The Farmington times. (Farmington, St. Francois County, Mo.) 1905-1926, 1916-10-06
THEN AND NOW

never prospered before, the fact APP
pears to be a thorn in the side of Re-
publican politicians because they have
not been able to turn it to partisan ac-
count. They strain to attribute it all
to the demand created by the Euro
pean war, in an effort to dicredit the
Underwood tariff law-which has
had no opportunity to be tested I'M
der normal business conditions-and
thereby bolster up their old dead pro-
tective tariff claims. With their pro-
verbal inconsistency they tell us in
one breath that lowering the tariff du-
ties brought lead down and increased
the cost of living. If lowering the
tariff increased the price of the nee
essaries of life, why didn't the same
process increase the price of lead ?
That is a question they cannot ans
wer on any theory of tariff taxation.
But let us go back and see how our
lead industries thrived under the high
protective tariff and Republican adj
ministrations. The st. Joseph and
Doe Run Lead Companies became in
volved in an Indebtedness of several
millions; the st. Joseph stock, the
par value of which is $1,000 per share,
sold on the market for $500; they
had stopped paying dividends, and to
add to their troubles suit was insti-
tuted against them TO place them in
the hands of receiver. That was
the condition at which they had ar
rived under the Republican admins
trations and Payne-Aldrich-Smoot
tariff law, the highest, most discrim-
mating and special interest-favoring
tariff ever enacted-a tariff whose
schedules were not fixed by the COM
mittees of Congress having the meas
ure under consideration, but by and at
the demand of the most flagrantly
protected interests of the country. If
the tariff was such a benefit to our
lead industries why did the stock of
these companies depreciate nearly
one-half in value, debts pile up and
dividends disappear Was the Re-
publican high tariff responsible for it
How different are the conditions of
these companies now under a Dem
ocratic administration. The stock is
worth $500 per share on the mar
ket today, $500 more than par val
lie and $1,000 more than they were
worth under Republican high tariff
administration. The several millions
of indebtedness under which they
were staggering has practically been
wiped out under the Wilson admins
tration, and they are paying regular
10 per cent dividend on their stock;
and when their quarterly dividend
was declared about month ago, the
directors also ordered a dividend Of
so cents on each share of stock. The
wages of the miners have been adj
vanced-or bonuses given them
making the highest wages ever paid
by the lead industries of this county.
"All due to the European war;, is
the frantic, demoralized wall of Re-
publican politicians and papers. We
are free to admit that the anything but
prosperous condition of these COM
panies under The high tariff and Re-
publican administrations might have
continued to be bad for an indefinite
period but for the abnormal demand
created by the European warrior
short demand, and net any tariff con
dition, was the cause Of their pre-
ceding depression. Now let us look
at the question from the political OF
administration theory point Of view.
If we may interpret the expires
sions Of MIR. Hughes, Colonel Roosc-
welt and Republican speakers and pa
pers in general, to mean what their
words imply, if they had had control
Of the government they would have
involved cur nation in war with Ger
many over the invasion Of Belgium
and the sinlting og The Lusitania. and
they would have sent an army of in |
vasion into Mckee on a bloody and
Improbable mission Of subjugation /.
and aggression subsection that |
would have had to be maintained for /
a long period Of time with an occupy
ing army Of a quarter of a million (
soldiers. What sort of prosperity
would we be enjoying under such con
ditions?
The Wilson administration has
avoided this. Following a police cal
culated to msintaih peace and q the
same time uphold the dignity and
honor Of the nation and retain the re-
spect and admiration Of other nations,