Newspapers / The Morning Post (Raleigh, … / Sept. 13, 1904, edition 1 / Page 7
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-THE MORNING P08T. TUESDAY, SEPTEMBER 13 IQ04 TH STOGIE MARKET jnsettled at Opening by Vio lent Declines in Pacific and Grangers Tremtndous Buying of Southern Railway and U. S. Steel. jCew York, Sept. 12. The opening of the stock market today was unsettled I v- violent declines in the Pacifies and rominent grangers. St. Paul dropped ' 1-4, Southern Pacific and Atchison '.'n.mt a point, and Union' Pacific 3-4. P2.r3r was also down a point. The gen ) Ii?t was lower in sympathy with ir;e exception of a few specialties. Rock i' k.iid preferred advanced 1 1-4, in :i,a:ked contrast with the general ten ,:r . 'y. c- ,rther slight losses occurred before ti e decline was. checked. The rally had i: ijuep'tion in the tremendous buying n- southern Railway, supplemented by . ..ir;y a? large takings of the United Steel stocks. The first seven -.actions' iu Southern Railway foot f, up 27,100 shares, embracing two 1 cks of 5,000 and one of 8,300. The s:'.n'k rose 1 3-8 in all, and United '::.:es steei rallied to 5-8 over Saturday. F. f pports bid energetically for stock, P.; r--oint of the 'western leaders made . .,, p.-a.-ly all their losses, including St. Paul and the Pacifies. Hisrh-prieed inactive stocks of an in-vr.- n.er.t -rating moved quietly. The .-. v.- y Central rose 6 1-2, and Buffalo, r. hester and Pittsburg 3. Northwest-r-rv. dropped 2 but recovered the loss af t , r i block of 5,000 shares was taken on the rally at 190. Locomotive pre ...J gained 2 1-2, and there were rr.a.r.y other variations of 1 to 2 points Yy inactive stocks. Leading stocks sold .off again at 11 o'clock. Th' activity of the market, which' ab sorbed nearly half a million shares on the first hour, was well maintained dur i:.ir the second hour. Southern Railway vns taken in great volume and with ap parent confidence. United States Steel I rpf- rred. however, reacted suddenly a point and Reading, which had held Sm!y. yielded to 7-8 under Saturday. The rise in the grain market gave in ation of the misgivings caused by ihe government crop report and the rather news, and prices fell back n-.ver than before. The Rock Island Vir ... k? fell 1 1-2 under Saturday, Mis-?"u:-i Pacific 1 3-S, Erie and the second preferred and Colorado fuel 1 1-4. Atch-?o:-! and Baltimore & Ohio 1 1-8, Ches irake & Ohio, Metropolitan Securities i ; :-. 1 Consolidated Gas 1 3-4. The market rallied and became ..dull. 5.V-.1.-5 were irregular at noon. Or.iy slight rallies were effected In the :er.eral market, and prices slipped back -.in mi'St? when the buying slackened, outhera Railway went through all the arse offerings that the morning rise r. sushi, but only touched 34 5-8. An" extension of the rise in Southern 'railway arid a gain of a point in Texas acific proved unavailing in holding the eneral market, which made frequent ips downward on large sales. Southern tailway ran off a point at 2 o'clock rhen the general list had made exten ive decline?. St. Paul's loss reached : 1-4. Colorado Fuel dropped 2 1-2, Metropolitan Securities 3 3-4, Amalga mated 1 3-S and Brooklyn transit, Nor .'olk & Western .Reading, Rock Island and the Pacifies lost 1 1-2 to 1 7-S. Northern Central jumped 15 and Com mercial Cable 20 points on single sales. New York Stock and Bond Quotations Furnished by TV. B. Hibbs & Co., bankers and brokers, 1419 F stpeet, timbers New York stock exchange Washington stock exchange and Chi cago board of trade, by special .wire to The Morning Post. Open. Close. A-.;ilgarr.ft:-d Copper . 59 574 v Locomotive 25 25 9615 23 81 6 66 ri'-a:. Locomotive pref. j ; 1 a r ar and Frmdry 2 4 ; Foundry pref. S2- ' i'-e 6 i Smelting . . . 67 : -STr-eltrng pref.... 108 Sugar 131 , : 85 . & S. Fe.. ....... 82 P. & S. Fe pref.... 99V4 i7S 130 S77s 81 98 8S 94 54 125 42 41 16 157 40 205 168 Ai. ,-..:. At. h.. T. Atrh.. Tr A. '. L. I ' it i 11 .or; uid Ohio......... 89 li.iUiinorc: and Ohio pref. 1 Brooklyn Rapid Transit. Canadian Pacific 94 58 126 Chesr p.--.pcake and Ohio 43 Chicago and Alton 41 Chicago and Alton oref Chicago Great Western... ''nirago, m. and St. P Colorado Fuel and Iron... ' 'r'n. Oas, Ex. Rights ,v'! .soli.inted Tobacco 4s... 17 158 43 206 16S "'.'.vare and Hudson r'A common first pref , 31 68 46 175 139 26 123 . 157 85 '121 23 48 30 66 45 172 138 25 122 156 81 120 23 48. 97 14 23 124 i 32 Us 33 127 103 34 66 85 77 8 44 28 71 20 59 20 44 ". t"tl Electric Mra.i? ( 'entral n'sus City Southern .... " 'n'sviiie and Nashville.. hrittan Elevated ixlitan Sees. Co to-1; "opolitan St. RailwTay.. Kan. &. Tex. common.. Ivan. & Tex. pref "M ri Pacific a!... MIS 1 M-, n Central 15 V ad Lf-ad 24 York Central 125 V.. Ontario & Western.. 33 'Knik and Western 69 r- i;ir Mail Steamship . 