The gazette-times. [volume] (Heppner, Or.) 1912-1925, 1916-10-05

merly so much yardage cut from the
American textile mills, so much ton
mage taken from the products of the
steel mills, SO much less market for
the products of the farm, so much less
demand for goods made by the Ameri
can producer, so much less demand
for American labor, with a resultant
loss of the purchasing power of the
whole citizenship of the United
States.
The trade figures of the govern
ment just previous to the breaking
out of the European war show also
grieveous fact as to our export bust
ness. AS a result of the new tariff
our normal foreign exports not only
did not increase, but we were losing
rart of the trade we already had
For the seven months of the Demo-
cratic tariff law, from January l to
August l, 1914, the exports from the
United States to foreign countries
showed a falling off of 1877 millions
of dollars, an average of Is millions
a month, and nearly three-quarters of
a million of dollars every working
/ day Of the month as compared with
the same months of 1913 under the
Republican tariff law. The very bad
feature of these figures is that our
export showing was progressively bad
under the present law. Beginning
with April, the decrease was so
great that the balance OF trade ran
against the United States and con-
tinued to do so until the end of the
fiscal year.
From A Favorable to an Adverse
Balance.
In our foreign trade under the Pay
ne law the favorable balance was over
six hundred and fifty million dollars.
For the last decade and longer our
favorable balance of trade had aver
aged about five hundred million dol
lars annually. Beginning with April
1914, this excess of exports was en-
tirely wiped out. In other words, a
favorable balance of trade everag-
ing over five hundred million dol
lars annually, and which has enabl-
ed us to pay our foreign obligations
which fully equal that amount, was
changed to an adverse balance. We
saw the effects of this change in our
foreign trade by our exports of gold,
which amounted to one hundred mil
lion dollars during that year, and this
be it understood, before the outbreak
of the European war.
But the ignorance and incompe-
tence shown by the Democratic party
in its destructive tariff legislation is
not its only offence against the pros
perity of the people and the welfare
of the country. Before it came into
power it was exceedingly vociferous
in denouncing public expenditures.
Since it came into power, it's prodi-
gality is monumental. 1t has wasted
and is wasting, the substance of the
people in riotous living. 1t has ap-
propriated great sums for useless pur-
poses, while denying to legitimate
objects adequate support.
Additional Taxation.
And then, finding the Treasury
lacking in funds to pay for their ex-
travagance, and being unwilling to
deny themselves the unwonted lux
ury of spending other peoples mon
ey and incapable of scientific ad-
justment of expenditures to income,
they use the strong arm of the war
power to levy war tax when we are
at peace with all the world. Hun
dreds of millions of dollars were
wrung from the people in this way,
and additional taxes will be added
to those already demanded, if the De-
mocratic party is not deprived of
power.
Currency Experiment.
When none of the promised bene-
fits appeared from the tariff legisla-
tion it was stated at the White House
that new magma charta must be
given to our banking and currency
system-credit was to be set free
from the "shackles which made it the
slave of the money trust as
soon as this great piece of legisla-
tion was passed the waters of pros
perity were to gush forth as though
their source had been smitten with
the rod of the prophet. When this
vital and intricate subject was taken
up for consideration, the bankers as
sociation and the greatest experts on
banking and currency in the country
exerted themselves to the utmost to
secure the Inauguration of the best
possible system. They thought that
the magnitude of the fiscal interests
Of this country deserved the best pos
sible system, as demonstrated by the
banking experience of the nations of
| the world.
Again the inspired denunciations
issued from the White House-the
money trust, it was said, was in con-
spiracy to discredit and thwart the
banking inexperience and intutive ex-
pert knowledge of the President and
| his advisers. Rather than engage in