The Birmingham age-herald., 1914-07-06

depleted the financial resources of the we rid: and the effects have been felt in all countries and localities, whether they were directly involved or not. It re- quires good deal of time to recuperate from losses created by disturbances of this kind. Then the feeds and fires and accidents on sea and on land have re- suited in the destruction of and injury to property.
 Only Question of Time
 "I think in ordinary discussions we are apt to overlook these general causes which are so very important in the con s.deration of reasons for depre sson in our business: and quite likely we are also in- clined to overlook thA fact that it is only question of time when we shall re- cover from these effects.
 Again, the agitation throughout the universe prompted from good motives, or SC sometimes by reason of cupidity. and at otLer times by reason of individual effort to success politically, have had decided and adverse influence. There has been more or less antagonism between differ ent elements in society which has had decided influence upon the minds of the people who were financially responsible for and active in carrying on the business affairs of the world. 1t Is a long story to attempt to describe he causes in detail
 
 there seems to have been more unrest, more disturbance, more open antagonism betw different classes of people than ever before. And there is little doubt that business conditions everywhere hay been influenced by this agitation. This country Is no exception.
 "In this country the depression has been worse than it has been in many other countries, notwithstanding we may not have been closely connected with some of the causes I have referred to. Then we have been adversely affected by legisla tion and threatened legislation. particularly such as sens to be discriminatory. As view 1t, on. of the worst things that could happen to any country is to enact laws which are calculated to protect or t.. punish one class of citizens to the detri- ment of other classes. Both are injured, and both beco ne distrustful and dssatis- flea
 And the tariff law lately passed has adversely affected the business condi- ,ions of this country in my judgment This is rot or ought not to be a political question. it Is an economic question To my mind 1t is unfair to any country to place 1t upon a free trade basis if 1t has to come into competition with another country which Is On protected basis assuming of course that the interests of tn, countries resp actively are the same with reference to the application of laws of tbis kind. have never believed in pro- tective laws which would permit the cit izens of any country to collect unreason- able prices for their commodities. I be- lieve protection should cease at the point whore mere protection Is afforded and and where opportunity to oppress oom- niences But the present laws so far as they affect our business at least, are not in my judgment adequate to protect As afh 1tx,. it is not necessary to discuss at this time. although of course we are more or less influenced by general conditions. While the imports of iron and steel to this cct ntry may not be large as compared with the total of our production. vet if they are not large 1t will be because the prices are so low that the foreign manufacturers cannot afford even to dunn tl'eii surplus into this country. And that nrir gs the people of this country. in- clrding not only those who furnish cani- tai for doing business, but also the work irgmen of the country, into active compe tition with labor of for sign countries natd very meagerly as compared with the wages paid in this country. We have reason to expect that under the present tariff law the earnings of manufact,,r- CTS will not be as large as they ought to be In order to furnish to the investor a fair return on the capital actually in- vested in his business or the payment to ms emrioyes of the wages they need and should be entitled to receive If this be true 1t Is only question of time when the majority of the people will realize that unreasonably low tariff rates are not of general benefit: and ;n that case there VII be change in the policy of the coun- try.
 No One Class Can Survive The other side of the general sftua- ton I have before referred to, and you are familiar with 1t. Any man of ex- perience and thought must realize that 1t is only a question of time when there will be decided Improvement; when this country will make greater and more satisfactory progress than ever (Continued on Page seven>