35 - :'-; .pylvania Railroad 128 r'rrr,-'K Gas of Chicago 103 f i. cri steel Car 34 -! :'-'g 68 first pref. 85 "iir.g .second pref. . 77 'j'lilic Steel and Iron.... 8 c .Steel and Iron pref....- 45 ? ' ' k Island common 30 " k Is-land pref. 74 ':i,!,hr Goods 19 s- A. L. 4s Sl- U. and S. F. 2d pref 60 Louis Southwestern.... 21 t. Louis S. W. pref 45 Southern "Pacific 57 57 56 32 96 95 48 47 32 32 99 98 93 93 8 8 86 86 19 19 15 15 66 ' 65 81 81 34 35 21 20 42. 41 .18 17 91 91 15 14 .75 73 98- 98 117 117 108 ' 108 Southern Railway Southern Railway pref. ... Southern" Railway, 5s Tennessee Coal and Iron.... Texas -Pacific ... . Union Pacific Union Pacific pref. . United States Leather .... United States Leather pref. United States Rubber ...... 19 united States Steel ........ United States Steel pref.; . . United States Steel 2d 5s... Va.-Car. Chemical;. . . . . . . .. Va.-Car. Chemical pref. . Wabash .... , Wabash pref. Wheeling and Lake Erie... Western Union ........ ... . . Chicago Terminal Trust Co. A. C. L. 4s . Soutlwrn Railway "5s Va.-QMr. Chemical pref. Government Bonds Bid. Asked 2 per cent, registered, 1930.. 104 105 2 per cent, coupons, 1930.. 105 3 per cent, reg., 1908-'18.... 105 3 per cent, coup., 1908-'18... 105 3 pr. ct. coup., small, 1908-'18 105 4 per cent, registered, 1907.. 106 4 per cent, coupons, 1907 107 4 per cent, registered, 1925.. 131 4 per cent, coupons, 1925 131 105 105 105 106 107 132 132 4 pr. ct. Philippines, 1914-'34 110 , New York Cotton Market New York, Sept. 12. Spot cotton was unchanged. Middling, 1,098; New Or leans and gulf, 11.15. Sales, 42 bales for spinning and 500 delivered on contract. Galveston and New Orleans declined declined 1-16; Savannah, 1-4; Galveston, 10 5-16; New Orleans, 10 1-4; Mobile and Savannah, 10; Memphis, 10. Sales: Galveston, 1,965 bales; ''New Orleans, 3,200; Mobile, 200; Savannah, 1,194; Mem phis, 50. Futures in New Orleans were as follows: September October .. December.. January .. .. 10.10 10.14 10.02 .. 9.90 10.10 9.81 .. 9.95 10.07 9.88 .. 10.02 10.13 9.93 10.10 9.94 9.99 10.05 10.16 March 10.01 10.32 10.00 - Futures here a.dvanced 7 to 13 points, but lost this and declined 7 to 14 points, closing steady at a rise of 1 to 2 points, with estimated sales of 300,000 bales. Closing as follows: September, 12.25; October, 10.0010.01; December, 10.13 10.14; January, 10.01; March, 10.21. In Liverpool spot cotton declined 2 points. Middling 674d. "against 6.56d. last year. Sales, 60,000 bales. Imports, 50,000. Fu tures declined 2 to 3 points, closing quiet at a loss for the day of 1 point. Prices today: JanuaryFebruary. 5.42d.; February-March, 5.42. There was a certain irregularity in the cotton market, a certain narrowness In the public took part in the trading, which in fact was confined entirely to professionals, but the fact was not de void of significance. Liverpool quota tions were steadier than had been ex pected. . Cotton Receipts New York, Sept. 12; A comparison of cotton -receipts today at leading centers of accumulation follows: 3alveston, 11, 585 ;New Orleans, 3,552; Savannah, 6,094 Charleston, 4,264; Augusta, 2,697; Mem phis, 98; St. Louis, 310; Houston, 13.59S. The official estimate for today's total port receipts was 25,000 bales, against 18,554' bales last week and 15,781 bales last year. Naval Stores New York, Sept. 12. Stocks, rosin, 36, 647 barrels. Spirits turpentine, 1,160 barrels; ta, 2,182-barrels. The market for spirits turpentine was a shade lower, but unchanged while tar and rosin ruled ' quiet and unchanged. Spirits turpentine ,Oil barrels, 54 3-4; machine made barrels, 55 1-4; rosin, common to good strained, 2. 752.80; E, 3.00; F, 3.05; G, 3.10; H, 2.10; K. 4.0Xg 4.05; M, 4.404.45; 4.60; WG, 5.00; WW, 5.15 5.25. New York Provision Market New York, Sept. 12. Beef was quiet; mess 8.509.00; family 10.5011.50; packet 9.5010.50. Rice was steady; domestic- 75; Japan nominal. Potatoes steady; Long Island 1.50 1.62; Jersey and southern 1.251.40; Jer sey sweets 2.Q02.25. Rye Firm; western nominal C. I. F. Buffalo, prompt shipment; state and Jersey car lots nominal, lighterage free. Barley Steady;, feeding 46 pounds; test, 46 C. I. F. New York; Malting C. I. F. Buffalo nominal. Flour Strong and with wheat. Sales, 10,000 barrels. Receipts, 21,763 barrels; exports, 6,345. Winter in barrels, clears, 450490; straights, 510525. Spring in barrels, clears. 450480; patents, 600650 Rye flour, 440485. Wheat Spot, dull. No sales. Num ber 2 red winter, 118 3-4...Futures closed 4 to 4 1-4 higher. Sales, 3,500,000 bush els, close September 117 3-4; December, 116 1-8; May, 116 1-8. Oats Steady. Sales, 165,000 bushels. Sales, 55,000. Futures closed 5-8 higher. Pork Slowi at 12.5013.00 for mess. Lard strong; prime western, 760; refine continent, 775;' South American, S25; Tallow, 4 3-"8. Dressed hogs, 8 l-88 7-8. Butter, creamery firsts, 19. Eggs, western firsts, 21 1-2. Sugar Raw, steady at 4 l-44 5-16 for centrifugal 96 test and 3 3-4 for muscovados 89 test. Refined fairly active. Granulated firm. Coffee Rio, steady at 8 1-2 for sales. Futures were unchanged to 5 points lower, closing steady with sales of 62, 000 bags. Close September, 65566; Oc tober, 66065; November, 675; Decem ber, 67580; January, 685690; Febru ary, 695700; March, 705710; April, 715; May, 725730; June, 735740; July, 740745; August, 7457;0. -r Chicago Provisions WHEAT: Open. High. Low. Close. Sept. (new) .. . 