Show NEWLAN US ATTACKS POLICIES OF PARTY Democrats in Danger DE of oJ Defeat in 1916 tn Unless ess European War Cont Continues Nevada Senator Dec Declares es FEARS UNITED G. G O. O P. P Says Manufacturing turing Banking Banking Bank Ban ing and Large Corp Corporate ra e Interests Are Opposed to tx President resident Wilson WASHINGTON Jan I 11 L Although he lie characterized the general trend of Democratic Demo l leg gIsla g- g Isla on as commendable asserted l. l that the party was too too radi radical l land and expressed the conviction that rio no political patty party can hope to rem remain in Ih h power which which adopts radical Instead of f revolutionary methods of reform n Senator Newlands of Nev Nevada da Democrat Democrat Democrat Dem- Dem Dem Dem- attacked his party's record in the Inthe the fIer senate a. a e today delivering a long pared speech in which he lie criticised the he t tariff and and banking the t the chief chief I achievements nta LOf f tI fhe Wih Wilson n administration nH Danger of a Democratic dete defeat t in Iii Ui the thie congressional elections of 1914 he sait was averted only by the European war which brought into sudden contrast con con- the presidents president's policy polley of watchful waiting regarding Mexico with the thead mad ad haste baste of r the European nations nations- as they rushed into war warS and and- which made marle that policy as popular as it had theretofore theretofore there there- been unpopular S Tho realization that similar dence would keep us out of European n complications complication he added saved the party at the last election from the de d- df- df feat which would have surely come as as as' the result of oC the general pr prostration Str tion of business popularly attributed to too o our i economic legislation Fears United G. G O. O P P. PIt It would not do 10 to charge this to the European war first bec because tiSe that th war though injurious to our prod c. c tion and trade in its inception has hag since become stimulant to prod production and export and second because the commencement of this depression antedated antedated antedated ante ante- dated the European war and was was contemporaneous contemporaneous contemporaneous con con- con con- with our legislation legislation- re regarding reO i-c- garding the tariff banking and trade We Ve ate are about to face a united Republican n party chastened by adversity adver- adver sity ity and eager to persuade and the que question is whether the Democratic party having done much under this administration in the interest of Storm reform is again to be thrown thrown out out of power and deprived of the opportunity of continued usefulness simply because of an intervening period of de depression depression tie tie- subjects us again to tol t the charge of Democratic hard times' times with its accompanying loss of votes TIt T- T It is safe to say that the turing the banking and the large corporate cor car Interests are hostile to party and that their are also preparing to throw throw- the their weight against it simply beca because se its its' administration has not brought goad good U times es but on the contrary has in their judgment brought bad times v. v Climb Dow Slowly Regarding the tariff my wa was waa that our undertaking was not to immediately imme adopt a theoretically corr correct t tariff system but simply to gradually down from the protective heights upon which the Rep Republican party had placed the manufacturing interests of the country not to jump down at the risk of destruction but to climb limb down slowly and laboriously with a to preserving as far tar as practicable every American industry and Injuring none When VIlen we came to a practical rear reaP realization of what we had promised by legislation wo we were Inclined I 1 thought ho to go o too fast last and too far The effect of the tariff tal-iff legislation was what I I feared it would be The tying up of production in this country country- was the result not o of a malicious effort tort of the manufacturers to teach the country a lesson but of the caution Q and timidity which can in inmany many cases s be proved to be without reason but nevertheless exist under like condi conditions conditions conditions condi condi- Banking Legislation So also with banking legislation instead instead of providing some simple m method method meth meth- thod th- th od for Cor the banking reserves of state a and nd national banks under the lie control of nonpartisan board of commission commission com corn mission resembling the interstate corn com merce commission which would gradually gradually grad grad- through gh powers of investigation publicity publicity correction and recommendation I lion tion to congress work further reforms we were intent upon legislation which alarmed the banks by the largeness of our proposals We failed to make the reserve board nonpartisan tied it to an executive de department tic tic- through the membership of t the secretary of oC the treasury and the comptroller subjected the member banks to the investigating and correctional correctional correctional powers of a single partisan partisan- comptroller Instead of the composite judgment of a quasi judicial l nonpartisan Usan U- U san board and exacted additional an anti and J unnecessary capital from member banks thus organizing the reserve as ass associations as- as s Into profit making institutions institutions a purpose entirely foreign 1 to their nature as protective The The- result Is that the union Continued on 1 page 11 S. S N NEWLANDS ATTACKS Continued from page 1 1 of banks is incomplete the state halt half being outside and the national half halt inside in- in side lido the reserve organization with the j prospect that those outside will remain so unless the law Jaw is modified Favors Preparedness J I 1 think it would be wise to shape h th the way for legislation during the next session by making the reserve board I nonpartisan merging the com comptrollers comptroller's office with all all' the powers and duties I in the reserve reserve board and doing away with all capital requirements beyond the percentage of reserves of ot member banks now required e Senator Newlands said that while t there ere was no need of ot hysteria upon the subject of ot national defense he fa favored favored ta- ta a rational scheme of ot prepared prepared- prepared prepared- ness |