w r- "
fc"TV-T''TT- - --- wrjj
MMnMinHVHiniiipii
- -taipr'--1 fw r ' -rwj
sy jwmwp - a
NOVEMBER IS, lYo
5
1
Practical Tariff Talks
One of the schedules upon which much jug
glery was practiced was that relating to cotton
tariffs. Under the pretence of readjustment,
a general increase in the schedule was secured,
ranging from a negllble lncreaso to 459.6 per
cent on bleached cloths. The theory of the pro
tectionist is that a' duty is levied to protect
American labor and to build up industries until
they have got beyond the infant stage. This
naturally raises the inquiry, when does an in
dustry become so largo and so profitable that
it is no longer an Infant and in need of protec
tion? Under the old schedules the cotton in
dustry, which has never yet been accused of
being gobbled up by a trust, seems to have been
doing very well.
The state of Massachusetts requires all cor
porations to file full reports of their business
annually. Rhode Island, where Senator Aldrich
reigns, has no such law, and no statistics are,
therefore, available from that state, as they are
from Massachusetts. From those we learn that
the Dartmouth Cotton company in 1907 paid a
cash dividend of 16 per cent and a stock divi
dend of 60 per cent; the Troy Cotton and
Woolen Manufacturing company paid 67 per
cent the same year; the Acushnet company has
averaged 21 per cent a year" for nine years, and
in addition in 1907 paid 66 per cent; the Massa
chusetts Cotton Mills of Lowell paid 8 per cent
in 1907 and set aside 33 per tient to surplus;
the American Linen company of Fall River paid
30 per cent; the Tecumseh Mills 34 per cent;
the Border City Manufacturing company earned
37 per cent; the Pierce Manufacturing com
pany of New Bedford 32 per cent; the Hathaway
company 40 per cent; the Union Cotton Manu
facturing company 46 per cent; the Sagamore
Manufacturing company 48 per cent; the
Bourne Mills 49 per cent.
Then there is the Algonquin Printing com
pany, engaged in the making of cotton fabrics.
It, was organized in 1893, under the Wilson law,
in the days of the big panic, with a capital stock
of $500,000. It had on hand in 1907 a surplus
of $750,000, and during the last nine years its
net earnings have aggregated 607 per cent, more
than six times its capitalization. Its average
annual return to the stockholders during those
nine years has been 67 per cent. These state
ments were made on the floor of the senate,
along with many others, by Senator Gore of
Oklahoma. He challenged any member or any
person to dispute their accuracy. The pages of
the Congressional Record will bo searched In
vain for any reply to this challenge. The day
previous Senator Lodge of Massachusetts had
attempted to defend the earnings of the cotton
manufacturers as modest and moderate, and
Senator Gore then drew the records upon him.
And after that the senate voted to increase the
tariff on cotton cloths and cotton manufactures
generally.
The explanation is not a difficult one. These
new schedules were prepared by the cotton man
ufacturers themselves. Any person desiring
the facts for himself they are too long to re
cite here can find them on pages 5238 and
5239 of the Congressional Record for August 6,
1909. A committee of cotton men presented
two paragraphs defining the terms used in the
tariff Mil relating to cotton cloths. The house
accepted them and incorporated them in the
bill. Chairman Payne later discovered that it
was intended to more than double certain duties.
He rose in the house and had it stricken out.
When the bill came from Aldrich's committee
In the senate it had again been inserted. A
fight was made on it and It was eliminated.
When the hill came back from conference it
was there again in a new guise. And it is there
now, in the completed bill. The cotton indus
try was proven by Senator Gore's figures to be
highly prosperous, but the senate gave it in
creased protection. It was proved later by Sen
ator Dolliver that the schedules were dictated
by the cotton manufacturers, but they were not
struck out. The revision in this schedule was
upward, and President Taft, who promised
downward revision, made no effort to have It
changed when the bill got into conference, but
signed it as it was drawn by the manufacturers.
C. Q. D.
The Commoner.