109 107 109 Sept. (old) ... - H2 110 112 December . . . 112 109 112 May 1 -. CORN: September 114 111 114Z '" 52 32 32 32 35 34 35 10.95 10.55 10.65 12.60 12.35 12.40 7.15 7.02 7.07 53 I December . May ,. . . 4 PORK: October . '. January . . LARD: ' October . .. ' January . . . . SHORT RIBS October . . . . January . . . . 7.20 7.07 7.12 7.40 6.62 7.35 6.52 7.40 6.55 . September Wheat i ; Cose. New York .. .. ..' .. .. .. .. 117 St. Louis .. .. ,k 114 Toledo .- .. 116 Detroit 116 Minneapolis .. .. .. ..... .. .. .. 118 December Wheat New York .. .. .. .. 116 St. Louis .. .. .. .. .. .. .. .. .. 115 Toledo .. 117 Duluth 114 Detroit .. .. .. .. 117 Milwaukee .. .. .. .. 116 September Corn New York .. 58 December Corn New York 58Z BaltlmoreStock Market Baltimore, Sept. 12. Today being a holiday in Maryland the Baltimore stock exchange and all local financial institutions were closed. WARE & LELAND'S COTTON LETTER This wonderful picking weather in the south and the increasing movement of new cotton appears to be too much for the market. Traders were buying to cover shorts on the break this morn ing, but this was about all. At times there seemed to be no demand and a lot of cotton for sale. This carried Oc tober down to 10. and even then there was nothing like the buying necessary to hold the market. Houston will get 20,000 bales tomorrow and if this keeps on the most urgent needs will soon be filled. With the edge off the demand and dry goods business here in rather poor shape, it is hard to see where the demand will come from to .carry on a speculative advance. On the other hand prices around 10c. here mean 9 l-4c. in the south, and it will be some weeks before prices get low enough in the cot ton belt to attract cotton here. With the stock of 20,000 bales in New York it is getting to be risky ttf sell cotton on a break like this. October could be boosted readily. Until after frost dan ger ,we look for a steady market, and on a break from here would rather risk the long than the short side of the market. Receipts today: At Houston. 13,593 bales, against 10,088 bales. last week, and 2,747 bales last year; at Galveston 11,585 bales, against 10,89,6 bales last week, and 1,346 bales last year; at New Orleans 3,552 bales, against 405 bales lasi week, and 746 bales last year. Estimated receipts for tomorrow: At Houston, 20,000 to 21,000 bales, against 18,921 bales last week, and 7,609 bales last year; at Galveston 18,000 to 19,000 bales, against 15,984 bales last week, and 10,294 bales last year; at New Or leans 2,800 to 3,800 bales, against 1,800 bales last week, and 885 bales last year. New York Spots: Quiet and un changed; sales, 542 bales; middling up lands, 10.90; middling gulf, 11.15. Port receipts today: Net 27,920 bales, against 18,554 bales last week, and 15, 781 bales last year. ' Cotton futures today ranged as fol lows: Open. High: Low. Close. January 10.13 10.25 10.06 10.15 Fegruary .. .. 10.16 10.1 10.16 10.18 March 10.18 10.32 10.14 10.21 Aoril .. .. .. .. 10-23 May . . September October .. November December .. 10.22 .. 10.35 .. 10.07 .. 10.10 .. 10.11 10.32 10.18 10.45 10.24 10.26 10.25 10.20 10.00 10.07 10.11 10.10 10.10 10.23 10.02 10.13 The market for cotton futures closed steady. Sour Stomach , When the quantity of food taken is too large or the quality too rich, sour stomach is likely to follow, an despe clally so if the digestion has been weakened by constitpation. Eat slow ly and too too freely of easily digested food. Masticate the food, thoroughly. Let five hours elapse between meals, and when you feel a fullness and weight in the region of the stomach after eat ing, take Chamberlain's Stomach and Liver Tablets and the sour stomach may be avoided. For sale by W. G. Thomas, Robt. Simpson, Bobbitt Wynne Drug Co. PRESIDENT ROSE VELT'S LETTER OF ACCEPTANCE (Continued from page six.) 78, issued under the authority of exist ing law. This' order directed that here after any veteran of the civil war who had reached the age of 62 should be presumptively entitled to f the pension of six dollars a month, given under the department pension law to those whose capacity to earn their livelihood by manual labor has been decreased fifty per cent, and that by the time the age of 70 was reached the presumption should be that the physical disability was complete; the age being treated as an evidential fact in each case. This order was