THE Underwood-Simmons tariff law--into the framing of which Baruch had refused to inject himself--had been followed by unemployment in certain industries, chiefly in politically doubtful states. When war broke out, in August, 1914, there was such a crash on the stock market that it was deemed necessary to close the New York Stock Exchange. Many stocks fell to half of their prices earlier in the year.
The boom that war orders was to bring was not in sight. The Republicans were jubilant. The country, they thought, had been taught a lesson. It would not soon forget that Republican administrations always meant a full dinner pail.
In the November election many of the Old Guard Republicans who had been defeated in the Wilson 1912 landslide came back in triumph--Uncle Joe Cannon, Nicholas Longworth, William A. Rodenberg, and a host of others. There was a black cloud on the Democratic horizon, which was to continue to be menacing for a long time.
When Belgium was invaded, most of the country seemed to be strongly pro-Ally, but gradually there came rifts in this, some of them most embarrassing. For instance, there was the British interference with our export trade. Senator Hoke Smith, of Georgia, was one of the most powerful rabble rousers of the period, a man who carried great prestige, having been a Cabinet member under Cleveland. He made a powerful speech in the