The Birmingham age-herald., 1922-08-26
PROSPERITY TAXES
 PLACE OF PANIC
Business Boom With Under wood Tariff in Force En-
 barasSes Republicans
Rr HuGH NJ. RopERTs

ny HUH W. hODEAhAo
 300 Davison Building.
 Washington, August 25.-tSpecial). Despite the industrial unrest which has characterized the administration of President Harding, the republican panic has finally yielded to pros perity.
 The finest index to the existing condition was furnished by the steel masters when in the beginning of the week they announced voluntarily an increase of 20 per cent in the wages of their employees. There has followed a notable improvement in practically all legitimate stocks listed on the markets of the east. That which strikes terror to the hearts of republican strategists e"' Washington Is that prosperity has returned under the operation of the Underwood tariff law, a democratis statute devised with the idea of rais- ing revenue. and not with the Idea of protecting American industry against foreign competition.
 Since the founding of the republi- can party it has been the paternoster of it's high priests that there could follow a democratic tariff nothing save peril. panic and ruin.
 Tho unprecedented prosperity which featured the administration of President Wilson was. according to republicans. due entirely. not in part, to the exigencies of war. It was their daily contention that had the war not interposed, the country, because of the Underwood tariff, would have suffered the most fearful panic in it's history.
 And now, due to the failure of the republicans to supplant the Under wood revenue measure by one pro- viding protection for all industry. the country. in time of peacs. has grown prosperous. In the forthcoming elections, 1t Is pointed out that the prosperous conditions. If they do, they give credit to the Underwood law, and admit their error in declar- ing that protection was essential to stability in American business
 Dilemma Discernible.
 The republican dilemma is read fly discernible. according to Cor dell Hull, chairman of the democratic national committee, today. In that connection, the republicans are as yet undecided whether to enact the -hCOuIllDeI Dlll dS QulChiy as possible or postpone the comple- tion of the work until after the eleo- tions.
 Representative Gerner of Texas, predicts that the republicans, fearful of what the immediate effect of their bill might be, will not dare to put it into effect until after the people have expressed themselves at the polls. Representative Campbell of Kansas. chairman of the rules com mittee of the House, declines. when requested to state whether or not in his opinion, the bill will be law before elections.
 The best guess Is that Garner is correct. The baneful reaction of the republican tariff immediately 1t Is in effect Is not discounted. Republi- cans contend that in the long run 1t will justify itself. This first disas- trous effect the republicans, who are candidates, would escape if final enactment were postponed until next December.
 On the other hand, however, they would be compelled to praise the democratic law and attribute to it credit for returned prosperity. Were they to criticise the Underwood law, they would have difficulty in ex- plaining why during their tenure of control since 1918, they had not supplanted it.
 And furthermore. if they do not proceed to complete the Fordney- McCumber bill, they will be justly impaled for incompetence, for ina- bility effectively to legislate. Demo- crats contend that republicans are between "the devil and the deep blue sea-"
 At any rate. the bill Is an orphan before 1t is born. Fordney volun- tarily retires from the House and McCumber, who dared face the people. Is beaten