made in the performance of a duty imposed upon the President by an act of Congress, which requires the executive to make regulations to gov ern the subordinates of the Pension Office in determining who are entitled to pensions. President Cleveland had already exercised this power by a reg ulation which declared that 75 should be set as the age at which total dis ability should be conclusively pre sumed. Similarly President McKinley established 65 as the age at which half disability should be conclusively pre sumed. The regulation now in ques tion, in thft exercise of the same power, supplemented these regulations made under Presidents Cleveland and Mc Kinley. In addition to those acts of the ad ministration which they venture to as sail only: after misrepresenting them, there are others which, they dare not overtly or officially attack, and "yet which; they covertly brins' forward, as reasons for the overthrow of the party. In certain great centers and with cer tain great interests our opponents make every effort to show that the settlement of the anthracite coal strike by the individual act of the president, and the successful . suit against the Northern Securities Company the merger suit undertaken .by tbe'depart ment of justice, .were acts because of which the present administration should be thrown -from-' power. Yet they dare not openly condemn either act. They dare not in any authorita tive or formal manner say that In either case wrong1 was done or error committed in the method of action, or in the choice of instruments for put ting that action into effect. But what they dare not manfully assert In open day they seek to use furtively and through special agents. It is perhaps, natural that an attack so conducted should be made sometimes on the ground that too much, sometimes on j the ground that too little, has been done. Some of our opponents complain because under the anti-trust and inter state commerce laws suits were under taken which have been successful; others, because suits were not under taken which would have been unsuc cessful. The Democratic state conven tion In New York dealt with the an thracite coal strike by demanding in deliberate and formal fashion that the national government should take pos session of the coal fields; yet cham pions of that convention's cause now condemn the fact that there was any action by the president at all though they must know that it was only this action by the president which prevent ed the movement for national owner ship of the coal fields from gaining what might well have been an irresist ible impetus." Such mutually destruc tive criticisms furnish an adequate measure of the chance for coherent ac tion or constructive legislation if our opponents should be given power. The six milion farms of the United Statee, opersated; by men who, as a class, are steadfast, single-minded and industrious, form the basis of all the other achievements of the American people and are more fruitful than all their other resources. The men on those six million farms receive from the protective tariff what they most need, and that is the best of all pos sible markets. All other classes de pend upon the farmer, but the farmer in turn depends upon the market they furnish for his produce. The annual output of our agricultural products is nearly four billions of dollars. Their increase in value has been prodigious, although agriculture has languished in most other countries; and the main fac tor in his increase is the corresponding increase of our manufacturing indus tries. American farmers have prosper ed because the'rowth of their market has kept pace with the growth of their farms. The additional market contin ually furnished for agricultural pro ducts by domestic manufacturers has airfne be sue- ingtwfw fw fwy fwypp been far in excess of the output of oth er lands. An export trade in farm pro ducts is necessary to dispose of our surplus; and the export trade of our farmers, both In animal products and in plant product, has very largely in creased. Without the enlarged home market to keep this surplus down, we should have to reduct, production or else feed the world at less than the cost of production. In the forty years ending in 1900 the total value of farm property increased twelve and a half billions of dollars; the farmer gaining even more during this period than the manufacturer. Long ago over-production wold have checked the marvellous development of our national agricult ure, but for the steadily increasing de mand of American manufacturers for farm products required as raw mater ials for steadily expanding industries. The farmer has become dependent upon the manufacturer to utilize that por tion of his produce which does not go directly to food supply. In 1900 52 per cent., or a little over half of the total tion was consumed in manufacturing industries as the