Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1911-01-05
LONDON ECONOMIST
GIVEN FACTS on :
AMERICAN FINANCE
american Industrial Development
Authority Writes Letter to Cor
rect Wrong Impressions.
Says It Is NOT Tariff will Cause
Hard Times

.7s1sTN
Chicago. Illinois.--That F. w. Hirst
editor of The Economist In London
ane the acknowledged prssminent au.
thority on economics has failed in his
recent visit here to locate the cause
q eur present political and CONNER
ctal unrest 10 the claim Of Mr.. z. A.
Howard. in charge Of the c. B. 4 Q.
r. Il. Real Estate and Industrial
Development department, and form
erly in the U. 8. Comptroller Of
Currency Department and also Presi-
dent Of the Iowa State Savings Bank
ut Fairfield, lows That Official
has written . letter to the English
economic authority pointing out what
he believes to be defects in the con.
illusions reached by the Englishnan
and suggesting himself the causes Of
the present conditions. Mr.. Hirst
was quoted extensively Just 40 he was
leaving this country in . New York
Dispatch to . Chicago Daily Paper.
Mr.. Airst 10 regarded in Great Brit
AIN - IN authority of the first rank
upon economic and financial ques.
ttsas. AID whatever he may say upon
his return home 10 sure to be receiv-
Cd with thoughtful .considsrstion by
English Men Of Finance and capital
and BY leaders IN EAslish Public
Life. It 10 aeoordiAsiy with the hope
81 putting before him some facts he
may have overlooked In his brief Wis
II to this country that Mr.. Howard
writes him - follows:
An Amsriean's vlswa
Chicago. December %. 1910.
Mr.. r. w. Hirst,
Editor. The Economist."
London, England.
Dear SIR a
! was greatly interested n a ~
tale N Tie Chicago Tribune q the
10Th Inst, quoting you = sss+tpg thst
our recovery from the panic o. 1857.
which was - swift and unprscsdsnt.
cd. had reached its climax some
months since, and We have since that
time been losing ground and that 1t
appears Inevitable that this retro
erosion will continue. One Of the
reasons for having reached this con
olusion IL the condition Of the Iron
and Steel Industry; usually . fair in
dsx Of the business conditions.
II Is stated that your Impressions
with respect to the fundamental cause
Of these business conditions. can be
accurately traced to our present tar.
IL laws. Assuming that the next
year win confirm your opinion as to
the business recession and dealing
wholly with the United States, elm
mating any foreign conditions that
might contribute to such . result, l
think ysu fail utterly in suagiag
the cause. I would not minimize the
effect Of the present tariff upon bust.
ness conditions. but with unlimited re-
sources, We have had splendid pros.
perity under tariff law more burden
some than the present onk. The Am
srican people. II sense correctly
public opinion. have absolute conf
deAcs in their ability to construct
tari8 that will make the Injuries bear
Q heavier proportion Of the public
burden and the necessities placed up.
On basis Of the difference in cost
Of production and Of labor tAst pre-
vail in countries with whom We trade.
While conditions are not similar In
every country with whom We trade.
We will be able to adjust the rates on
= plan Of reciprocal relation, iiserin-
when necessary against the
country where pauper labor admits
Of no other course.
A Local Issus.
General Hancock, when q candidate
for the Presidency in 1850, declared
the tariR to b local issue. This
statement was ridiculsd all over the
and It was popularity sup
posed to have lost him the election.
Our subseapent experience with the
tariff has resulted In q great many
Adhersnts to General Hancock's state
nent. 1t is perfectly evident that 1t
Is In the interests Of tho Prairie
States to have lumber ON the free
list. and 1t is equally important to the
Southern and Pacific States to have
q tariff that will put an embargo up
on Canadian lumber.
All political parties in this coun-
try are endeavoring to reach q posi-
ton on the tariff that will foster and
care for cur Industries and there is
no fear Of any violant changes that
would seriously effect commercial In
terests; consequently the fear Of tar.
In legislation has not in the past.
and il not now, preventing the extsn.
sion and establishment OF Industrial
or other corporations. It weuld hard
ly be questioned that the tariR laws
In the past have permitted the growth
Of great fortunes and yet the people
Of the United States generally have
prospered, not by reason Of the vir-
tues Of the tariR regulations. but in
spite Of them and would continue to
70 - despite the present tariR q eth.