The Farmington times. (Farmington, St. Francois County, Mo.) 1905-1926, 1916-07-14
SECRETARY McADOO
ON PROSPERITY
Treasury Department Shows Benefi-
cial Effect of Democratic Policy
On Country's Business

able diffusion Of credits; has reduced
rates of interest and has mitigated al
ready, and in great measure, the
abuses of usury in those parts of the
country where usury has been Sc
rious handicap to business and enter
prise. What this means to the bust
ness men and all classes of our peo-
pie is too obvious to describe.
1t is significant fact, and an
achievement of which the administra-
ton maySwell boast, that when the
country was on the verge of appalling
panic at the outbreak of the European
war in 1914, it was the decisive and adj
equate measures taken by the govern
ment at Washington that prevented
this panic and laid secure founda-
ton for the great prosperity we are
now enjoying. 1t was the leadership
and action of the government at
Washington that saved the country in
this great crisis. This is said in no
spirit Of depreciation of the important
cooperation the leading bankers and
business men of the country gave to
the government in that critical time.
What a contrast this is to the incf-
fecitveness of the Republican admin
istration at Washington during the
panic of 1907, which left the country
PROSTATE for many years and brought
Unreasonable disaster upon the
American people.
Nothing is more indicative of the
amazing growth of the country than
the conditions of the banks. The comp
troller of the currency states that in
March, 1916, the resources of the ma
tional banks amounted to $685.
100000, exceeding by $4,000 900 the
greatest resources ever shown in the
history of the national banking sys-
TEN. The resources of the national
banks were $2,271 100000 greater in
March, 1916, than in March, 1915.
This marvellous increase in one year
exceeds, the comptroller states, the
entire resources of the Reichsbank of
Germany, as reported in February,
1916.
The aggregate resources of the ma
tional banks of the United States now
exceed by approximately $3,000,0O0,-
600 the combined resources of the
Bank of England, the Bank of France,
the Bank of Russia, the Reichsbank
of Germany, the Bank of the Neither
lands, the Swiss National Bank and
the Bank of Japan. The total depos-
its of the national banks in March,
1916, amounted to S10,790,0O0,00O, an
increase in three months of SAIL ,000,-
900, and an increase over March, 1915,
Tone year, of $2,198,000,000.
A StupendOus Record
These figures are so prodigious as
to be almost unbelievable. They re-
fleet infallibly the degree of prosper
ity as wide and deep as it is amazing
and gratifying. One cannot speak of
this record without superlatives. Ev-
en- the infallible and sanctified Repub-
lican party could not have done better.
Perhaps it is heresy TO say this, but
may the Democrats not reasonably
claim that since the Republican party
has never done anything like so well
for the country when for many years
it had control of the government it
would not have done better than the
Democratic party has done as shown
by these impressive figures and by
the results which are visible to every
man, woman and child in America to-
day. Has the Republican party ever
done even as well?
Judge Garry, head of the United !
States Steel Trust, and leading Re-
publican statesman, in a recent speech !
in New York has bewailed the fact
hat the high protective tariff, which