raw materials of the factories. Evidently the manufactur er is the farmer's best and most direct customer. Moreover, the American manufacturer purchases his farm sup plies almost exclusively in his own country. Nine-tenths of all the raw materials of every kind and descrip tion consumed in American manufac tories are of American production. The manufacturing establishments tend steadily to migrate Into the heart of the great agricultural districts. It is but ten years since the last at tempt was made, by means of lowering the tariff, to prevent some people from prospering too much. The attempt was entirely successful. The tariff law of that year was among the causes which in that year and for some time after wards effectually prevented anybody from prospering too much, and labor from prospering at all. Undoubtedly it would be possible at the present time to prevent any of the trusts from remain ing prosperous by the simple expedient of making such a sweeping change Jn the tariff as to paralyze the industries of the country. The trusts would cease to prosper; but their smaller competi tors would be ruined, and the wage workers would starve, while it would not pay the farmer to haul his produce to market. The evils connected with the trusts can be reached only by nat ional effort, step by step, along the lines taken by congress an dthe executive during the past three years. If a tariff law Is passed tinder which the country prospers, as the country has prospered under the present tariff law, then f.ll classes will share in the prosperity. If a tariff law is passed aimed at prevent ing the prosperity of some of our peo ple. It is as certain as anything can be that this aim will be achieved only by cutting down the prosperity of all of our people. Of course ,if our opponents are not sincere in their proposal to abolish, the system of a protective tariff there is no use In arguing the matter at all, save by pointing out again tht if .no one great issue they do not mean what they say it is hardly safe to trust them on any other issue . But If they are sin cere in this matter, then their advent to power would mean domestic misfor tune and misery as widespread md far reaching as that which we saw ten years ago. When they speak of protec tion as robbery, they of course must men that it is immoral to enact a tar iffidesigned (as is the present protective tariff) to secure to the American wage worker the benefit of the high standard of living which we desire to see kept up in this country. Now to spea kof .the tariff inthis sense as 'robbery" thereby giving it a moral rhetorical; :it is on its face false. The' question of what tariff is best for our people is primarily one of expediency , to be determined not on abstract academic ground, but in the light of" experience. It is a matter of business; for fundamentally ours Is s business people manufacturers, mer chants, farmers, wage-workers, profes sional men,- all alike. Our experenc as a people in the past has certainly no shown us that we could afford in thl? matter to follow those professional counsellors who have confined them selves to study in the closet; for the , va Qrjff ha em- piratically contradicted their theories. From time to time schedules must un doubtedly be re-arranged and re-ad-Justed to meet the shifting needs of the country; but this can with safety be done only by those who are committed to the cause of the protective system. To uproot and destroy that system would be to insure the prostration of business, the closing of the facries, the impoverishment of the farmer, tne ruin of the capitalist ,and the starva tion of the wage-worker. Yet, if pro tection is indeed "robbery,", and if our opponents really believe what they say, then it is precisely, to the: destruction, uprooting of the tariff, and therefore ct our business an dindustry, that they are pledged. When our oponents last obtain ed power it was on the platform de claring a protective tariff "unconsti tutional;" and the effort to put , this declaration into practice was one of the causes of the general national prostration lasting from 1893 to 1897. If a protective tariff is either "uncon stitutional" or "robbery," then it is just as unconstitutional, just as much robbery to revise it down, still leav ing it protective, as it would be to enact It. In other words, our oppo nents have committed themselves to the destruction of the protective prin- ciple of the tariff, using words which if honestly used forbid thme from per- mitting this principle to obtain in even the smallest degree. These forty-odd years have been the most prosperous years this nation has ever seen; more prosperous years thai1 any other nation has ever seen. Be yond question this prosperity could could not-have come if the American people had not possessed the neces sary thrift, energy and business In telligence to turn