The herald and news. [volume] (Newberry S.C.) 1903-1937, 1910-01-07
The Tariff and Prosperity.

oG4N GI4O AOA1Ouc AhASAAAA1ASy HA0N
perity was alluded to as the boast
Of high protectionists, which was
Sostered largely by the tariffs, yet
producing an opposite effect on the
workers, because the trusts were
thus enabled to charge excessive
prices for their goods to the detri-
ment of the masses.
The panic Of 19e7-'08 was nat
aral result, which means that bus
mess -'tbig business''-was so stim-
ulated by great profits, the surplus
was quickly invested in new plants
10 add increase to fortunes, until
ever-production brought collapse.
How many ehimerical reasons were
assigned for the panic! All center
ing in the idea of lack Of confidence
causing withdrawal Of money from
the banks, or preventing deposits
.hindering loans and ourtailing pro-
duction. What strange hallucina-
tions seize the minds Of even great
finaneiers because Of an Over-esti-
mate Of their Importance in the in
austrial feld-wanting to produce
more as a cure for the panic, when
Is was so plain that over-productlon
was it cause!
We have used the familiar name,
but in reality it was under-consump-
tion: the workers were not able to
pav the high prices asked for the
goods which they themselves pro-
dueed.: Had they been paid an ade-
guate part lin wages) Of the wealth
they were putting into the ! Golfers
Of the masters they could have sup
plied their wants, and there would
have been mo oVer-production. But
IMPOVERISHED by low. wages as the
thirty millions workers were, the
mills had to look out for the foreign
markets. There the competition was
so sharp between rival nations, all
In. the same sdilemma, that those
markets became glutted. The crlsls
was inevitable, and worldwide,
( though the disease had deeper root
in this country -, x...:>,.: ~
II cannot be denied that the land
has greatly recovered from those
conditions, but to contend that pros
.Ia,erity is fully restored! implies e1-
ther gross ignorance of industrial
conditions. or perversity in boom
;ng prosperity for transient gains
We have no use for a calamity howl
er vet a false boomer of prosperity
IS more pernicious to the public wei
fare. ~. u =
The CRY Of espessimist'' was more
blatant even when the severest panic
i shis country has ever known was
sweeping -, everything before it. "No
panic, only laekof confdance! !,"Let
The government only help the banks,
and the futher willpass over. :" Well,
the help was given, but there 1t re-
rnained idle. Yet, because the banks
we're full, President Roosevelt pro-
claimed the crisis at an end. Alas,
Il was just beginning. Mills and
factories kept shutting down or
& ssuurtailing 90 work; throwing off work
ers by hundreds and thousands un-
FL numbered by millions.
To have made an estimate near
she truth was to invite the wrath OF
she government managers who had
5soasted Of the great prosperity un-
der high tariff protection. The AS
gociated Press lent its great power
10 suppress the faets,so that the dire
extent Of the panic was but little
known, especially in the South, 50
slightly affected in comparison with
she great manufacturing centers'
There are lessons to be learned
ssrom the past which should be en-
craven on the public mind for the
avoidance Of like miseries IN the tu-
sure-a terrible arraignment of our
christian civilization: st.. .
81 Crv s'Yellow Journalism" as much
as one may, the following statistics
8 are ineontrovertible; and let 1t be
considered that they represent
scarcely half the number Of. good
+ ;ndnstrious workers thrown out OF
employment as natural result OF a
,nnost unnatural industrial system.
1s ssStatisties gathered from many
sources, and carefully compiled, etc.
Frue figures would probably show
that twice as many are now out OF
employment
L. al