The Daily Missoulian. [volume] (Missoula, Mont.) 1904-1961, 1910-04-26
SHERMAN SAYS IT WILL BE
PRINCIPAL FIGURE IN NEXT
CAMPAIGN.
VICE PRESIDENT SPEAKS
Delivers Notable Address Before the
Citizens Industrial Association in St.
louis--Declares That He is an Old.
Fashioned Protectionist, and Asserts
That Protection Is Needed.

81. Louis. Apfl 25.--prcdictilg that
tariff in general AMI the Payne law Ia
particular is sure to be the principal
issue of the coming campaign Vice
President James :. Sherman, In II
speech here tonight, said IL was lis
duty AZ "A protcctionist to defend the
policy. The speech WAS delivered be-
fore the Citizens Industrial associa-
tion. He said the policy OF protec-
ton is growing and that II is to be
national, rather than Il political one.
II am one of those old fashioned
protectionists. who believe In American
wages and American standard of liv-
ing" the vice president said, and that
the way tn maintain these IN by doing
our work. Such faith. however, aoes
not preclude the occasional rc sdlon 81
our tariff and the changing of a.ties.
either up or down, to meet changed
conditions
But my faith does include the judg
ment that such changes should be
named by the friends. and not by the
enemies. of protection. This was our
creed and our promise To the people
In the last national campaign. and !
believe that we can claim that the
faith was kept.
NO previous tariff law was more
carefully prepared or more exhaust
lively considered than the law which
went into effect last August. From
II revenue standpoint, no question Of
its success exists. During the fiscal
year to date our receipts have been
over $50.000.000 more than during the
corresponding months of last year. a
year ago our dcficit-that IN. the ex-
cess of ordinary expenditures over
ordinary recepts-was $7O,OO0,0O0;
now 1t Is only about sl5.00O0OO. and
IL seems quite safe to assume that
deficit will be very small. if not en-
trely wiped out by the end of the
fiscal year.
Not Questioned.
Il believe II viii not be questioned
that the return to a fun volume OF
employment has been most pro-
nounced. II VIII not be questioned
that all our workingmen are we'll en-
ployed. Hardly day passes we do
not note the increase of wages granted
by some railroad or some Industrial
enterprise. And II Is estimated the
advance In wages granted this year
viii equal the stupendons sum Of
$3.50. .O0O, 900
Some duties may still be too high
and some need change and some, 1t
may be thought should be increased
III we are to continue to do our own
work ana maintain our present volume
of employment and high standard Of
wages and living.
our imports during thn first eight
months of the present fiscal year cx-
ceedcd those of the corresponding
months for the last year by over
5000. 900. 900, or at the rate Of over
5000. .000.0 900 "A year. The increase In
the Imports of foodstuffs IL inmate
.rial for use in manufacturing, nine
tenths Of which undoubtedly have been
made in this country
To Foreigners.
"'ro that extent, then American
production has been displaced and at
least $25O.O00,000 of American wages
paid to foreign laborers. There are
two very significant features of this
present state Of our foreign commerce.
In the first place. 1t is necessary that
o,S' exports should exceed our i'm
ports by some $500 o0o,0O0 To $500
100000 annually. In order to make
good our foreign obligations and pre-
vent the export of gold. And the
secondhand to me the more important
feature of this great increase in our
imports in manufactured and partly
manufactured goods-is the dispace-
ment OF American production.
Il VIII not assert IN the present
time, 1t has injured any American In
dustry. With the immense volume of
employment that has come with the
new tariff law and the great increase
in wages and consequent purchasing
power has come an ability to absorb
the imports, in addition to the abb
sorption of domestic production.
And SO long as this condition Of
affairs continues and because this in
creased importation gives the neces-
sary revenue to meet the expenses of
the government. we may sound no cry
Of alarm. But ] do call attention to
this fact for the one purpose of ask
ing il ii would not be well to examine
closely into the matter of increased
importations and to consider whether.
when we again revise the tariff it
viii not be necessary to check a senti-
mcnt for further downward revision,
and, perhaps instead resort to re-
vision upward In some schedules
NO danger need be apprehended of
enacting tariff law which will be
prohibitive. As long as we provide a
large volume of employment and high
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