New-York tribune., 1914-03-02
Continued from Arst page. second column

commission and its financial plan. In
spite Of all this heat and hatred Oh sen
ator AIdrich the Democrats proceeoeu
10 take large part OF the monetary
commissions plan for their own currency
and banking bill.
Only AIdrich Bill Transposed.
How much Of credit for the char
scter OF this important legislation If
deserved By the Democratic party :
Will not an analysis of the law. SHOW
that I'm its foundation and in its frame
work and in almost all Of its vital
parts 1t is transposiion from the Aiu-
rich bill and an adaptation from the re-
port of the monetary commission! Al
the instance OF Mr. Bryan and the nat
money men lot of unsound provisions
were put into this bill. but most or them
had 10 be taken out before 1t became a
law. as a concession 10 Senator Root
trenchant criticism and the pressure Oh
enlightened public opinion. The law was
given the aspect of an antl-WaI street
measure for partisan purposes. but good
features we're taken bodily from the re-
moro platform roundly scored
The rejection OF certain features OF the
Aldrich bill may result in serious cohse-
quences TO the country unless the ia"
should be amended. I refer TO the lncor-
poration into IT OF p provision peimi''ihs
federal reserve banks to engage III open
competition for commercial paper VII"
national banks and state banks ana oi
further provision conferring upon reglonal
reserve banks the power to require dlS-
counts and rediscounts. The latter is nke-
w N cause imitation in spots and the Tor
mer seriously 10 interfere with the pusl-
ness Of the other banks.
The revision OF the tariff was something
for which the country was entirety pre-
pared. leaving out OF account mistakes
IN details and departures from souhu
principle. such as throwing away the
sugar duty and substituting class tax
on incomes. But tho mistakes In oetaiis
render tho bill unbalanced, Inconsistent
and difficult 10 explain TO oven a free
trader. except upon the two grounds OF
class LEGISLATION and sectional legislation.
Tariff a Sectional Measure.
The two guiding stars seem TO have been
an appeal TO the masses OF the North
end the comforting OF benefit upon the
South. II It Is not A sectional law, ana
was not 80 intended, why were the only
textiles that were put upon the free ilsl
those which are used by the cotton plant
ers and the cottonseed oil makers or the
Land OF Dixie? Why was the bagging Tor
cotton admitted free. and the same bag
e1ng used for the farm products of the
North made dutiable? Why were metal
tics for balng cotton put on the free list
and a duty imposed upon similar manu-
features for other purposes? Why was
there a grading OF the cotton yarns and
cloths which are made in tho South while
tho woollen yarns and cloths OF the North
were drawn heller skelter into one
bunch7 Why is the wool Of the North
free and the hair OF the Angora OF Texas
protected by duty? Why was the to-
bacco grower OF the South guarded and
the Northern raiser OF farm products left
at the mercy OF his Canadian rivalY There
is only one answer.
The revenue lost by lowering duties Is
10 be made UP by tho income tax. The
way this tax has been planned. with an
e.emption 80 high that mere handful
OF persons in tho home district OF IT'S au-
thor will be affected adversely. Is both
sectional and class legislation rolled into
one IL puts the payment 81 a large tax
on n small fraction OF the citizens OF the
country. II IS tho North that must foot
the bill Half OF the tax OF the whole
country will be collected from tho states
Of New York. Pennsylvania. ohio and
Illinois The securing Of legislation for
the income tax and procuring It's rati
ecation was mn achievement of the Re
publlcan party. because IL was under It-
domination and while II was in power
that the resolution was passed submitting
IN the vote Of the states an amendment
20 the Constitution permitting the enact
nent Of such a Law But the Republican
presldsnt who ndvoce ted and secured the
legislation intended That II should be
avaled Of only in al emergency
Cost Of Living Not Reduced.
The specific Democrat promise was
made that n that party was permitted
IN write new tarin law the lsw would