Evening journal., 1916-06-19
mcADOO IN CONFLICT WITH FACTS.

Q CECRETARY McADOO will have achieved just
~ distinction when he retires from Office March 4th
next He will go down in history as the greatest
financial ugger and truth twister In the annals OF
America. With curcue Of the pen this wizard of
finance made the net balance in the general fund of
the Treasury jump from s41,OOOOOO, September so,
1915, to S12sOOOOOO on the following day,-with a
simple twist Of the wrist he produced ss7OoOOOO out
Of the thin air, and he has tried TO hallucnate the
public since.
Recently. in an address to the Raleigh Chamber Of
Commerce, he said I'm the face of the greatest
prosperity known in the history Of the iron and
steel industry. the prosperity brought about under the
Democratic tariff law enacted in 1913 and with the
Golfers of every iron and steel industry in the
try overhowing with plenty, Judge Gary seriously
asks the people Of this country to restore the high
protective policy and subsidy system Of the Republi-
can party" The war does not get even honorable
mention.
What do the latest available statistics in regard to
our exports Of iron and steel manufactures show?
Take the monthly summary for March. 1915: During
the nine months period ended in March. exported
iron and steel manufacturers the value Of s4134OO
OOO For the nine months period ended March, 1914,
six months Of which under the operation Of the
Democratic tariff law, and three months OF general
business stagnation because Of Democratic tnkerng,
exports Of these products valued at but S192
OOOOOO which was SSsOOOOOO less than for the nine
II will be found that the phenomenal increase for the
nine months ended March 1916 is almost wholly ac-
counted for by the purchase of war munitions
the part Of European belgerents In addition to
this during the 1856 period the afforded
greater protection from the competition OF European
steel industries and their pauperpaid labor than was
ever dreamed Of by the most rabid protectonsts of
this country.
"Those who we're weary almost to hopelessness,
with the long fight against adversely. which began in
1913" says the Iron Age of January g. 1916 "and
seemed destined to continue indefinitely have been
reinvlgorated, and again make plans for the flu
ture with some confidence. The dismal array of idle
workshops cold blast furnaces dead steel works and
silent rolling mills has been touched by the magic
wand Of a revving demand and quickened into life
and renewed energy. Today any kind Of plant must
be run most inecienty to have its balances written
in red ink" Was this rejuvenaton Of the steel in
dustry due TO the Democrats tariff to the war?
The Iron Age continues: The influence Of the Euro
pean war went much further in increasing our ex-
port trade than in the demand for purely ma
teria Orders steel rails steel blooms bllets tin
plates steel railroad ties and variety Of other pro-
ducts including pig ron which would ordinarily have
gone OF the bellgerent countreis came TO
the United States"
And again. speaking Of war orders:" These orders
became bewilderingy large in May. orders
for large rounds for shrapnel glutted the merchant
mills having facilities for their production and the
rail makers whose mills only spasmodically run
ming on railroad business diverted these mills to the
production Of such rounds, receiving to &C. more
per h., realizing far larger profit than in making
an equal tonnage of rails"
The Iron Age gives sufficient answer to the secre-
tary OF the Treasury Mr. McAdoo's statement is
excellent sample Of the brand OF falsehood which will
characterize Democratic claims during the coming
campaign