Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1910-02-23

JUDGE SEEDS SPECIAL PLEA
FOR HIGH TARIFF, SCARCE
MONEY POLICIES.
Judge E. P. Seeds. in letter written
from Washington and published in
the last issue of The Manchester
Press, joins issue on the statements
contained in recent editorial in
this paper, under the headline, why
Prices Are High"
The Judge insists that the tariff
law of last year is in no manner re-
sponsible for the sharp increase in
PRICES of nearly everything since
that law went into effect.
Before entering that denial Mr..
Seeds should have read and judicial
ly considered the admissions con-
tanned in President Taft's recent
New York speech. In that speech the
President admitted that the tariff of
1909 increased the duties on no less
than 220 different articles, which
have a consumption value of up
wards of a thousand millions of dol
lars. II the new census shows that
there are ninety millions of people
in the United States, and if each
person should buy an equal quantity
of the commodities upon which the
tariff has been raised by the Aldrich-
Payne tariff bill, then such pur-
chases of each man, woman and
child in the country would amount
annually to a fraction over $500.
Did the tariff barons form their
combinations and secure these in
icreases in the tariff for the purpose
OF lowering the prices on these 220
different commodities?
Can the prices of commodities, with
a consumption value in dollars nine
times greater than the entire popu-
lation of the country, be increased
without having the increase effect
the price of other articles and tend
to generally increase the price of all
commodities?
But this paper has never contend
ed that the tariff was principally re-
sponsible for the price of commodi-
ties in this or any other country.
Z Az rule, prices of commodities
are either high or low according to
the volume of money circulating in
the country. AS the volume Of mon
ey increases, prices increase. When
the scarce money advocates have
their way, values shrink in proper
ton to the shrinkage in the volume
of the circulating medium.
And the following paragraph in the
judges letter strongly supports these
statements:
In the second place, as against the
Democrats unsupported assertion
must be placed the general fact that
prices have advanced in European
countries which have not changed
their tariffs or where, as in England
there Is no protective tariff"
This paper said that the tariff
helped increase prices, but was not
principally responsible, for the in
creases; that the large increase in
the production of gold was the pri-
mary and controlling cause. And this
increase in the production Of gold is
world wide, and of course it effects
prices in Europe as well as in Amer
lea. AS long as the English mines in
South Africa pour into the United
Kingdom an increasing stream of the
yellow metal the price of every COM
modify will continue to increase.
In saying this we do not overlook
the fact that trusts which destroy
competition frequently increase the
price Of trust controlled commodities,
far above general level of increase
caused by the increase in the circu-
lating medium.
And now few words about the
Judges contention, that the republi-
can party never denied the truth Of
the cumulative theory of money.
When the republicans were running
the country during Cleveland's second
term did not the leaders Of that party
contend, that it was confidence" and
not more money that was needed to
make better times?
Did not those republican leaders
join forces with Cleveland and do
everything in their power to reduce
the circulating medium, contending
while so doing that their policy would
promote confidence" and revive bust
ness?
Did not those republican leaders
uphold Cleyeland's veto of the bill for
the coinage of the forty or Fifty mil
lions of dollars worth of silver hui.
lion, which the government had pur-
chased and then owned?
Did not those republican leaders