' A CENTRAL BANK OP ISSUE
jrhl8??e.och at Boston President Taft said:
Mr. Aldrich states that thero aro two indis
putable requirements in any plan to bo adoptod
involving a central bank of issue. Tho one is
tnat tho control of tho monetary systom shall
bo kept from Wall Street influences and tho
other that it shall not bo manipulated for po
litical purposes. Theso aro two principles to
which wo can all subscribe."
Referring to this address tho Dubuquo (Iowa)
Telegraph-Herald says:
"Mr. Aldrich will recommend a central bank
of Issuo, which is to say that wo shall have such
a bank, to bo created probably at tho noxt ses
sion of congress. Thereafter tho one thing re
maining to glvo Wall Street absolute, direct
control of tho money of tho country will bo
supplied. It has been impossible to keop tho
United States treasury freo from tho control of
Wall Street interests and manipulation for po
litical purposes. Whenever Wall Stroot has
needed tho government's money it has got it.
During tho panic of two years ago it received
$180,000,000 of tho people's monoy without in
terest. J. Pierpont Morgan secured all tho cash
ho needed to acquiro control of tho steel trust's
most formidable competitor, tho Tennosseo Coal
and Iron company, from tho United States treas
ury. Tho cash sent from Washington into Wall
Street a year ago last October was sold at a
premium. It was loaned at rates as high as 125
per cent. For the use of this monoy tho gov
ernment received nothing.
"Leslie M. Shaw established tho custom of
loaning-out the surplus to Wall Street without
charge and set tho precedent of accepting as
security for such loans other bonds than those
of the United States government.
"Mr. Roosevelt made his campaign manager,
George B. Cortelyou, secretary of tho treasury,
and Cortelyou paid back in governmental favors
for the aid rendered by Wall Street to tho Roose
velt campaign.
"As the New York World says: 'When tho
United States treasury can not be kept freo from
such influences, what hope Is thero in a central
bank of issuo with power to expand or contract
the currency at will? If tho currency system
can only be reformed by substituting a greater
for a lesser evil, it had better bo left unregenor
ated.' "Let the government give to a central bank
of issue power of control over tho money of tho
country, and it will bo found that Wall Street
will control tho bank."
ILLITERATE WHITES
Southern educators are from time to time
calling attention to tho fact that tho people of
the north have had their attention called more
frequently to the illlterato blacks of tho south
than to the illiterate whites. It is not so gen
erally known that in the mountain sections of
the south there are a great many illiterate
whites. A number of schools have been estab
lished in these sections for the express purpose
of reaching the whites. The philanthropy of tho
northern people Is being invited to consider the
needs of theso places, and the invitation is be
ing pressed with Increased earnestness. Charity,
when enlightened, seeks its level, and there are
some depressions In tho routhern Alleghanles
which must sooner or later be filled. The south
has accomplished wonders in recuperating from
the losses of tho war, and it Is only fair that
the good will of the north shall find expression
in generous helpfulness along a line so essential
to the general welfare of the union.
A FINE THOUGHT
J. G. Alden, postmaster at Aurora, Nebraska,
wroto for a local newspaper this fine thought:
"My three-year-old son stood enraptured
watching the setting of the sun. It was a
glorious sunset. The great orb hung low in
tho western sky and all the west was bathed
in a flame of golden light. It was such a sun
set aB artists attempt to convey to their canvas.
I was busy with somo trivial matter at hand
when a little voice interrupted me: 'Papa, is
that our sun?' Tho lad's face was aglow with
the pleasure of the sight. I hesitated a mo
ment and then replied: 'Yes, my boy, that's
our sun.' 'And no one can take it away from
us?' he rejoined. 'No, son, no one can take it
away.' He was satisfied and turned to his play.
But his question brought to my mind a train
of thought that would not leave. How many of
us go blindly through life, groping our way
amid the things of the earth, training our eyes
to pierce the darkness rather than enjoy the
light, and taking a meagre portion of our share
of tho plonaures of llfo when It is ours to know
and possess a thousand blessings of nnturo put
hero for us by a loving Creator. Our's Is the
golden aunot, but wo do not aoo It. Oiir'n Ji?
the sight of tho waving green and tho bloom
of tho llowors, but wo heed them not. The
song of tho birds and tho music of tho brooks
woro rnado for our cars, but wo hear thorn not.
