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The Commoner
VOL. 16, NO.
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publican speaker could threaten a panic and
how a republican voter could bo frightened by
tho threat. Wo have only had threo panics in
this country since tho republican party was big
enough to bring a panic. Tho panic of '73 camo
twolvo years after tho republicans took control
of tho government and elovon years boforo a
democratic president was elected In 1884 in
tho vory center of a twenty-four year period of
republican power. Tho democratic party can not
bo hold responsible for that panic, and therefore
that panic is never referred to by republican
Bporekors. That was the first. Tho last one
camo in 1907, cloven years after tho republican
party came Into power In '9G and live years be
fore tho democrats came into power in 1912. So
there, two-thirds of the way through another re
publican porlod, camo tho last panic. Tho demo
cratic party can not bo held responsible for
that panic, and therefore, republican speakers
nover roferrcd to it. Republican speakors wore
so near-sighted that they could not gee tho first
panic, and ho far-sighted that thoy could not seo
the last panic, but their eyes wore fixed upon the
one between tho two. That was tho only one
thoy could see. Why? Because tho panic of
'93 was tho only one of tho threo that came
under a democratic president, and that panic
was In such a hurry to como that It could not
wait for a single law to bo repealed. It camo
under republican laws.
Thoso are tho three panics within tho last fifty
yoars, two of them coming under republican
presidents and tho third one coming under re
publican laws. Tho democrats won in 1912 and
roduced the tariff, and there has been no panic.
Ry.en an unprecedented war in Europe has not
VWt WOOL ANJJ tni,M
Their specific predictions have failed aB well'
as their general prophecies. Free wool has not
killed tho sheep industry. Tho only republicans
who havo suffered under free wool are thoso
who, following tno advice or republican orators,
sold their sheep and thus allowed democrats to
get tho benefit of tho rise in wool and mutton.
Under freo hides a republican farmer can now
sell a steer's hide for nearly as much aB ho used
to get for tho stoer.
Republicans used to say that tho
Lord was in partnership with the re
publican party, and that, as ovldenco of it, He
gave good crops when tho people voted the re
publican ticket. I am authorized to announce
that, if there over was any partnership between
tho Lord and tho republican party, it has been
dissolvod and not by mutual consent either,
but by bankruptcy proceedings. Last year wo
sold our crop for six hundred millions more than
wo ever recoivod for a crop boforo, and wo had
a democratic President, a democratic house and
a democratic senate, If that crop had como
under a republican president, the only repub
lican argument this year would havo been "Don't
risk voting the democratic ticket after such a
crop as that." Tho panic scare is gone, and tho
voter is now free to vote as ho pleases.
THE INCOME TAX
As part of that tariff law we havo an income
tax law; that is 'the second re
form to which I call your attention. Tho
democratic party has taken $150,000,000 from
the backs of the struggling poor and put it on
the incomes of the rich. This would not havo
been possible but for an income tax amendment
to the constitution; and you should not forgot
that the democrats led the fight for this income
tax amendment. Two governors, who havo
since become prominent in national politics, ex
pressed themselves on this amendment, Gov
ernor Wilson of New Jersey and Governor
Hughes of Now York. Governor Wilson sent a
message to his legislature asking them to ratify
that income tax amendment, and, at about the
same time, Governor Hughes sent a message to
his legislature asking them NOT to ratify tho
amendment. Thero you have these two men
standing on opposite sides of a great question
Tho country stood with Woodrow Wilson, and
therefore you havo an amendment to the con
stitution. Three-fourths of the states of this
Uniondemocrats and republicans followed
tho advice of Woodrow Wilson and less than
one-fourth followed tho advice of Governor"
Hughes of Now York. That is a great reform
and you never would havo had it if the renuh
licans had retained control of the federal gov
ernment. Thoy would not have -given us an in
come tax. Why? Because their leaders were
liko Governor Hughes, under obligation to these
great corporate interests and to tho owners of
great incomes.
CURRENCY REFORM
Then thoy took up the currency question, and
I remind you that what the democratic party
has dono on currency the republican party had
a chance to do for sixteen years while in control
in the White house, senate and house. Repub
licans talked about currency reform; why did
they not give it to you? Because the leaders
were tied to Wall street. It was not until you
had a President who was freo, and a senate and
house to support him, that you could secure that
reform. No man since Andrew Jackson has had
to faco such a financial combination as our
President had to face, and no man not even
Jackson ever showed more courage than
Woodrow Wilson did in making this fight for
tho people. The great banking interests, con
trolling the association of bankers, met and
protested against this law, and at one time they
thought thoy had formed a combination that
could defeat it. They began to bring
pressure to bear upon the congressmen through
business interests. They deliberately attempted
to withdraw loans and restrict credit, and thus
embarrass tho business of a nation in order to
force the abandonment of this law. When Mr.
McAdoo found out, from evidence coming in
from all sections, that it was a deliberate and
organized effort, he went to the White house
and I remind you that that is the first time for
many years that a secretary went in that direc
tion in time of embarrassment. They had been
in the habit of going to Wall street when any
thing went wrong. This secretary went to the
tlnnQriVftuse aml after a few minutes conversa
tion WlUfl LUO - . i .. i t . V i
nnt imvfl nf o ctoft.1 .McAdoo went back
ana gave out a statement whicn it$ u n 4.A
m our financial history. It reads something like
tXllS r
"ir any community anywiiera e i. nPGd of
any money, it need not go to Wall street, but
can come to Washington, and this government,
which belongs to all tho people, -will stand by
the community until the emergency Is past."
