Arizona republican., 1908-07-10

the farmer, the mechanic, the mer- chant, the professional man and the Ilaborer, and has been poured into the coffers of the protected classes. More than two thirds of the capital that de- rives benefit from protectionism be- longs to the trusts. The democrats will revise the tariff downward and in the interest of the tax payers, who are always forgotten by the republican party.
 There must be revision and gradual reduction of the tariff by the friends of tariff reduction for the com mon good and not by the beneficiaries of it's abuses who justify use of the impost taxing power for the chief pur- pose of conferring privileges and prof it upon the few at the expense of the many.
 -The president himself said:
 T am of the opinion that one change in the tariff could with advantage be made forthwith. Our forests need ev- cry protection and one method of pro- tecting them would be to put upon the free list wood pulp, with a correspond ing 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 recOm- mendation? In the house a committee was appointed to investigate the sub ject. This was a scheme to muddy the waters, to placate the newspapers and to excuse non-action. The repub- lican majority decided to do nothing. In fact. my countrymen, as I recall it the only work done by the freak Ways and Means committee of the republi- can house in the matter of the re- vision or reduction of the admittedly unjustifiable tariff was to report out a bill to put upon the free list tea sweepings and tea dust. This is the sum total of the result of all the anti election tariff revision promises made and repeated in several campaigns.
 Trusts.
 IL is the shortest of steps from the tariff to the trusts Let it be denied if they care to deny it, that the tariff is the real mother of the trusts.
 The president has a great pretense of destroying trusts Let him tell of the result. In a message delivered to congress he said:
 The department of justice has for the last four years devoted more at tention to the enforcement of anti trust legislation than anything else. Much has been accomplished; particu- larly marked has been the moral ef- feet of the prosecutions: but it is in creasingly evident that there will be a very insufficiently beneficial result in the way of economic charge The sue cessful prosecution of one device to evade the law immediately devolopcs another device to- evade the law inn mediately developes another device to accomplish the same purpose. What k needed is not sweeping prohibition of every arrangement. good or bad. which may tend to restrict competition. but such adequate supervision and regula- ton as will prevent other abuses in no way connected with restriction or competition"
 This is an admission of failure and one does not need Ho dwell on this admission than to say that the i'm prisonment of these who violated the law would not have a more salutary effect than all that has been done or iiii6iiN ihNt bftii Aibltt III llllS hlttNlptl during his entire administration
 The democratic party will strike down special privileges whether grant ed through a high protective tariff or granted to government chartered cor porations by permission of law. All trusts owe their birth and their ability to continue existence 70 one or the other of these two forms of special privileges. For private monopoly no business approXimating private mo- nOpoly in another or in magnitude, can endure without one or the other
 The Recent Panic.
 Proceeding at once to mention of the republican partys dealing with the disturbed finances of the country. we are brought before that curious legislative compound, the Vreeland- Aldrich bill. The republican party boasts of it's knowledge of finance. What have they given us in this law?
 It will be remembered that in 1923 under a republican admins tration a panic was anticipated. The panic came and with republican ef- frontery they charged that panic to the democratic party. Now. controll- ing every branch of the government. they ignominiously seek to charge on us every consequence growing out of their own maladministration of the government.
 The only sort of legislation with any great force of public opinion be- hind it that the republican party at tempted to enact was a bill to pre- vent the recurrence of panics. The last panic was a depOsitOrs' panic, brought about by fear upon the part of the depositor that he could not get back his money which had been left in bank. This fear was pro duced by the fact, which had become known. that the banks had been lending their depositOrs' money to risky, if not unlawful concerns A run upon the banks by depositors, not by note holders, in consequence occurred. 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 se curity that the depositor had in a two-fold way, first by reducing the amount of reserve required by law to be held, and secondly, by making the new emergency notes a prior lien upon all the assets of the bank, de- creasing the security that the bank