| OCR Text |
Show SENATOR NEWLANDS' WARNING. Senator Francis G. Newlands of Nevada Ne-vada is beginning to doubt the wisdom wis-dom of his party's most important legislative enactments. He sees in the hasty tariff law a source of danger: dang-er: he points out that the banking interests are displeased with federal reserve measure. Explaining his position, posi-tion, he said in the senate yesterday. "If the war ends too soon and the manufacture of munitions ceases, coupled with the dumping into American Ameri-can markets of foreign products, we may have not only an aggravated industrial in-dustrial depression to meet, but a financial fin-ancial condition fruitful of paralyzing caution. "No political power can hope to remain re-main in power which adopts radical instead of evolutionary methods of reform. "The party that does not take ignorance, ig-norance, timidity and alarm into consideration con-sideration in framing reform legislation, legisla-tion, Is likely to be swept out of power pow-er This, I fear, will be our situation at the next election. "It should have been our policy not to jump down from the high protective protec-tive tariff of the Republicans at the risk of destruction, but to climb slowly slow-ly down with a view to preserving every American industry. "World-wide causes were not at the bottom of the general contraction of production following the passage of the tariff bill. The paralysis came before the European war'and its caus es were mainly domestic. "The effect of the tariff legislation was what I feared it would be. The tying up of production in this country coun-try was the result not of a malicious effort of the manufacturers to teach the country a lesson, but of caution and timidity. "So also with banking legislation Instead of providing some simple method for mobilizing the banking reserves under the control of nonpartisan non-partisan board or commission, we were intent upon legislation which alarmed the banks. 'We tied the reserve board's to an executive department, subjected the member banks to investigating and correctional powers of a single partisan parti-san comptroller and exacted additional addition-al and unnecessary capital from the member banks, with the result the nntnn rT 'hnnl.-c "c inflnmnlftf.fl." The one great danger this country is facing today is the menace of foreign for-eign competition at the end of the war. Many industries have been built up in this country to meet the demands created by the shutting out of foreign goods by the blockade of the central empires. When the war ends and this blockade is raised, those goods again will seek the American market and if adequate protection is not extended, the newly created American industries will be under-told under-told and ruined. |
