The silver state. [volume] (Winnemucca, Nev.) 1909-1925, 1911-01-17
YEARS
IN TEXTILE TRADE
(By William Whitman)

with relief and hope to its successor.
There have been darker years than the
one just past, but this was all the more
discouraging because of its sharp con-
trast with the year before, and with
what might have been, and was, antici-
pated. Within three years our textile
business has swung violently from ono
to the other extreme. The period Il
l907-l9IO is certain to be long remem-
bered for what it brought and what il
failed to bring. It began in disaster,
rose in short-lived boom, and & 'ose in
disappointment.
The panic of 1907 was not at i,at
commercial in it's character It wa .ot
due to any inherent weakness in in
dustrial conditions. But in the enc /;
proved far-reaching; the entire couL.ry
said In an address in New York st...e
to gathering of business men Nav I3,
1908: -
In my judgment the disastrous ef-
fects of that panic are more wide
spread and lasting than those resulting
from any other panic during the last
half century. They would have been
incalculably more ruinous had not in.
dustrial, agricultural and commercial
conditions for long time previous
been unusually healthy and the country
more prosperous than ever before in
its history. Because of these there
have been comparatively few fail
ures.''
Right on the heels of partial re-
covery from this panic came the Re-
publican national convention of 1908.
and the presidential campaign follow.
ed. The tariff plank in the Republican
national platform of that year ought
never to have been written. It pledged
the majority party to- adopt such
tariff rates "as will equal the differ.
ence in the cost of production at homo
and abroad, together with reasonable
profit to American industries.o Such
a promise was absolutely impracti-
cable it could never be carried out. An
exact comparison of costs of production
between our country and foreign coun.
tries could not be and has not been OBJ
talnd. | was severely attacked for
stating this opinion at the time, but I
am now gratifed to find myself in dis
tlnguished company. The president Of
the United States in letter to the
chairman of the Republican congress.
slonal committee last August, after the
tarif board had begun its inquiry. said:
Moreover, when we understand that
the cost of production differs in one
country from that in another, and that
1T changes from year to year and from
month to month, we must realize that
the precise difference in cost of pro-
duction sought for is not capable Of
definite ascertainment,andt that all that
even the most scientific person can do
in his investigation is, after considera-
tion of many facts which he learns, to
exercise his best judgment in reaching
a conclusion.''
Similar statements have been made
by the members of the tariff board.
Says Chairman Emery:
ut is unfortunate that SO much
emphasis has been laid on the question
OF getting relative costs, since many
people have assumed this to be both
an easy task and complete solution of
the question. Any practical man knows
that both these assumptions are faulty.
One of the most difficult problems
which manufacturer has to solve in
his own business is to determine the
cost of any individual article which Re
produces. In fact, it would not be un-
reasonable for a manufacturer to re-
spond to request for such a body a.
ours for his costs Of productions: Il
would give them to you if l could Get
them, and I am willing to pay YOU a
good sum if you will find them out for
me-.
The tariff board ought never to have
been set to the task of ascertaining ex-
act compartive costs. 1t is wrestling
with the problem, but all
that can be hoped for at the best is a
trough approximation. sScientiAc
tariff revision and trough approx.
nation are irreconcilable. Foreign
as rule would never
disclose their costs, if they knew them,
to official representatives of the United
States. This expedient in the form in
which its extreme advocates have urged
it is impracticable and will have to be
abandoned.
The Tariff Revision Of 19o8-19oe.
Throughout the summer of 1908, as
it became more and more manifest that
Mr.. Taft would win and the Republi-
can party would control the house Of
geenral business
steadily improved. By October the re-
covery was marked and gratifying.
The national platform had pledged the
party to ga revision of the tariff by a
special session of congress Immediately
following the Inauguration of the next
president, and commended "the steps
already taken to this end in the work
assigned to the appropriate committees
of congress, which are now investigat-
ing the operation and effect of existing
schedules. But in spite of this am
bilious declaration, there had really
been no invstigation' in the board
sense of the term until after the elec-
tion of November, 1908, when Chair
man Payne, of the house committee ON
ways and means announced the opening
of series of tariff hearings in Wash.
ington.
No more unfortunate period could
have been selected for tariff revision.
in business and abnormally
low prices were followed by exception
business activity and rapidly advanc-
ing prices. Expansion and overtrading
marked the period. The reaction was