their vast material resources to account. But it is no less true that It is our economic policy. as regards the tariff and finance which has enabled us as a nation to make such good use of the individual ca pacities of our citizens, and the natu ral resources of our country. Every class of our people is benefited by the protective tariff. During the last few years the merchant has seen the ex port trade of this country grow faster than ever In our previous history. The manufacturer could not keep his fac tory running if it were not for the protective tariff. The wage-worker would do well to remember that if pro tection Is "robbery," and is to be pun ished accordingly, he will be the first to pay the penalty; for either he will be turned adrift entirely or his wages will be cut down to the starvation point. As conclusively shown by the bulletins of the bureau of labor, the purchasing power of the average wage received by the wage-worker has grown faster than the cost of living, and this in spite of the continual shortening of working hours. , The Gold Standard So much for what our opponents openly or covertly advance in the way of an attack on the acts of the admin istration. When we come to consider the policies for which they profess to stand we are met with the difficulty al ways arising when statements of policy are so made that they can be interpre ted in different ways. On some of the vital questions that have confronted the American people in the last decade our opponents take the position that silence is the best possible way to con vey their views. They contend that their lukewarm attitude of partial ac qmescence In what others hav accom plished entitles them to be made the custodians of the financial honor and commercial interests which they have but recently sought to ruin. Being unable to agree among them selves as to whether the gold standard is a curse or a blessing, and as to whether we ought or ought not to have free and unlimited coinage of silver they have apparently thought it expe dient to avoid any committal on these subjects, and individually each to fol- U4ttt oeni. xnelr nearest approach to a majority judgment seems to be that it is now Inexpedient aeowi ineir convictions one way or the other, and that the eRtahHcv.mo.-.t of the gold standard by the Republican party should not be disturbed unless there is an alteration in the relative quantity or production of sfiv QJ goio. Men who hold sincere convic tions on vital questions can rasDect equally sincere men with whose view they radically differ; and men may confess a change of faith without com promising their honor or their self-respect. But it is difficult to respect an attitude of mind such as has been fair ly described above and where there is no respect there can be no trust. A policy with so slender a basis of prin ciple would not stand the strain of a single year of business adversity. We, on the contrary, believe in the gold standard as fixed by the usage and verdict of the business world, and in a sound monetary system as matters of principle; as matters not of mone tary political expediency, but' of per manent onranie policy. Capital and Labor and Trust As for what our oponents say In reference to capital and labor, individ ual or corporate, here again all we need by. way of answer is to point to what we have actually done, and to say that If continued in power we shall continue to. carry out the'' policy we have been pursuing, and to execute the laws as resolutely and fearlessly in the: future as we have executed them In the past. The action of the attorney-general n enforcing the anti-trust and Interstate commerce law, and, the '- action of the last Congress in enlarging the scope of the interstate commerce law. and in creating the Deparement of Commerce and Labor, with a Bureau of Corpora tions, have for. the first time opened a chance for the national -government to deal intelligently and adequately with the questions affecting society, Wheth er for good or for evil, necause of the accumulation of capital In great coi porations, and because of the new re lations caused thereby. These laws aie now being administered with entire ef ficiency; and as. in their wor kins', need is shown for amendment or addition to them whether better to secure the proper publicity, pry-better --to jruaran- tee the rights of shippers o? An sir.y 0 1?