Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1916-09-08

under fixed illusion, the illusion OF great
ness 1t had framed tariff laws based upon
fear Of foreign trade, fundamental
doubt as to American skill. enterprise and
capacity, and very tender regard for the
profitable privileges of those who had
gained control Of domestic markets and
domestic credits; and yet had enacted
antitrust laws which hampered the very
things they meant to foster. which were
stiff and inelastic, and in part unintelligi-
BILE.
1t had permitted the country throughout
the long period Of its control to stageer
from one financial crisis to another under
the operation OF national banking law OF
its own framing which made stringency
and panic certain and the control OF the
larger business operations Of the country
by the bankers OF few reserve centers
inevitable: had made as if it meant to re-
form the law but had faintheartedly failed
in the attempt, because it could not bring
itself to do the one thing necessary to
make the reform genuine and effectual,
namely-break up the control Of small
groups of bankers. 1t bad been obliviOus.
or Indifferent. to the fact that the farmers.
upon whom the country depends for its
food and in the last analysis for its pros
perity, were without standing in the mat
ter Of commercial credit without the pro-
lection of standards in their market trans
actions, and without systematic knowledge
Of the markets themselves that the labor
ers OF the country, the great army of men
who man the industries il was profess
ing to father and protect. carried their
labor as a mere commodity to market. were
subject to restraint by novel and drastic
process in the courts, were without assur-
ance Of compensation for industrial acct
dents, without Federal assistance in &C.
commodating labor disputes, and without
national aid or advice in finding the places
and the industries in which their labor
was most needed. The country had no
national system Of road construction and
development. Little intelligent attention
was paid to the army, and not enough to
the navy. The other republics Of America
distrusted us, because they found that we
, thought first Of the profits Of American in
vestors and only as an afterthoueht Of
impartial justice and helpful friendship.
Its policy was provincial in all things; its
, purposes were out of harmony with the
temper and purpose Of the people and the
timely development Of the nations in
teresIs.
So things stood when the Democratic
party came into power. How do they
' stand now Alike in the domestic field and
e in the wide field Of the commerce Of the
q world, American business and life and in.
4 dustry have been set free to move as they
never moved before.
4 The tariff has been revised, not on the
t principle of repelline foreign trade, but upor
e the principle OF encouraging it, upon some
/. thing like footing of equality with our own
It in respect Of the terms of competition. ant
4 Tariff Board has been created whose func
G ton it will be to keep the relations Of
|
l. dustry under constant observation, for the
guidance alike of our business men and Of
our Congress. American energies are now
directed toward the markets Of the world
The laws against trusts have been clari
fled by definition. with view to making
h it plain that they were not directed against
n big business but only against unfair bust
Y. ness and the pretense of competition where
l. there was none; and Trade Commission
e has been created with powers of guidance
l. and accommodation which have relieved
n business men Of unfounded fears and SCI
them upon the road Of hopeful and conf
a dent enterprise.
n By the Federal Reserve act the supply
e Of currency at the disposal OF active bust
n ness has been rendered elastic. taking it,
'e volume. not from a fixed body of invest
re ments ecurities. but from the liquid asset
of daily trade; and these assets are as
l. sessed and accepted. not by distant groups
l. of bankers in control of unavailable re
y serves, but by bankers at many centres Of
N local exchange who are in touch with loca
a conditions everywhere.
y Effective measures have been taken TO
:, the recreation Of an American merchan
. marine and the revival of the American
carrying trade indispensable to our eman
cipation from the control which foreigner:
: have so long exercised over the opportu
y y mites. the routes and the methods Of ou
commerce with other countries.
!. The Interstate Commerce Commission /.
% about to be recognized to enable il to per
!. form its great and important function,
n more promptly and more efficiently W,
). have created. extended and improved the
=. service Of the parcels post.
a So much we have done for business
q What other party has understood the tasl
i SO well or executed 1t so intelligently and
!, enereeticallyH What other party has at.
tempted il at all The Republican leaders
a apparently. know Of no means of assisting
= business but protection. How TO stimu.
+. late it and put tupon a new footing Of en-.
: ergy and enterprise they have not sug-
A eested.
Il For the farmers Of the country we have
Il virtually created commercial credit. by
e means Of the Federal Reserve act and the
Il Rural Credits act They now have the
e standing of other business men in the
e money market We have successfully reeu-
lated speculation in futures" and estab-
J. lished standards in the marketing of grain.
3 BY an intelligent Warehouse act we have
e assisted to make the standard crops avail