FAR REACHING ECONOMIC CHANGES Will Be Created in This Country When Europe Resumes Full Industrial Production. Boston Commercial Bulletin, September 11. A railroad official of prominent banking connections informs the Bulletin that the great majority of bankers with whom he comes in contact express the belief that the country is entering upon perhaps the most prosperous era in its history. Singularly enough, however, he confesses that he is not altogether certain that the bankers in question fully realize that the ending of the war is bound to be followed by the most far-reaching economic changes. Our present prosperity is based very largely upon the biggest and most profitable foreign trade in our history. For the seven months ending with July of last year our exports of merchandise were $60,388,789 more than our imports. For the corresponding period this year the excess of exports was no less than $960,878,054, or about sixteen times as large. Hence, whereas during the first seven months of 1914 we exported $83,508,822 more gold than we imported, we imported $152,413,112 more gold than we exported for the same period in 1915. Now as there is no question that this remarkable transformation is the result solely of the war, it is clear that the termination of the war is very likely to witness the beginning of a pronounced change in the opposite direction. Is it safe to assume that this change will accelerate rather than check the rising tide of prosperity? Of course great emphasis is laid on the contention that so much property will have been destroyed by the war that in order to repair and rehabilitate its household Europe will be obliged to make abnormally heavy purchases in the United States long after the war is over. It does not seem to us, however, that this view is so sound as the opposite view, viz., that Europe will be so impoverished and weighed down with debt that it will be compelled to practise a rigid economy for many a year to come. Furthermore, whereas a disproportionately large part of Europe's working population is now engaged in purely destructive enterprise, the end of the war will witness the restoration of millions of working men to gainful occupations and thus inevitably curtail the present foreign demand for the products of American capital and labor. Indeed, owing to the sweeping reduction in Tariff duties which was effected by the present administration and which had begun to cost American business enterprise dearly before the war came to our economic rescue, it is not improbable that our manufacturers will have to put up a stiff fight to hold their present position in the home market itself. It is not safe to be too dogmatic one way or the other on the matter, for the present war has completely exploded more than our long-cherished economic proposition. In view of this uncertainty, however, it will hardly be disputed that the wisest thing for American industry and finance to do is to prepare now for untoward developments upon the termination of hostilities. In other words, let the country adopt a policy of business as well as military preparedness. Neither necessarily foreshadows the eventualities which it is designed to met. An Army of the Unemployed. According to Director Cooke, of the Department of Public Works, a census of the unemployed which was taken in the spring of the year demonstrated that at that time 79,000 wage earners in Philadelphia were out of employment. This means that the number of men who were willing to work and were unable to get it was as large as the regular army of the United States. There is good reason for thinking that conditions have improved vastly since that time and that we will enter on the coming winter with more hope and confidence. It pays to be optimistic, and the proper spirit is to go steadily forward in the belief that things will eventually right themselves. But what are we to think of the party and the policies which were mainly responsible for bringing about this distressing state of affairs It was but natural that the building trades should be dull during the winter months, but aside from this the impartial figures of the director show that the greatest percentage of unemployment was in the textile industries. The workers in the mill districts were the first to feel the disastrous effects of the Democratic Tariff, and they will be the last to recover. This in spite of the silly promises of the Democratic orators that these men would be better off under a low than a Protective Tariff. The war orders have offset the general depression and the stoppage of imports has minimized the effects of the Underwood bill, but we have had a sufficiently impressive object lesson to last for many years to come.