- aa, U L is now asserted "that the common law, as developed, affords a complete legal remedy against monopolies." But there is no common law of the United States. Its rules can be enforced only bythe state courts and offices. No Federal court or officr could take any action whatever under tharn. It was : this fact, coupled with the inability of the states to control trusts and monopolies, which led to the pass age of the federal statutes known as the Sherman anti-trust act and the in terstate commerce act; and it is only through the exercise of the powers con ferred by these acts, and, by the stat utes of the last congress supplement ing them,'-that the national government acquires any-jurisdiction over the sub ject. To say that action against trusts arid monopolies should be limited to the application of the common law is equivalent to saying that the national government should take no action whatever to regulate them. , Undoubtedly the multiplication of trusts and their increase in power has been largely due to the "failure of of ficials charged with the duty of en forcing the law to take the necessary procedure." Such stricture upon the failure of the officials of the national government to do their duty in this matter is certainly not wholly unde served as far as the administration j preceding President McKinley's is con- j cerned, but it has no application at all to Republican administration. It is 1 also undoubtedly true that what is j most needed is "officials having both j the disposition and the courage to en- force existing law." This is precisely the need that has been met by the consistent and steadily continued ac tion of the department of justice un der the present administration. . 1 ' Organized Capital and Labor. '- So far as the rights of the individual I wage-worker and the individual cap! talists are concerned, both as regards- one another, as regards the public,, and as regards organized capital, and labor, the position of the administration hag been so clear that there is no excuse for misrepresenting it, and no ground for opposing it unless misrepresented. Within the limits defined by the na tional constitution the national admin istration has sought to secure to each man the full enjoyment of his right to live his iife and dispose of his property and his labor as he deems best, so long as he wrongs no one else. It has shown in effective fashion that in endeavor ing to make good this guarantee, it treats all men, rich or poor, whatever their creed, their color, or their birth place, as standing alike before the law. Under our form of government the sphere in which the nation as distin guished from the state can act is nar rowly circumscribed; but within that sphere all that could be done has been done. All thinking men are aware of . the restriction upon the power of action- of the national government in such mat ters. Being ourselves mindful of them, we have been scrupulously careful on the one hand to be moderate in our promises, and on the other hand to keep these promises in letter and in spirit. Our opponents have been ham pered by no such consideration. This government is b3sed upon the fundamental idea that each man, no matter what his occupation, his race, or his religious belief, is entitled to be treated on his worth as a man, and neither favored nor discriminated against because of any accident in hig position. Even here at home there is painful difficulty in the effort to realize this ideal; and the attempt to secure from other nations acknowledgment of it sometimes encounters obstacles that are well nigh insuperable; for there are many nations which in the slow procession of the ages have not yet reached that point where . the princi ples which Americans regard as axio matic obtain any recognition whatever. One of jthe chief difficulties arises in connection with certain American citi zens of foreign birth," or of particular creed, who desire to travel abroad. Russia, for instance, reluses to admit ! and Protect Jews. Turkey refuses to I am and protect certain sects of , Christians. This government has con- 1 sistently demanded equal protection 1 abroad for American citizens, i whether native or naturalized.- On ' March 21 1899 Secretary Hay sent a letter of instructions to all the diplo- matio and consular offices of the United States, in which he said: 'jThis department does not discriminate be tween native-born and naturalized citi zens in according them protecion while they are abroad, equality of treatment being required by the laws of the United States." These orders to our agents abroad have been repeated again and again, and are. treated as the fundamental rule of conduct laid down for them, proceeding upon the theory "that all naturalized citizens of the United States while in foreign coun tries are entitled to and shall receive from this government the same protec tion of persons and property which is accorded to native-born citizens." Civil Service Laws' 1 Our opponents have now declared themselves in favor of the civil service law, the repeal of which they demand ed in 1900 and in 1896. If consistent, they should have gone one step fur ther and congratulated the country upon the way in which the civil service law is now administered, and the way in which the classified service has been extended. The exceptions from exami nations are fewer by far