The sun., 1916-10-31

and the laborers Of the country have
not forgotten the effects OF the
Underwood law during the time II was
| operative before the European wal
broke out; that 1t opened our ports Ia
goods of foreign countries which oc-
cupicd the markets Of home produce
| ton. that II took of the payroll $780,
900 American laborers and placed
them on the idle roll: that II brought
| the country face to face with a panic
which was averted only by the Secre-
tary OF the Treasury assuring the
banks of the country that $500, 900 ,00Q
emergency currency already IN the
Treasury was available to their use
on required security as provided by
the Aldrich-N reeland act OF May 30
1908, a law passed by "A Republican
Congress TO meet emergencies OF con-
tractcd credit and panicky conditions OF
the country. such as prevailed In June,
1919.
The people will not forget, either, that
the effect Of the Underwood law was
the monthly curtailment OF our TX
portations from the date the Under
, wood law tool effect until In April
1914. the balance of trade went against
us to an amount above 81 ,0O0. 900. and
continued against us each month to
and including August. 1914, when the
war orders OF the European wal
shifted the balance Of trade In our
favor. They will not forget that the
present prosperity OF the country ID
hut partial. and ia based on the alb.
normal orders and demands for wal
supplies in Europe. and when the
war is over and peace reigns normal
conditions will return Of competition
under the Underwood law. mills will
close and labor be idle again. Nor will
they overlook the fact that the pres.
cnt boasted prosperity Of the country
Is but partial and not general. and
that there have been more commercial
failures during the Wilson Admins.
tration than ever before In the SAME
length Of time. During the Taft ad-
ministration the highest number oi
failures in any n year was 1916.
in 1912: while under the Wilson Ad.
ministration the failures were $685.
for 1919: 22,15s for 1914. and s.l95 FOL
the first half Of 1916. Fewer miles of
railroad were built last year than In
= half century, and more lines were In
bankruptcy than before in the history
OF the country. The people will not
forget that a vote for Wilson In No.
vember Is a vote to lower tho Ameri.
can wage scale and standard of liyinc
To the European levels.
VIII the present generation Of peo.
pie profit by III. experience If those
of 1877 to- 1921 and Of 1857 to 1851
What lessons has history in store e
teach relative tn wars followed by
peace in Europe while policies of low
tariffs or free trad" similar to thu
Underwood law prevailed in this
country? From 1883 to ISL? thu,
country had moderate rates Of duties
From l7aS, except a short interval II
1So2-03. war prevailed in Europe unit
the battle OF Waterloo. June is. 1915
In 1>l2 war broke out between thu
United States and England. TheI
Congress laid war duties. which con
tinued until 1916. when they were re
duced to a point below that Of btin;
protective To home producers. TIL
war n Europe served for MS the SANE
purpose as - pr"hihitiNe tariT.
our manufacturing industries were
founded and increased slowly unit
1>l2 when. under tho stimulus %
war and tn" prospects OF protection
hy tarlh duties, large amounts o
capital embarked In manufacturin,
industries. when tho war in Europ'
was over they returned 10 peaceful
pursuits. and our producers fnun'
themselves uudcrsold 10y Europcai
manufacturers employing chcnpc
labor. The mills ard factories of thi
country were closed; thr labor the,
had organized WAS idle and wlthou
employment; the farmers found them
selves without a market while thei
grain lay pcrishing in their barns an