The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1922-06-27

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until the national banks were
brought into existence by the re.
publican party. In the fourth de
cAde uf thu nineteenth century the
democratic party destroyed tho
great United States hank aud fhia.
Joined with othrr acts OF demo-
crntic Acknowledgement. at which
sven the resoiune Andrew jackson
WAS alarmed. brought ON the great
business panic OF 1887. There arc
many students ~ economies who
have held To the heller that such
panaca are due about once In ten
years. bat In isf7 our country was
involved In a war the effect Of
which was to bridge over that
period for a panic aud we did %
have another one until 1857 when
was even o widespread anil
disastrous thnn the earlier ones
and perhaps. IN proportion 20 tho
size Of the country at that time,
was more destructive than any
which We have had since.
Secs Party as nrnke
" viii be- seen from this hasty
review that the democratic party
has always been "A party OF oppo-
aition, a clog upon the forward
movement and progress OF our ma
u0ndi government and has acted
ns "A brake upon the wheels OF
progress. Now. u brake Ia a very
valuable part OF the machinery OF
any repid moving vehicle. but It
does not. and cannot, In the nature
of things. ever furnish any motive
power and during those periods
WAAn thu IANuaarANl. L..l. A.
been entrusted with the manage-
ment OF governmental affairs we
have had periods Of .uinouH dis
aster TO the economic interests OF
the country.
Under the rule Of the republican
party business of all kinds In
creased and flourished and pros
perity was general hut everything
which republicans proposed met
with the virulent opposition Of
democrats. who have always de-
ciared. with melancholy consist
ency, that the country was being
ruined by the wicked republicans.
40 an example which must be ntill
IN the memory 90 New Mexlcan~.
OF the evil effect Of democratic
miamnnagemcf.t. We may recall
that dreadful period during tho
Cleveland administration, when tho
price Of IA principal product.
wool. went down to much less
than the cost Of production aud 30
low that wool buyers would not
advance money enough TO pay tho
freight on wool to easte.n mar
kcts. Many OF our wool growers
who who shipped their, wool On
commission to eastern dealers
found themselves. when their wool
was finally sold. indebted 10 their
agents rs tho wool did not bring
enough to pay the freight. storage
charges and commission. There
were instances OF some Of our
sheep e being sued by their
agents for balances dun, after tho
wool was sold.
Democratic Achievements
II may he asked whether tho
democratic party has never done
anything In national affairs beyond
mere opposition. and II must bc
admitted that II did initiate and
carried through n very I'M
portant movement just before the
middle of the nineteenth century.
aud that was In the wicked and
un1ustifiable war which we wagcL
neainst the Republic OF Mexico.
This was n wicked wnr because IL
only motive waA TO Increase the
territory In which hrman slavery
would be allowed. and II was un-
justifiabie because It wa an at
tack upon n sister republic, In
fcrior and III prepared In mcn aud
arms to Withstand such an attack
for which there was M no ndc-
quafe cause. II this connection. IL
may he we'll 10 remind you that
New Mexico might have become a
state 20 years ago. had Il not been
for the fact that It's people framed
n state constitution by one clause
Of which human slavery was for
ever prohibited.
Pruperly considered, the Mex
lean wrr adds nothing to the re-
cord OF the democratic party OF
which any true American can DO
proud.
In recent years Il has been
clnifned as n great achievement OF
That party that Il has established
h federal bank system,
but II did 80 with the assiatance
hnd cooperation Of republican
with whom the system really
originated. ! do not pretend to
he an authority ON banking qacs-
lions but ! believe. ns has been
frequently asserted and never de-
MED. that the federal reserve hnnk
system now In existence was
copied with hut little change from
the plan evolved by senator
Aidrlch, a republican. who In his
day was the object OF ms much In
h way Of democratic abuse ns
any man who has eve figured IN
public life In America. No demo-
Gratis In congress could he found
To advocate or support his ideas.
hut now the democratic party
claims great credit for having
put them Into actual operation.
~ has been shown by the ad-
dress Of ~ chairman. Mr..
PHILIPPE. tonight. the republican
party at IN. present time IL pur-
suing ifr wonted course OF for
ard-iookinE Improvement In the
administration OF the government,
aud as you all know II has met
with the steady and rcroiute op-
position Of the organized demo-
cratic party.
Therefore. tho question for de-
cision at the approaching election