-Philadelphia Inquirer. Cannot Be Sidetracked. The Wilson campaign was got ready for launching somewhat prematurely; his eager supporters should have waited till Germany's last reply was in hand. Meantime it may be well to understand that the Tariff issue cannot be sidetracked by any tedious diplomatic transaction. Morgan City (La.) Outlook. OUR Free-Trade administration requested Austria to recall its ambassador because his purpose here was to conspire to cripple legitimate American industries; but what does the administration call its present business-wrecking Free-Trade farce but an industry torpedo? SADDLING A DEBT UPON POSTERITY. Free-Traders Think a Bond Issue Pref. erable to the Restoration of Protective Duties. New Orleans American, September 1. The present Chief Executive is reported as taking the ground that a bond issue is preferable to an amended Tariff law. We must admire the boldness of the attitude, but cannot refrain from doubting its prudence. All well enough for Danton in an inflamed Paris to exclaim: "De l'audace, encore de l'audace, toujours de l'audace," and to get away with it. But Woodrow Wilson has no antonesque element in his composition, and the people of the United States are not inflamed. It requires more than audacity to put through a proposition to saddle a debt upon posterity in order to conceal or in order to remedy a great big blunder like the "Underwood per Simmons" Tariff law. Political wind-jammers, like Hoke der Kaiser Smith, quondam failure as Secretary of the Interior in 1893, grow virtuously indignant over the low price of cottor and attribute it to the British declaration of "contraband," when in point of fact had there been no war at all the price would have been lower, due to the fact that the duty on yarns and fabrics had been reduced. Mr. Cotton Producer goes to Mr. Cotton Spinner and says: "Why don't you pay me more for my cotton?" Mr. Cotton Spinner replies: The men who represent you in Congress deliberately cut down the duty which Protected me, which enabled me to sell my product in competition with foreign yarns and foreign cloth, and realize a profit, and you flung up your sweaty nightcap, and now you come to me. whose representatives in Congress saw the folly of such an act, and ask me to pay more for your product, which is my raw material. Go 'way back and sit down until you learn who your friends are. Mr. Wilson would rather issue bonds! Forsooth, he is a nincompoop. Issue bonds in time of peace, when revenue can be derived by the legitimate imposition of duty on imports! Does he not remember the odium that attached, and still attaches, to Mr. Cleveland's ad.ministration for just such a piece of stupidity? You say: "He is advised to pursue that course." Advised by whom? Bryan has fled the camp; it is said that Garrison and Redfield are hunting cover. Does all the wisdom of the ages reside in the brain of McAdoo, the hero of a hole in the ground? It is time for the press to sit up and take notice. Time for "My policy" to be met with the challenge, "Your duty." Let the common voice be heard condemning bond issues and approving Tariff revised, and the stern command go out to the Chief Executive: "Damn your policy; do your duty!" THE MILLENNIUM HAS NOT YET COME. He Who Looks Not First After His Own Household Is Worse Than an Infidel. Muncie (Ind.) National Republican, August 14. The Boston Christian Science Monitor boasts a Free-Trade editor, who loses no opportunity to "knock" the Protective policy. The Monitor pronounces "the procurement of national prosperity" "an unworthy aspiration." The Monitor con tinues: Protection is losing friends and force every. where because it is an inherently selfish doctrine, since its aim is first to consider the welfare of some particular nation. If the editor of the Monitor will drop his Adam Smith and take up the Bible he will discover the doctrine that he who looks not first after his own household is worse than an infidel. If he will drop his psychology and take up the returns of the last Congressional elections, even right under his own nose, he will find that Protection is not losing, but gaining friends under the present burdensome national trial of the alternative policy. In his farewell address Washington commended the Union as the main support of "the prosperity" of the American people. Evidently the Father of his Country did not realize that the prosperity of the American people was an "unworthy aspiration." He and all the other founders and fathers of the republic were Protectionists. When a Free-Trader is frank he confesses his lack of patriotism and disavows the desire that his