withdrawal Of their deposits
at those centers. 1t would also help
to force boarded money from its hid
Ing places, and thus give some conf
dence where but little, If any, now ex-
lists. Such palliative measures will not
cure the financial disease, for Repub-
lican policies have caused too deep
seated troubles TO be cured offhand.
There is great danger that when casll
payments are resumed there will be a
L 4uiSI Lun VII LIZ UalAo ny llulS DeO'
pie, and when cash is paid for cotton
and wheat 1t Will be boarded instead
Of finding Its way into the country
banks. 1t is impossible to calculate
the amount OF money that will thus be
taken out of the usual avenues of bust
ness, but 1t will surely be enough to
make trouble for country banks unless
their percentage of cash deposits far
exceeds the usual limits. A further
drain on the country banks will be
caused by the storekeepers being com
pelsed to pay for goods bought in the
fall, for further extension of credit
can hardly be expected from the job
bers and wholesale men when cash
payments by the banks are resumed.
These payments will relieve the tension
In the East. but may increase the panic
I'm the South and West.
| 1t is not a pleasant future to face,
| but to delay much longer will be more
dangerous, for every day the present
conditions prevail Will cause more de-
preston at the manufacturing, and
wholesale centers.
Instead of taking a holiday for near
~ three weeks, tine Republican leaders
In Congress should have forced the
work day and night until remedial
measure Of relief had been passed.
bothered by the Panic.
The treasurer and general secretary
of the Protective Tariff League thinks
the changes in the Dingley tariff bill,
for which the administration Is respon-
sible, have worked serious harm to the
Industries Of this country and have cut
down imports alarmingly." AS the pres
ent tariff law was Intended to prevent
imports, and thus protect the trusts
from competition from abroad, why
this change of front on the part of Its
subsidized chieftain? He should be
glad instead Of regrettlng that Imports
are reduced. The changes In the tariff
law attributed to the administration
are the Cuban treaty which reduced the
tariff on sugar and other products 20
per cent. As sugar is the chief article
of import from Cuba and still pays So
per cent ad yalorem. to protect the Su-
gar Trust, which controls the home.
grown sugar, that reduction can hardly
work serious harm to the sugar In
dustry.
The German tariff trade agreement
which has been extended to France
Great Britain, Holland and Austria
and which prevents the over valuation
of the products of those countries. until
such time as Congress passes remedial
legislation, can hardly work serious
harm to the industries of this country
1t Is true the Imports from Germany
have largely Increased under this agree.
ment, but because our consumers can
obtain cheaper German goods, upon
which the tariff tax could be further
reduced one-half to their great adyan.
tage, 1t is absurd to say this country Is
injured. The cheaper we can buy what
| we need the more 1t releases us from
the thraldom of the trusts and com
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