Our minds nro full of tho sordid thoughts of
lira and business, bo crowded with dally care
that wo miss tho glories of nnturo and th
blessed inspiration which thoy bring. Wo need
the voice of tho child to awaken us to nn Inter
est In tho beauties of God's wonderful croatlon,
and need to fool as did tho llttlo lad that tho
beautiful sunsot wan mado for our onjoymont
nnd nono may deny tho sight to us."
SHIP SUBSIDY EXPOSED
Mr. Robert Dollnr, owner of tho Dollar lino
of steamships operating out of Pacific coast
ports, has just supplied tho San Francisco Com
mercial News with tho most valuable and In
teresting communication that has yet appeared
on tho American ship problem. Thoro Is noth
ing theoretical or academic about Mr.
Dollars views on American shipping, and
in tho articlo referred to ho confines his
efforts to presentation of tho lmro facts.
Lvon a superficial glanco ovor Mr. Dollar's fig
ures, which aro all taken from his regular ledger
accounts, explains why this country can not do
business on tho high seas, In competition with
other nations. Tho British steamship Hazel
Dollar, a vessel of 7,220 tons dead weight ca
pacity, cost Mr. Dollar $200,000, and tho best
bid ho could get from an Amorican yard was
$430,000.
Tho Amorican steamer Stanloy Dollar cost
$184,000 to build, and American builders now
want $220,000 to duplicate tho vcssol. At tho
samo time a Scotch Arm offers to build a dupli
cate of the Stanley dollar for $100,800. Thus
In tho case of tho Hazel Dollar, the vessel would
have cost over $200,000 more If Mr. Dollar had
bought tho vessel from an Amorican builder.
On this extra cost intorest would have run dur
ing the life of tho Vessel. Tho higher salaries
paid tho officers on tho Amorican ships aro of
less importance, amounting to but $205 per
month. An extra engineer, three oilers and
two water tenders, which cur government in
sists must bo carried on Amorican vobrqIb, aro'
not employed on the foreign vessofl of tho Dollar
lino, and on this Item there Is a saving of about
$7,000 per year.
Perhaps tho most striking feature of Mr.
Dollar's exhibit is the statement of cost of oper
ation for ono year of tho British steamer Hazel
Dollar and the Amorican steamer Grace Dollar.
Tho latter Is a diminutive coaster of but 289
tons net register, and hor annual operating ex
penses were $23,574.55 The Hazel Dollar Is a
big freighter of 3,582 tons net register, and hor
operating expenses for tho same period wero
$24,000.05. Mr. Dollar Is now negotiating for
a cargo steamer of 8,000 tons dead weight ca
pacity, and has a price of $223,000 from a
Scotch firm, while a Pacific const firm of build
ers put In a bid of $500,000 for tho vessel. Theso
figures refuto tho shopworn argument that tho
cost of an American vessel Is only 25 per cent to
30 per cent more than that of tho foreign ves
sels, and show quite effectively the Impossibility
of granting a subsidy large enough to offset tho
enormous advantage which the foreigners havo
In tho original cost of tho vessel.
An excellent suggestion as to how we can se
cure a merchant marine In short order Is found
in Mr. Dollar's statement: "There are ovor
1,000,000 gross tons of ships owned by American
citizens that are compelled to fly tho flags of
foreign nations, thereby Increasing their tonnage
with what rightfully belongs to this country."
Plain facts of this nature may not prevent tho
subsidy steal, but they will servo to intensify
the feeling against tho men who aro boosting it.
. Portland Oregonlan, Rep.
A GOOD OLD BOOK
Thero Is no book llko the Bible. Nowhere
can we find such truth or find truth so well ex
pressed. Aside from the wonderful literature
of the Old Testament wo find In the New Testa
ment tho moral code which Is destined to con
quer the world. Tho conception of life which
Christ presented by precept and example Is tho
world's great need, a conception In which great
ness Is measured by service and happiness la
found In doing good. Tho moral awakening
upon which we are entering is due primarily, to
tho increased application of Christianity to daily
life and to the problems which present them
selves to this generation.
1
V
'
1
m
i
i
i
I
SI
m
a
m
k.mmnme42A-i jw..MS '