Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1928-10-19
Gov. Smiths Kentucky Speech.

The following are excerpts from the
fOrceful speech of Alfred E. Smith, Demo-
cratic nominee for President. delivered at
Louisville on Saturday night last:
To my personal knowledge, the Repub-
lican party for thirty-fve years, lacking
an issue and unable to defend its past
performances. has always fallen back upon
the familiar cry Of Republican prosperity.
claiming credit for prosperous business
conditions and attempting to saddle upon
the Democratic party all blame for indus
trial depression and business conditions
over which no political party could exer-
else any control Running true to form
they are today making dire predictions as
to what will happen to the country in the
event of Democratic victory
If the American people will think back
over history, they will find financial panics
and business depressions have been as
frequent in Republican administrations as
in Democratic administrations. If in the
administration of Grover Cleveland the
ments. 1t must be borne in mind that the
crash came too soon after Inauguration to
be recognized as anything else than
heritage from President Harrison. A panic
occurred in the administration of President
Roosevelt in 1907. three years after his
election. The fact is that the most effec-
tive guarantee against panics ever enacted
by law was the Federal Reserve act, passed
in the Wilson administration. which the
Republican Secretary Of the Treasury &C.
knowledges gave the country the soundest
financial structure in its history" and lis
one OF the most important factors in the
effort toward world sterilization"
incidentally, let me say that the Repub-
leans gave but little ENCOURAGEMENT to
this great measure. When it came I'D in
the Senate originally for passage only three
Republican Senators voted for it. and but
one came from a State east of the Mssis-
sippi.
The Republican party seems to be I'M
able to avoid the temptation 10 misrep-
resent this condition. There was no bust
ness depression in the first four years of
the administration OF President Wilson.
The fact is, business was sufficiently pros
porous to warrant the American people in
re-electing President Wilson.
The Republican party and the Republi-
can candidate would have us believe that
the fact that we have a comparatively high
level OF wages in industry today is the
barometer Of prosperity in the country.
This | deny and take the Republican
candidates word for it when in his speech
of acceptance he said:
Although the agricultural, coal and tex
tile industries still lag in their recovery
and still require our solicitude and assist
ance. they have made substantial progress
What is the progress and where has il
been noted Certainly not in agriculture
II the Republican platform is right because
It recognizes the dire distress of our citi-
zens engaged in that industry. incidentally
one-third of the whole population of the
United States. The Republican slogan, nc
Republican tariff ever mortgaged farm,
does not make much of hit in the corr
belt and in the wheat country.
The textile industries are in straight.
ened financial circumstances and it /.
rumored that the proposed speech of the
Republican candidate in the city of Boston
is intended as an attempt to comfort those
engaged in that industry in the New En-
gland States. Whatever may be our wealth
10 spots, nobody can claim with any de
gree OF justice that our whole people ar,
passing through period of prosperity wher
debate in the Senate last winter brought
to the front statement not successful,
challenged or contradicted that 100000
men out Of work, representing with thei
dependents upward Of 100000 people
were suffering distress because of unem
plOyment.
Certainly nobody can say that we are
passing through a period of wonderful
prosperity when there is recorded $50
bank failures last year. with total liabili-
ties of over $270 000. 900. almost entireI,
In the agricultural regions. as compared
with forty-nine such failures during the
last year Of the Wilson Administration
and when ruined farm people are beins
driven from their homes at the rate OF
about 100000 per annum.
The Republican party struggles hard to
make us believe that they are entitled tc
the credit for the new standard of Amer
icsn wages and American living condi-
lions. II requires but the exercise OF
ordinary conmon sense to know that this
standard of wages and OF living conditions
was fixed during the war and during the
Administration Of President Wilson.
In the first place, the war meant ces
sation of immigration. That naturally
narrowed the American labor market In
the second place. the war parayzed for
eign competition and that left free field
for American production. From both con-
ditions grew new American prosperity
and an unexpected enlargement of our
domestic market. In the meantime the
prosperity Of the rest of the world van
ished. The result was that the whole
American economic structure during the
Wilson Administration was raised to
new plane Of prosperity and created a
marked difference between American
standards Of living and American wages
and those Of other countries.
To preserve this American standard
against ruinous inflow from the depressed
world two things were necessary First, a
restriction upon immigration and, second,
tariff sufficiently high to protect Ameri-
can industry and American labor from the
starvation wages Of less fortunate coun-
tries.
Let US briefly review the history Of tariff