New Britain herald., 1916-11-02
NO CAUSE FOR FEAR, YET.

NO CAUSE FOR FEAR, YET.
 Business men, as a rule, know what
 uses business depression. They
 bow that when money is free and
 sy business is good, and then when
 ere is a tightening of money there
 bad business, or no business at all.
 oney kings held the purse strings
 the nation there was apt to be
 panic any time the United States
 pvernment did not do just what
 ese powers thought it should do. 1Irther than that, the business men
 America realize that now there is
 Etle chance of a panic visiting this buntry because of the elasticity of
 le currency brought about by the
 htional bank reserve act and other bn1edial legislation. Even some of be politicians inwardly hold faith in hese things. Senator George F. Me- can in his debate with Homer S.
 ummings in Waterbury Tuesday light was forced to admit that the
 Federal Reserve Act is one of the Eeatest accomplishments of any ad- hinistration. He voiced his approval bmewhat reluctantly, but he did it onetheless.
 All this talk that is now going the punds about a business depression hat took place in the earlier stages Woodrow Wilson's administration as no bearing at all on the present hmpaign insofar as it touched on the
 Underwood tariff. To begin with, that articular tariff bill was not in opera ion during the earlier days of this Administration. There was panic, to &e sure. And men were thrown out I f work. They walked the streets. They begged for employment. But They were not forced to do so be- 3ause Of any tariff law. They were forced to do so because the money kings were seeking revenge on the Wilson administration for attempting Do take away their power It was Eheir last great stand. What they hid was done before the Federal Re- Eerve Act became a reality. They eannot repeat, now. This is the way Esador- Jacobs, president of the Cali  largest exporting firms of the United Etates and just appointed by Governor Johnson of California one of the off |cial delegates to the Peace Conference bt Washington in December, de Enounces Republican advertisements charging that hard times prior to the war were due to the Demo. cratic tariff bill:
 sThe Underwood tariff law had no, been in operation during the early bart of the Wilson administration, |says MT. Jacobs. Tt had nothing tt |ao with the unemployment existing under conditions which were inherited From the Taft administration.
 The fact is that a depression wa. deliberately planned by the great Wal Street banking interests and by spe |cial privilege interests. to head off, i possible, the national bank resery. act. They deliberately tried to fore. B panic and depression to force Presi dent Wilson to let the great banking interests keep control of the financia situation.
 Since August, 1914, every -intelli gent business man and banker realize that President Wilson's federal re serve act is the only thing that pre- vented a really disastrous panic dur lng the first weeks and months of tn European war. Bankers have ac repted gladly what they once con Gemned, and those not blinded by pre- ..I3ice are praising Woodrow Wilsol for his statesmanship in giving tn country the Federal Reserve Act.''
 More than that, the workingmen o the country are not running to cove