The Farmington times. (Farmington, St. Francois County, Mo.) 1905-1926, 1916-07-14

is the sanctified doctrine and cure-all
remedy for the Republican party, had
not been in force at this time, and he
almost weeps as he appeals to the
country to restore this Republican sys-
tenn of subsidies, comforting upon the
great manufacturers of this country
the right to tax the people for their
own benefit. If this is a sample of the
Republican craftsmanship, then it may
well be asked whether or not the Re-
publican party could have handled the
affairs of the country SO well as the
Democratic party has, during the past
three years.
In the face OF the greatest prosper
ity ever known in the history of the
iron and steel industry; the prosper
ity brought about under the Demo-
cratic tariff law enacted in 1918, and
with the Golfers of every iron and
steel industry in the country overflow
ing with plenty, Judge Gary serious
ly asks the people of this country to
restore the high protective policy and
subsidy system of the republican par
ty. What is there in the present con-
ditions to justify such an appeal How
can the people be convinced that the
iron and steel industry should be CIV
en- new advantages and additional sub
sides in the light of the huge profits
they are now earning?
The present tariff law-the Under
wood Simons act--made a reasonable
reduction in the customs duties, trans
ferring part of the burdens of tax
alton from the backs of tee masses
Of the people to the ample shoulders
of wealth, which has never under Re-
publican system borne its Just pro-
portion of the burdens of government
The Democratic system is the Just
system. The Republican system is the
privilege system. The people will not
repudiate the former and adopt the
latter in view of the demonstrated fall
lacy of the claim of protected indus
tries that they need to tax the people
for their own benefit in order to make
profit. Every reasonable man wants
industry to thrive and prosper, and ev-
cry reasonable American citizen is
willing that enterprise shall have a
just and fair opportunity, but while
conceding this to enterprise and bus
mess, democracy claims that like
treatment should be accorded the
masses of the American people.
The prosperity of the country is
strickingly reflected in the surplus re-
serves of the national banks. These
reserves are now so great that they
give the national banks further loan
ing power of three to four billion dol
lars. If we add to this the loaning
power of the State banks and trust
companies of the country, we have an
aggregate approximating the as
founding total of six billion dollars.
Duty Of Bankers
These great resources carry with
them both opportunity and response
bility-opportunity to serve the ma
tons need in the highest degree and
to extend assistance to our splendid
neighbors of South and Central Amer
lea who are suffering severely for the
resources needed for their own devel-
opment; responsibility to so use these
resources that they will be employed
in legitimate and wholesome enter
prise and development, and not for
speculation or imitation.
The duty devolves upon the bankers
of the United States, because the re-
sponsibility rests primarily upon them
to curb speculation and to restrain in
flationary tendencies. The Federal
Reserve Board at Washington will use
its great power to assist in the whole
some use of the great credit resources
of the country and to prevent I'M
healthful tendencies; but the banks
themselves have the chief power and
responsibility; the Federal Reserve
Board can only contribute toward this
result to the extent that the law gives
it the necessary authority.
When speak this word of caution
about speculation and imitation, | must
at the same time express my lack of
sympathy with the views so strenu-
ously put forward, and | think for
selfish motives primarily, by some peo-
Pile and by many partisans for politi-
cal purposes, that the United States
must face a period of serious depres-
sion, if not possible disater, upon the