The Breckenridge news. (Cloverport, Ky.) 1876-1955, 1914-10-21


European War.
Washington. oct. 10. President
Wilson in a letter to Representative
Underwood, Democratic leader of the
house, makes his appeal to the voters
Of the nation for the return of Dem.
ocratic congress. The president ex
presses the utmost confidence in the
outcome. The nation, he contends,
never has failed TO sustain a congress
and administration that have sought
to render it a permanent and dsln.
terested benefit.
"A practical nation is not likely
said the president. referring to the
congress. TO reject such a team, full
of the spirit of public service, and
substitute in the midst of great tasks
either a party upon which a deep de-
moralization has fallen or a party
which has not grown to a stature that
would warrant its assuming the re-
sponsible burdens of the state"
The letter then reviews at some
length the enactments of the present
congress and explains the failure of
the tariff to lower the cost of living
by saying the war has prevented ac-
tive competition from bringing prices
ito their normal level again."
The president continues:
THE present congress has taken
its steps with courage, sincerity and
effectiveness. The lobby by which
some of the worst features of the old
tariff had been maintained was driven
away by the mere pitiless turning on
OF the light The soil in which con-
binatious had grown was removed
lest some Of the seeds of monopoly
might be found 20 remain in it. The
panic that the friends Of privilege hal
predicted lid not follow. Business
has alreadr adjusted itself to the new
conditions with singular ease and
elasticity. because the new conditions
are in fact more normal than the old
The revenue lost by he import duties
was replaced by an income tax which
in part shifted the burden Of taxation
from the shoulders of every consumer
in the country. great or small, to
shoulders more certainly able to tea"
it. Until the war ends end until its
effects upon manufacture and com
merce have been corrected we shall
have to impose additional taxes to
E.. 81 e
our important duties as the war cuts
off by cutting off the imports them
selves-a veritable war tax, though
we are not at war: for war, and only
war, is the cause of it.
Anti-Tr ST and Currency Acts.
1T is fortunate that the reduction
OF the duties came first. The import
duties collected under the old tariff
constituted a much larger proportion
OF the whole revenue Of the govern
ment than do the duties nnder the
new A sti'l larger proportion Of the
revenue would have been cut off by
the war had the old taxes stood, and
a larger tax would have been neccs.
sary as a consequence.
with similar purpose and in like
temper the congress has sought in the
trade commission nil and in the Clay
ton bill, to make men In a small way
Of business as free TO succeed as men
in a big way to kill monopoly in the
seed. Monopoies are built up by un,
fair methods 0f competition and the
new trade commission has power TO
forbid and prevent unfair competition,
whether upon big scale OF upon
little; whether inst begun or grown
old and formidable"
by the currency bill we have ere
ated democracy Of credit such as
has never existed in this country be
fore. For generation or more W
have known and admitted that we had
the worst banking and currency sys-
tenn in the world. because the volume
Of our currency was wholly inelastlc.
Suffice IL here 10 say that the new
system provides a currency which eX
Iands as il is needed and contracts
when il is not needed; a currency
which comes into existence in re-
Spouse 10 the coll of every man who
can show a going business and a con.
crete basis for extending credit TO
him, however obscure or prominent
he may be. however big or little his