South Bend news-times. (South Bend, Ind.) 1913-1938, 1915-04-30
NEW LIGHT ON OUR SO-CALLED
HARD TIMES"

HARD TIMES"
1t is quite as interesting sometimes.
as 1t is instructive, 10 get information
from headquarters and know some
thing Of what is going on in reality
rather than have TO sit constantly by
and listen 20 or read INSTRUMENTATION
supplied by brigands. The address Of
Sec'y William c. Redfeld OF the de-
partmept of commerce. delivered at
indianapolis Wednesday night, is par
ticularly in point. especially in COM
Darison with one delivered but few
nights previous by former congress
man. James f. Watson. OF Rushville.
1t is generous Of the Indianapolis
newspapers TO take care in their re-
ports of the Redfield meeting, not TO
call any particular attention TO the
particular points upon which Mr.. Wat
son in his address. proved himself
either a culprit or an ignOramus. That
the cry of hard times" both past and
present. has been without legitimate
basis in fact. so far as concerns the
internal operations Of this country.
was conclusively established by the
secretary of commerce. boldly assert
ing political conspiracy on the part
of the republicans to exaggerate
temporary difficulty and place the re-
sponsibility upon the democrats, where
II never belonged for a single instant.
We quote his words:
Whatever Of hard times came
TO this country in 1913 or the ear
~ Of
before Pres't Wilson went into Of
flee. i am not charging il to eX-
Pres't Taft either. You can lay ii
at the door of European militar-
ism. Upward of two years ago
Europe began TO anticipate trouble
Exactly what the trouble would
be no one seemed TO know but the
financial interests Of Europe
3melled trouble. They the now
warning powers, were then the
worlds creditors by $28,OOO,0OO,-
600, OF which the United States Ow-
ed upwards of $1,000 100000.
These European financiers began,
accordingly. to demand their mon
ey, and demand il in gold as il
fell due. Honest thoughtful men,
of good memory will recall a fl
nancial depression that began the
world over about that time. the
real reason for which was never
fully realized until the war broke
out last August.
We We're i'll prepared to meet
those demands when Pres't Will
son entered office and Pres't Taft
stepped out. AS time wore on.
and the demands became more
and more persistent. naturally we
felt il more and more keenly. IL
was a real crisis with us and l
want to congratulate the financial
interests of this country for the
patriotism shown in assisting the
government in overcoming the
difficulty Luckily these finan-
ciers were not republican pOliti-
clans Of the Watson type, or they
could and no doubt would have
made all sorts of trouble for pO-
litical effect. They took care Of
what was left OF the S5,O00,O0O,-
600 funded debt when the war
broke out Our SfOO.0OO.O00
floating debt. payable in gold to
European powers, and if you
please. contracted under repub-
lican administrations, has since
been paid in goods rather than
gold. and some parts Of the fund
ed debt purchased back so that
we are paying the interest TO our
selves. rather than abroad
All OF which goes to show how lit
tie. small big men like James f. Wat
son. and his local imitation. Albert
Edward Martin, who addressed the
Lincoln club last week. sometimes
know. or purposely pretend not 70
know when they get TO spreading pol
itics II goes to show too how little
the general run of people sometimes
know about the underlying intricacies
OF financial. governmental or indus
trial difficulties while INSCRIPTIONS
politicians either through ignorance
or cussedness. jump onto il with both
feet and try TO convert it into partisan
capital
The above quotation represents but
one bomb placed under the republican
calamity howlers by the secretary of
commerce. The business interests of
the country. save a few weaklings like
the beneficiaries of schedule X of the
Payne Aldrich law. are not worrying
over the business outlook of the coun-
try. IL is only the republican politi-
clans that are having might mares
republican politicians and "a few bust
ness men: business men. who. under
long sieges OF protection have lost
their industrial self-reliance. and do
not know enough 10 go ahead and do
business on their own responsibility.
They are mere Stockings who think
they must forever continue at the
breast OF paternalism.