than ever be- fore, and are confined to individual cases, where the application of the i rules would be impracticable, unwise. t in mm unjust or unnecessary. The adminis tration of the great body of the classi fied, civil service is free from politics V and. appointments, and removals havQ been put upon a business basis. Sta tistics show that there is little differ ence between the tenure of the federal classified employes and that of the employes of. private business corpo rations. -. - . - . The Tartfl , Wlien we take up the great question of the tariff. we are at once confronted by the doubt as to whether our oppo- " nents do or do not mean what they say. They say that "protection is rob bery," and promise to carry themselves accordingly if they are given power... Yet prominent persons among them as sert that they do not really mean, this,; and that if they come into power they will adopt our policy as, regards the' tariff; while others seeni anxious, tot prove that it is safe tq give them par tial power, because , the power would' be only partial, and therefore they).' would not be able to do mischief. Tha last is certainly a curious plea to ad vance on behalf of a party seeking to obtain control of the government. Reciprocity Our opponents assert that they be lieve in reciprocity. Their action ori the .most important reciprocity treaty, recently negotiated that with Cuba does not bear out this assertion. More over, there carf be no reciprocity unless there is a substantial tariff; free trade and reciprocity are riot compatible. We are on record as favoring arrangementaf for reciprocal trade relations with other; countries, these arrangements to be on an equitable basis of benefit to both the contracting parties. The Republican party stands pledged to every wise and" consistent method of increasing the fore eign commerce of the country. , Prosperity of This Country. The accumulated savings of the work: ingmen of the country, as shown by the?,, deposits inthe: savings banks, have in- creased byr- leaps and bounds. At naf time in the history-of 'this or any othec! country has' there been an era so pro- ductive of material benefit alike tot; workingman and employer, r as during; the seven years that have justipassed. The farmer has benefited quite a much as the manufacturer,, the mer-:. chant and the wage-worker. The most' welcome and impressive fact, establish- ed by the last census is the wide andlt even distribution of wealth among altj classes of our countrymen. The chief ! agencies in producing this " distribution are shown by , the census to be the de velopment of manufactures, and the ap plication of new Inventions to universal! use. The -result has been an increasing, interdependence of agriculture and) manufactures. Agriculture Is now, as it always has been, the basis of cultl1 yation. So it is as between the capitalist an&t the wage-worker. Here and there,!, theremay be an unequal sharing as be tween the two in the benefits that have come by protection; but benefits have come to both; and a reversal in policy; would mean damage to both; and while the damage would !be heavy to all, it! would be heaviest, and it would fall" soonest, upon those who are paid In the: form of wages each week or eachA month for that week's or that month' twork. ' r- . J What Is Life 1 ". In the last analysis nobody knows,, but we do know that it Is under strict law. Abuse that law even slightly, pain results Irregular living means derangement of the organs, resulting in Constipation, Headache or Liver; trouble. Dr. King's New Lifa Pills quickly re-adjust this. It's entle yet thorough. Only 25c at all -rugi gists. Fiarbanks Witfi President . Oyster Bay, N. Y Sept. 12. Senatot, Fairbanks is spending the night with President Roosevelt. He and the pres ident received Maine election returns up to a late hour tonight. i, The Death Penalty H A little thing sometimes results ill death. Thus a mere scratch, insignifi-f cant cuts or puny boils have paid th death penalty. It is wise to hava Bucklen's Arnica Salve ever handy. It's the best Salve on earth and wllf prevent fatality; when Burns, Sores Ulcers and Piles threaten. Only 2oC at all druggists. .. An English farmer has had several' eats killed, stuffed and placed im threatening attitudes among then branches of his fruit trees. Not a bird will come' anywhere near the orchard BOOKS AT HALF PRICE ALL KINDS OF ... School and College Text Books. Bought, Sold and Exchanged. ( ; j TYPEWRITERS STATIONERY AND BLANK BOOKS Largest Stocks and Lowest Prices. We rent Typewriters at $1.00 to $4.00 per month and give you back your. money off the price of the machine yoxt purchase. Southern Book Exchange M, M. SMITH RALEIGH, N. C. - A
The Morning Post (Raleigh, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Sept. 13, 1904, edition 1
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