That is what it means to have the White house
on tho side of the people. And what did tho V
panic do? It "folded its tent like the Arab, and
silently stole away." Hero we have a great law
that the President and congress secured in spite
of the money power. Instead of having one fi
nancial center -we have twelve, and they are
linked together In Washington, not in New
York, and they are in the control of men ap
pointed by the President. The nation's business
no longer is dominated by a few men in New
York, and when this law broke the despotism
of these men over the business of the country,
it also put an end to their tyranny over the pol
itics of a nation. That is what this law did.
But remember that if you elect a President
w,50.lB n;ympatny with Wall street he can ap
point Wall street men as officers of the reserve
nUl? and tYutB turn over t0 Wal1 street the
machinery fashioned to relieve the people from
tho tyranny and despotism of Wall street. The
Currency law is the third great reform.
RURAL CREDITS LAW
uJf a coi?Pai;ion t0 t we have the Rural Cred
its law. Th b is the greatest piece of legislation
aver enaced for tho benefit of the farmers of
the United States. It is the first time t5s gov
ernment has ever attempted in a large way to
relieve the farmer's financial needs gov
ernment puts millions back of these land bank!
if necessary to their success. These bonds wili
furnish the money that will be loaned to Tho
farmers, and on which they will have to nnv
not more than one per cent above the intevelt
paid on the bonds issued. And what wil the
bonds sell for? They will become the giU "deed
securities of the United States, ai their mar
T,To1Uein fix the intereat te on the bos
thr? ofTe earsnTf '
ing commissions renewals CL T"
new law he can borrow oXTy years tfme with
of security. ThtaSo toSrtt refo'rnT
TRADE COMMISSION
which exercise somo such authority over in,
trial enterprises ag the interstate coi '
commission exercise over interstate railways
ANTI-TRUST LAW
The second anti-trust law defines tho ,i
that are objectionable and layg the ax a? T
root of the tree of private monopoly
I remind you that the republican partv hn.
never gone beyond the proposition that trust!
ought to be REGULATED, and they have nevt
properly regulated them because they allownJ
the trust to select the regulators. Why adnm
a burglar into your house, and then stay awaL
all night to keep him from stealing? That 1b
the theory on which the republicans act on th!
trust question. They want to allow trusts to
exist although they know that trusts exist for
no other purpose than to plunder the public.
Mr. Hughes was the leading defender of Mr'
Taft's trust policy eight years ago when every
trust in tho country was supporting Mr. Taft
The democratic party has given you' the only
anti-trust platform that is soundand that is
"that a private monopoly is indefensible and in'
tolerable." The President put those very words
in his message to congress on the trust question
Even before he sent that message he had put
those very words in his speech of acceptance
and before those words had been used in his
speech of acceptance they had appeared four
times in tho national platform of tho democratic
party, beginning with 1900. Here is a platform
here is a policy, and the President has com
menced to carry it out. In that anti-trust law
thero is a provision against "government by in
junction," put there for the benefit of the la
boring man, and remember that the demo
cratic party is the first party that has drawn the
line between a man with a soul and the inani
mate matter which tho former anti-trust law
was intended to control.
ABOLISHED GOVERNMENT BY INJUNCTION
Do you know what it is that it has taken
nubftoavi0 secure? -What it is that the re
publicans nave Oppuul-U U.Sril.Lcl Uio 4cll
you it is just this simple proposition, that a
laboring man shall not be denied right guar
anteed to a thief. That is all. Our constitu
tions sar that no matter how often a man has
been convicted of felony he shall have the right
of trial by jury if he is prosecuted again. You
can not take it from him. Under government
by injunction the laboring man was not permit
ted to have a trial by jury in case he was charged
with contempt, but our anti-trust law says that,
ii this alleged contempt was committed outside
tlio presence of the court and has to be cstab
lished by testimony, the laboring man shall havo
the same right that a thief, a burglar, or any
one else has when charged with a crime name
ly, that he can not be convicted until a jury finds
mm guilty on the evidence presented. That is
what tho democratic party has done for labor,
and no wonder the laboring man regards the
administration as his friend yet it has done no
more than ought to be done.
THE SHIPPING LAW
. Nexfcjthe President secured the. passage of the
Shipping bill. Do you know why it was neces
sary? Let me tell you. International law seems to
have been written for the benefit of nations at
war, not for the benefit of nations at peace.
When this war began two years ago, ono side
drove the merchantmen of tho other side from
the ocean, and there in our harbors these ves
sels must remain, idle and useless, until this war
ends, no matter how muph we suffer for lack
of ships. That is international law, aud not
only that, but the nations that have deprived us
of these ships are under no obligation to fur
nish ships to take the place of those they havo
driven from the sea, but can withdraw their
own vessels for transport servicfe, and to some
extent they have done so, thus further crippling
the carrying trade of the ocean. Because of
scarcity of ships and because of increased risks,
it has sometimes, cost us seven times as much to
carry a bale of cotton across the ocean as it cost
before the war. I know of one case where a
man boughta ship, ana the freight rates col
lected on one cargo more than paid for the ship.
Last March the secretary of commerce an
nounced that we were then paying nine times as
much to transport a hushel of wheat from New
York to Liverpool as it had cost two years be
fore, five times as much for Hour, and four times
as much for provisions. . The President proposed
i
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