The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-09-04
Voice Of the People
Led U, Ken.on Togcthrr.


Let Us Rcnson Together.
To the Editor OF Tho Times Dispatch.
Shin your editorial in last sun
days issue under the heading, over
worked and Archaic Buncombe.' you
attack the position taken by protec-
ttonists that tariW tinkcring in 1913
under prospective Democratic Prcsi-
dent ana a Democratic Congress Will
bring upon the business of the coun-
try the Sumo dircful Iresults that We
believe We're the results OF tarIn tin
kering by a. Democratic Congress and
"a Democratic President in 1893
Among much else iyou are pleased
To say. strange go say no mention
was made by these Republican leaders
of the Industrial and financial disaster
of l9rs-NS. which occurred under the
benchrient operation OF the Republican
policy of hish protection
lll cNrlaining the i2o7 panic pro-
icc'ionists arc ugrcet that similar
pfesnani features IN The caus's That
conditions brought about BY the tarln
tinkering of 1898 lrhosc pregnant
features obtain In ali financial panics
IL WAS tho abnormal disturbing OF
values downward ia other words. alb
normal depreciation OF values to fsuch
AN extent that trade was paraiNzcd
IN degree. This abnormal disturb
ancc WAS moro marked hy the lcgisla-
ton affecting ivalucs Of billions OF dol
lars worth of merchandise i'm 1899 tina.
by the attempted enforcement OF legis-
iauon. W., tile sherman antitrust law.
tnactcd many years previous To ill
iustrate. let us ASSUME. for the sake of
arguments that one of the great politi-
cal PARTIES that has an taimost certain
prospect fer coming Into power next
year should declare IN its platform
ana its candidate for the presidency
Shonli announce that ne would 10 ali
n ms power to have enacted such leg
lslAtion ns would prevent national
'Hhhs from 'cnarging more than per
GENT discotnt oman loans. and suppose
tnat the same political party should
Meorporaio the same plank in tho
state platforms ana candidates for tho
respective state Legislatures should
pledge themselves Ito such legislation
rs eifectine such state banks
40 YOU not think that il would create
panic among the stockholders OF the
nanNs Don't you fthinlI that all OF
them would unload their stock as soon
as possible Don't YOU think taat
where credit had been obtained on
nahk stocks that had nccn deposited
as collateral and tho value OF these
stocks were suddenly deprecated. tho
lenders would call for payment or re-
qulre moro security?
This IS what happened in 1907. I'm
iS,S am VIII happen again IN lels II
wilson and free-trade Congress are
4 II i lao7 lie neree attack upon nearly
We or destroy them deprociatea The
market values Of their I stocks and
bonds 70 the extent that their creditors
called Tor moro security. and when IL
came
The panic or 1907 might he distn-
s"ls4tl from the panic OF 1893 by tho
i@ct mat the first named was moro
poor mans panic Tho nrst as Vol,
say. was prccipiiatcd ly our detective
banking laws. The latter am COM
WINGED. was caused fby the WMson-Gor-
% nv |tasr, ,sf Nc
values TO such an extent That All
credits were impaired
AS an economic. scientific proposi-
uon ialues may be abnorma1lv ill.,
us the country can absorb them ami
a demand exists. but when for any
reason. prices or values on cominodi- B
ites are ahnornally decreased then
OF 'corrse. the country win nnany
recover from panic I'm 1919. a. IT
it..oNeiec from those In 1907 and 1888.
pnt VIII II not be very costly AZ
pertinent I'm tho light Of expeTionco
20 make such am attack upon the bus
mess interests Of the countrv2
me doctrine OF protection obtains
ln every civilized nation. oNcopt ,hs
territory i0ccupicd nv Enrla,,I
lHHn ana ireland Englani's colonies
'i erection countries. The only ah-
aoiui eiN free trade countries. IT we
speak OF them as countries arc lar1s
occupied by tsavace tribes Who den@,5,
.rut NHFtrr rather thnn upon trade Tor
carryins on their limited commerce.
ar Editor. dii Won ever hear OF "a
Iaciory 'ha' has been iclascd because
2l protection unless protection had
geen aken from the articles n pro
fNced2 10 YOU recall tho nu,naro,,s
Suic'dcs that have followed an dir
panicsf Have YOU noticed how fow
co.,,paratively are the marriage H.
With srch calamities I'M prosoect n,
me protoctionists are to he belloyna
even they are mistaken. woulJ r.
go' DE- Wis ior us to reason no
iofe rather than after tho siections
IN November ncxt2 Br-sTN,T-s..lg. as
Ii5 hmona i-''8