country shall prosper more than others, as in this case. All he desires is that he shall be enabled to buy something cheap. There is a sturdier Americanism abroad in the land which believes that a nation has no higher duty than that of looking after the Protection and prosperity of those whose loyalty gives to that nation Protection and permanency. Among the nations self-interest will cease when it ceases as among individuals. When that glad millennial time arrives the necessity of nations and of statutes will have come to an end, for "each citizen," as Emerson said, "will be the center of his own republic, like that of Plato and of Christ." But that time hasn't come yet, even in Boston-even in a Free-Trade newspaper office in Boston-where the root of all evil and the emblem of human selfishness still jingles in the counting room, and in the pocket each Saturday night of the high browed journalist who writes the dreamy editorials of a sublimated altruism. A Plain Business Proposition. What Mr. Edison and others apprehend is that as soon as the war ends the foreign producers, to regain their lost trade, will flood our market with dyestuffs at CHENEY For everybody and prices with which American makers of dyestuffs cannot compete. Such is pretty certain to be the result unless an adequate Protective duty is imposed. It is a plain business proposition. It remains to be seen whether Congress and the President will recognize American interest to the extent of helping this country to free itself from dependence on others.-Troy Times. A Dreary Picture. The August 26 issue of the Berlin Konfektionaer presents a dreary picture of the American woolen industry: Early in June about 40 per cent. of all weaving looms in the respective factories stood idle, but since then business has declined so much that the number of idle looms should now amount to about 60 per cent. on the average. Lawrence, Mass., naturally feels this depres sion most. In the three giant establishments there, the American Woolen Co., the Ayer, Wood and the Washington Mills, only about 20 per cent, of the looms are supposed to be active. The Arlington Mills, the next largest concern, is also in operation only at about onethird of capacity, likewise the Pacific Mills, which were closed during the whole of last week. Even the Amoskeag Manufacturing Co. for the first time at this season, had found it advisable to reduce its production substantially, and has now been compelled to close entirely, as noted. The blame for this unsatisfactory condition of business is placed by the manufacturers upon the Democratic party's Tariff, by virtue of whose low rates up to the beginning of the war a flood of imports inundated the country, so that the price of domestic goods was reduced below a point that yielded sufficient returns and the whole woolen industry suffered heavily. As long as the war lasts, the American industry is freed from this dangerous competition. But it has not been able to recuperate from the last shock, and moreover, manufacturers have all reason to expect an even keener and more dangerous com petition on the part of Europe, who will cut prices to capture the American markets after the war ends.-New York Daily Trade Record. Surest Thing You Know. And all business keep alive. If men are to have good wages, Whatever brightening of the industrial sky now appears is caused by two things, the European war and its need of American goods, and the counting upon a Republican victory in the nation in 1916. Take away those causes and American business days would be dark indeed.Nyack (N. Y.) Journal. every purpose-Manu SILKS facturer or Merchant. Man or Woman. THE DUNLAP SILK UMBRELLA 176 and 180 Fifth Ave., bet. 22d and 23d Sts. 171 Broadway, near Cortlandt St., NEW YORK The Wellington CHICAGO. 914 Chestnut Street, PHILADELPHIA. Agencies in All Principal Cities of the World Coward "REO. U. s. PAT. QUE "A Friend to Your Feet" Made in American Factory SOLD NOWHERE ELSE JAMES S. COWARD 264-274 Greenwich St., N. Y. (Near Warren St.) DEVOTED TO THE PROTECTION OF AMERICAN LABOR AND INDUSTRIES. H. A. METZ & CO. Aniline and Alizarine Colors, Bole Licensees and Importers of the Products of 122 Hudson Street, New York, N. Y. 104 Chestnut Street, Philadelphia, Pa. 23 So. Main Street, Providence, R. I. 317 No. Clark Street, Chicago, Ill. 210 So. Tyron Street, Charlotte, N. C. 1418 Empire Building, Atlanta, Ga. 20-22 Natoma Street, San Francisco, Cal. 45 Alexander Street, Montreal, Canada 28 Wellington Street, Toronto, Canada MEMBERSHIPS IN THE AMERICAN PROTECTIVE TARIFF LEAGUE EXPLAINED BY THE FOLLOWING PLEDGE: THE UNDERSIGNED HEREBY DECLARES his devotion to American Industrial