Commercial failures and average of liabilities, 1880 to 1907.

WHEAT PRODUCTION AND CONSUMPTION.

Wheat Production and Consumption of the United States and Production of the World.

This table shows the production, exports, quantity retained for consumption, consumption per capita, and farm value of wheat in the United States, for a long term of years. The per capita consumption, a measure of the prosperity of the people, was, it will be observed, larger in 1906 than in any earlier year; the value of the crop per acre in 1905, 1906 and 1907, greater than in many years; the production unusually large, but the exportation much below the annual average prior to 1904, indicating that the requirements of our own population are rapidly approaching present productive capacity and justifying the efforts of the present administration to expand the producing area of the country through irrigation, drainage and the conservation of natural resources.

Quantities of wheat produced in the United States and in the world, and of wheat and wheat flour exported and retained for consumption, 1877 to 1907; flour reduced to wheat at 41⁄2 bushels to barrel.

a The production and value per acre relate to the calendar year preceding the fiscal year.

Prosperity has come at home; the national honor and interest have been upheld abroad.-From President Roosevelt's speech of acceptance.

The price of wheat is fixed by the law of supply and demand, which is eternal; gold has not made long crops or short crops, high prices or low prices.-Maj. McKinley to Homestead workingmen, September 12, 1896.

We must regard and have an interest in what our neighbors are doing, and when we can assist them, we cannot pass by on the other side as the Levite did, but we must take them up as the Good Samaritan did and bind up their wounds and prepare to send them on their way rejoicing.Hon. Wm. H. Taft, at Cleveland, Ohio.

The true welfare of the country is indissolubly bound up with the welfare of the farmer and the wage-worker-of the man who til's the soil, and of the mechanic, the handicraftsman, the laborer. If we can insure the prosperity of these two classes we need not trouble ourselves about the prosperity of the rest, for that will follow as a matter of course.-Vice-President Roosevelt at opening of Pan-American Exposition, May 20, 1901.

vioIt

In the first place it is said that the policy of the administration has been directed for the last four years against organized capital, and that it has thereby frightened investors. I deny it. The Course of the administration has been directed against such organized capital as was lating the statutes of the United States-and no other. had every consideration and desire to aid and assist organized capital which was engaged in legitimate business.-Hon. Wm. H. Taft, to Merchants and Manufacturers' Association, Boston, Mass.

The tide of prosperity may ebb and flow, but the great waves of industrial wealth will continue to grow in volume with ever-increasing comfort and happiness to our contented people, who will soon number 100,000,000. And because of our intelligent and skillful labor, made so because of good wages and good living, we shall make better fabrics and build stronger structures-that in spite of their higher cost in the beginning will be cheaper in the end and win be wanted by the people in every corner of the earth. So that we shall capture the markets of the world in greater volume without ever sacrificing our home market, the foundation of our National wealth and progress.-Hon. James S. Sherman.

One vital, dominating fact confronts the Democratic party which no oratory, which no eloquence. which no rhetoric can obscure: BRYAN'S NOMINATION MEANS TAFT'S ELECTION.-New York World.

Financial, commercial, and industrial conditions in the United States, 1892, 1896, and 1907.

Financial, commercial, and industrial conditions in the United States, 1892, 1896, and 1907.--Continued.

a "Net ordinary expenses" include expenditures for War, Navy, Indians, pensions, payments for interest, and "Miscellaneous," but do not include payments for premiums, principal of public debt, or expenditures for postal service paid from revenues thereof.

b As the result of special investigation by the Director of the Mint a reduction of $135,000,000 was made in the estimate of gold coin in circulation on July 1, 1907, as compared with the basis of previous years.

c Includes depositors in Illinois State banks having savings departments, for number of which see report of the Comptroller of the Currency.

d Exclusive of Illinois State banks having savings departments.

e Based on imports for consumption only.

f Based on domestic exports only.

g Shipments to Porto Rico.

h Shipments to Hawaii.

1 Includes corn, wheat, oats, barley, rye, buckwheat, potatoes, and hay. j 1906.

k Includes statistics of American Telephone and Telegraph Company and operating companies associated with it.

1 1893.

m 1895.

n Excludes compensation paid by Southern Pacific Company, not reported. Corresponding amount paid in 1905 was $27,530,117.

o 1892 figures are for imported tin; those of subsequent years, of domestic manufacture.

The policy of Washington is the policy of the Republican party.-Senator Cullom.

Luxuries to the European laborer are necessities to the American.-Senator Frye, in the American Economist.

The people have no patience with those who would violate the plighted faith of the nation and stamp its obligations with dishonor.-Hon. Wm. McKinley to delegation of farmers, at Canton, September 22, 1896.

The business men of our community as a whole are honest and their methods are sound. The President has never said otherwise. Indeed, it is chiefly in the interest of the great body of honest business men that he has made his fight for lawful business methods.-Hon. Wm. H. Taft, to Merchants and Manufacturers' Association, Boston, Mass.

Protection to American labor and industry was one of the leading motives which led to the Constitution-in fact, said Webster, "Without that provision in the Constitution it never could have been adopted." It is not to be wondered at then that the first revenue law placed upon our statute books provided for the encouragement and protection of manufacturers. We the list of articles enumerated was small as compared to the extended schedule of to-day, yet the law was found to be most effective in inaugurating an industrial policy and an industrial advance, which has continued with more or less force and with comparatively few interruptions to the present day. This first tariff law continued in force practically without material change until 1812, when it was enacted:

"That an additional duty of 100 per cent upon the permanent duties now imposed by law upon goods, wares, and merchandise imported into the United States shall be levied and collected upon all goods, wares, and merchandise which shall, from and after the passing of this act, be imported into the United States from any foreign port or place."

And it was further enacted:

"That this act shall continue in force so long as the United States shall be engaged in war with Great Britain and until the expiration of one year after the conclusion of peace, and no longer: Provided, however, That the additional duties laid by this act shall be collected on all such goods, wares, and merchandise as shall have been previously imported."

This was the only complete revision of the tariff that has taken place in our history on account of war. The increase in tariff rates, coupled with the prohibitions of non-intercourse, threw us on our resources and resulted in the establishment of many new industries, which, in spite of the ravages of war, brought immense increase of national wealth and business activity.

In a special message to Congress, February 20, 1815, President Madison asked

"Deliberate consideration of the means to preserve and promote the manufactures which have sprung into existence and attained an unparalleled maturity throughout the United States during the period of the European wars."

The law of 1812 terminated on February 17, 1816, by its own provision, one year after the ratification of the Treaty of Ghent. Fearing that the duties existing before the war would not afford sufficient protection to the newly established industries, it was the determination of the leaders of the time that those duties should be increased in the new law of 1816; and the intention was to make the tariff a thoroughly protective one, yet it proved a failure, as the framers of that tariff had not anticipated the inundation of goods with which our country would be flooded from abroad and particularly from England because of the stocks that had accumulated there for several years. We, therefore, experienced our first great industrial depression, which lasted until 1824, when the first thoroughly protective tariff law was enacted, by which, in the words of the late President McKinley: "The nation was quickened into new life, and the entire country under the tariff moved on to higher triumphs in industrial progress, and to a higher and better destiny for all of its people." In 1828 still higher duties were substituted. The operation of the law brought great dissatisfaction in the South, resulting in Nullification in South Carolina, which, however, was quickly suppressed by President Jackson. The agitation against the high duties of the 1828 tariff led to the compromise tariff of 1832, which provided for a gradual reduction every two years until only 20 per cent should remain. Long before the final reduction, however, the panic of 1837 came upon the country, bringing disaster on every hand and the greatest business depression which the country had up to that time known.