Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1916-06-16

J universal misery watched their work
J and counted their gains.
Throwing down the gauntlet to those
who had fattened on the system that
made these evils possible, this Demo-
cratic administration passed the fed
eral reserve act.
Il The safety, the simplicity, the effec-
tiyeness of the federal reserve plan con-
stitute a terrible indictment of the Re-
publican administrations which had
, permitted panics to continue without
adopting it.
4 In the panic of 1907, under the old
! system New York could not lend
i country bank $4,000 with which to meet
factory payrolls; in 1915 under the new
system, inaugurated by this Democratic
administration, New York loaned Europe
! FIVE hundred millions even though the
4 financial centers of the world were dis
4 rupted by the world war, and there
were still left in New York the largest
bank deposits in it's history.
OTHER GREAT ACHIEVEMENTS
OF WILSON ADMINISTRATIONS,
If this Democratic administration mad
performed no other public service than
the enactment of the federal reserve act,
il would deserve the unstinted approx
al of a grateful nation Thanks TO
| Democracy and to Democracy's great
leader, the business man who is strug-
CLING to establish himself may now
work out his destiny without Lying In
terror of panics and hard times. The
| toiler in the factory may ply his tasks
in security. knowing that his employer
business is safe from assault The
farmer who must borrow to move his
crops may do so without spending his
days in anxiety, his nights in Nightmares
of foreclosure and disaster Truly the
scholar-statesman, whose rod has STRUCK
the golden rock of Americas resources,
to set free the wealth imprisoned for
half a century, is a Moses who has led
Americas industries from the wilder
ness of doubt and despair to the Prom
ised Land of prosperity and hope.
In the same spirit and with the same
motive that inspired the federal reserve
act this administration has devoted IT.
self to the stimulation of American in
| dustry, agriculture and trade through
all the agencies of government.
1t has given new meaning and a
new force to the laws restraining big
business from Sitting competition.
1t has created a trade commission Ia
afford to business generally more di'
rect and prompt administration of this
laws relating to business.
1t has established government repre-
sentatives throughout the world, whose
sole duty is to foster the expansion of
American trade.
1t has created a closer union of eco
Monies, commercial and financial inter
ests between the United States and the
nations Of South America.
| 1t has declared in language that no
court and no employer can miSunder-
stand that 1.-The labor of a human be-
ing is not a commodity or article Of
| commerce" and that no employer can
compel his men to work Ior him against
their viii.
1t has freed the farmer from the
chains of a financial system which was
devised for business and not for farm
ing and has enabled him to sell his
produce at prices that compensate him
for the sweat of the harvest, the filling
of the soil.
Time does not allow me to enumerate
all the laws, all the activities which
will establish this administration In
our economic history as the most hui
name since Lincoln's and the most pro-
gressive since Jefferson's.
But l cannot close this brief and in
adequate review of what the present ad-
|, ministration has accomplished without
adverting to it's courageous and states
!. manlike solution of the nations tariff
problem.
/ The Underwood tariff enacted by this
administration has banished greed from
the gates of our ports and written JUS
llCe INTO our ldTlll StHSuulCSs
, OF all the tariffs we ever enacted
this is the fairest and the best.
!, Until the foreign war reduced impor-
tations no new tariff was ever more
satisfactory. The highest protective
tariff ever written would probably have
given US no more revenue during this
: European war and a higher tariff on
raw material would have hampered our
manufacturers, a higher tariff on the
necessities of life would have placed a
! woeful burden on the poor man in the
conditions which the war abroad has
brought about.
BY the Underwood law this admin
istration has taken the tariff out of
politics; by the new tariff commission
It proposes to take politics out of the
tariff.
The consumers of the nation, and this
means every man. woman and child
within it's borders, have been freed from
an unique and oppressive system which
enriched the few at the expense of the
many.
, IL Is not my purpose to discuss the
assaults that special privileges have
made upon the provisions of the Under
wood act These selfish and unbound
ed criticisms have been completely an
swered by one who is amply competent
to judge and public-spirited enough To
speak Democracys reply to those who
, would overthrow the tariff law that a
Democratic congress has enacted is the
reply of that eminent banker, that fl
I nancial genius Mr.. Jacob II. Schff.
Speaking at a banquet of the Repub-
lican club in New York last January,
by virtue of his lifelong allegiance to
the Republican party. Mr.. Schiff de-
clared:
81 want to explain that nothing can
stop the great prosperity we now have
except a renewal of tariff agitation in
the next campaign. Standing here on
: holy Republican ground / say without
fear or favor If you renew i'm the next
presidential campaign the tariff agita-
tion Of the past, if you threaten the
country and show it you want a renewal
of special privilege and high protec-
tion, the people have learned; the work
men and the farmers have learned and
they cannot be msled any longer. !
do not say that because | love the Re-
publican party less. but because / love
it more. My heart is for the Republican
, party, but my common sense makes me
a Democrat"
COUNTRY Is BLESSED WITH
, A PROSPERITY UNPARALLELED,
; And in these words Mr.. Schiff voices
the opinions of men with whom special