Independence and pledges himself to pay to the AMERICAN PROTECTIVE TARIFF LEAGUE, annually, the sum of One Hundred Dollars (or so much thereof as may be called for in any year by the Executive Committee), with the privilege of terminating this obligation for future years by giving notice in writing to the General Secretary of the League at any time on or before the 31st day of December of the then current year. THE LINEN THREAD COMPANY FLAX THREADS and YARNS 96-98 FRANKLIN ST., NEW YORK BOSTON, CHICAGO, PHILADELPHIA, ST. LOUIS, CINCINNATI, SAN FRANCISCO. Encourage Home Industry, Especially when you find it to your business interests to do so. We make all grades of fine Tissue Paper, such as Grass Bleached Silver Tissue. Copying Papers in endless variety. Cigarette Papers of every kind, etc., etc. All "as good as the best imported." For samples address DIAMOND MILLS PAPER CO. 44 Murray Street, New York The American Protective 339 Broadway, New York, will furnish gratuitously information and facts on any phase of the Tariff question on postal card request. "Protective Tariff Cyclopedia" in abridged form has been issued by The American Protective Tariff League, New York. The volume as issued consists of the Underwood and Payne-Aldrich Tariff Laws carefully compared, giving every rate of duty in both laws and completely indexed. The book consists of one hundred and sixty pages. Price postpaid, One Dollar ($1.00). Address W. F. Wakeman, Sec., MINES OF INFORMATION Are Daily Reported by the Host of American Consular and Diplomatic Officers all over the World THIS INFORMATION IS FREE But it is reserved for those of Discernment and Enterprise who Want It. For a small annual fee I transmit to you the Instant they are available All Foreign Trade Opportunities and "Reserved Information" relating to Your Business. C. E. RICHARDSON (Foreign Trade Department), 822 Riggs Building, Washington, D. C. L. F. Dommerich & Co. FACTORS AND COMMISSION MERCHANTS 254 Fourth Avenue New York Miller Bros.' Steel Pens Are American and the Best STEEL PENS, INK ERASERS & POCKET CUTLERY M. A. HANNA & CO. Coal, Iron Ore and Pig Iron CLEVELAND, OHIO HARVARD UNIVERSITY LECTURES ON PROTECTION TO HOME INDUSTRY. By Dr. Robert Ellis Thompson. President of the Central High School, Philadelphia These lectures were delivered in Harvard University by appointment of the Corporation and Overseers, that the students might hear what was to be said for the policy not favored by the Professors of Political Economy of that institution. They state the case for Protection in a clear and scientific way, so as to conciliate the prejudices of those who know the Protectionist theory only through the misrepresentation of its enemies. Only a few copies of original edition can be had. One Dollar a copy, postpaid. American Protective Tariff League 339 Broadway, New York, N. Y. THE UNITED STATES GOVERNMENT fixes the price of its postage stamps and makes it a crime for anyone to sell them at a discount; the manufacturer who fixes the price of an article,making it the same to everybody,so that the smallest child can be sent to the store to buy it with knowledge of its cost, is not permitted to do this. Is it fair? -John A. Sleicher, "Leslie's" PACKARD MOTOR CAR COMPANY Lincoln Highway Contributor Ask the man who owns one TARIFF LITERATURE [October 1, 1915. We give below the complete list of the DEFENDER Documents published by THE AMERICAN PROTECTIVE TARIFF LEAGUE, with number of pages and prices. The whole list will be sent to any address for one dollar. Order by number only. 25 10 Copies Copies 3-"Home Production." First Prize Essay, 188. C. D. TODD. 24 pp...$0.13 $0.25 4-"Protection Which Protects." Speech by Hon. WELDON B. HEYBURN, U.S.S., of Idaho. 32 pp... 7-"The Protective Tariff: Its Advantages to the South." Speech of Hon, J. C. PRITCHARD, U.S.S., of North Carolina. 16 pp. 10-Farmers 280 $0.08 $0.15 England Against Free Wool." Speech of NELSON W. ALDRICH, U.S.S. 16 pp... 68-"The Tariff." Speech of Hon. MARRIOTT BROSIUS, M.C. 16 pp. .10 74-"An Appeal in Behalf of Tariff Stability. Address and Resolu tion Adopted at the Twentieth Annual Meeting of American Protective Tariff League. 4 pp... 76 That Terrible Eclipse.' An Exposition of Finance and Industry Under Three Administrations and Three Tariffs During the Decade of 1890-1900. By FRANCIS CURTIS. 77-A Democrat Who Flopped. Why Did He Flop?" Speech of Hon. 79-"Prosperity Under Protection." .10 .20 and the Tariff." THOMAS H. DUDLEY. 16 pp.... 11-"Abraham Lincoln on the Tariff -Extracts from Lincoln's Speeches and Writings on the Tariff." dress by Hon. W. F. WAKEMAN, at Liberty, N.Y. 16 pp... .10 .20 Ad 16 pp.. JOSEPH CROCKER SIBLEY, at Bradford, Pa., September 17, 1900. DOWN. 20 "Protection." E. H. 8 pp.... AMMI 8 pp...... 78 Protection Is 21-"What Is a Tariff ?'' 24 "To Farmers: 4pp. What Has the Underwood Free-Trade Tariff Done to You?" 8 pp... Speech by Hon. J. H. GALLINGER, U.S.S., of New Hampshire. 16 pp... Panic Proof." 25-Shall We Preserve Our Herds and Flocks?" FRANCIS E. WARREN, U.S.S., of Wyoming. 16 pp... Speech of Hon. ENOCH ENSLEY. 82-"German of CHARLES A. MOORE on FreeTrade with Canada in Natural 4 pp.. Tariff Agreement. 12 pp... Text of the Trade Arrangement Early Days of the Government." By a Southern Protectionist. 12 pp. 30 The Dingley Tariff." 48 pp.. Between the Germany, taking effect July 1907. 32 pp. 84-Home Market. 32-"Blaine's Reply to Gladstone" and Free Trade or Protection." Speech 16 pp. .10 .20 The Tariff in Its Relation to the Farmer, the Manufacturer, the Wage Earner and to all Classes and Conditions of Men. Speech of Hon JOHN F. LACEY, M.C., of Iowa, March 6, Speech by Hon. LESLIE M. SHAW, Secretary of the Treasury, at St. Louis. 8 pp..... Consumers. 28 The Southerner's National View of Protection." 29 Tariff Legislation from the 20 220 80 Impossible Reciprocity." United States and of Hon. CHESTER I. LONG, M.C., of Kansas. 34 "Blaine's Reply to Gladstone," in German. 24 pp.. 36 Taking Liberties with perity.' Address by T. 2. COWLES, Morristown, N. J. 16 pp. 37-"The Tariff and Cuban Reciproc ity." ALDEN 16 pp... Speech by Hon. WILLIAM SMITH, of Michigan. Reciprocity," by 38-Cuban Member of Congress. 16 pp.. 86-"Shall There Be a a 20 Hides?" Live Stock Statistics. Speech of Hon. FRANCIS E. WARREN, of Wyoming. 16 pp.. 87-Tariff Reduction Always Brings Hard Times." Extracts from a Speech of Hon. JAMES T. McCLEARY, of Minnesota. 8 pp.... 88 "The Roosevelt Idea of Tariff Revision." Extract from speech of Hon. JAMES T. MCCLEARY, of Minnesota. 8 pp.... Duty on "American Tariff and American Sheep." Speech of Aun. CHARLES H. GROSVENOR, of Ohio. 16 pp. 40-"Le. th tariff Alone." Speeches by PRESIDENT ROOSEVELT, at Minneapolis; SECRETARY SHAW, at Peoria; SECRETARY ROOT, at Boston, etc. 16 pp.. 43-"Reciprocity and Tariff." The late THOMAS B. REED and Hon. LIONEL R. SHELDON, on the Economic and Legal Aspects of Reciprocity by Treaty. 32 pp.... 44-"American Merchant Marine Discrimination Duties." Speech by Hon. STEPHEN B. ELKINS. U.S.S., of West Virginia. 32 pp.. 45 "Why First Voters Should Be Protectionists" and "Protection Our Proper Permanent Policy." Speeches of Hon. JAMES T. McCLEARY, of Minnesota. 64 pp... 49 "Economic Aspect of Reciprocity." Two Lectures by JOHN P. YOUNG. 16 pp.. 50-Tariff Revision-Shall the Dingley Law Be Tampered With?" Expressions of Views by U. S. Senators and Congressmen. 12 pp... 52-American Tariffs from Plymouth Rock to McKinley and Dingley." "Prosperity Is the Issue, Protection Is Panic Proof." Speeches by Hon. J. H. GALLINGER, U.S.S., of New Hampshire. 128 pp.. 59-The Tariff." Extracts from the speeches of Hon. WM. J. BRYAN and Hon. WM. McKINLEY, and arranged in parallel columns. 16 pp. 61-"Pottery." By U. S. Consul 16 pp... BURGESS. 63-Farmers' Egg Basket." 64 "The Tariff." WRITE TODAY FOR CATALOGUES. EASTWOOD WIRE MFG. CO. Belleville, New Jersey 90 Trusts and the Tariffs." Extracts from speech of Hon. JAMES T. MCCLEARY, of Minnesota. 8 pp. .08 91-Condemns the German Agreement." Resolutions of the American Protective Tariff League remonstrating against the Agreement as illegal, unfair and contrary to the policy of Protection. 93-"The Vital Issue 4 pp... .05 Before the American People." Speech by Hon. JOSEPH W. FORDNEY, of Michigan. 32 pp. .15 .10 94 "Not a Menace of Our ForestsInsignificant Portion of American Timber Growth Used in the Production of Wood Pulp and Paper. 8 pp..... .30 .60 4 pp.. Speech of Hon. of Maine, .20 THOMAS B. REED, Feb. 1, 1894. 16 pp... 65 Shall the Republic Do Its Own Work?" Speech of Senator JOHN P. JONES, of Nevada. 80 pp..... .60 1.20 95-The Tax on Corporations." Hon. JOHN S. WISE. 8 pp... 98 The New Tariff as Its Friends See It." By CHARLES HEBER CLARK, in the Philadelphia Saturday Evening Post, October 1, 1910. 8 pp... 99 Exchange Value of Farm Prod usts. The farmer's condition at the present time as compared with his condition in 1896. Hon. REED SMOOT, Utah. 16 pp. 100-Story of a Tariff." Act of 1909. Speech of U.S.S., of The Tariff (Parts of Congres sional Record.) Extracts from debate in the extra session of the Sixty-first Congress. 93 subjects577 speeches copiously indexed, 480 pp. Price single copy...... Above list subject to change without notice. AMERICAN PROTECTIVE TARIFF LEAGUE .50 Offices: No. 339 Broadway, Between Worth and Leonard Streets, New York. |