Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1888-10-18

of trashy paper money the ''specie
circular" was issued, which had the
effect to return the ''wild cats" for re-
demption. This demonstrated the
hollowness of the banks and produced
a speedy collapse. As there was now
almost an entire and sudden failure of
the flood of paper money, business was
paralyzed, and it took some years to
recover health. The vast issue of
State bonds aggravated the case.
But there are historical facts which
make it conclusive that it was not a
tariff panic. President Van Buren,
called an extra session of Congress
soon after the bank collapse to con-
slider measures of relief. Neither
Clay, Webster or any other member of
Congress named the tariff as the cause
of the trouble. Mr.. Clay urged the
restoration of the National bank as
the great essential. No one in this
special session proposed any change of
tariff, nor did any one at any term of
Congress during the two or three years
remaining of Van Buren's Administra-
ton.
The Harrisburg convention which
nominated Harrison chose him over
Mr.. Clay on the ground that there
were anti-tariff Wings who would OBJ
ject to Mr.. Clay's high tariff views.
Harrison was run without platform
mo issue presented. Coon skins,
log cabin and hard cider were used in
place of an issue.
Though President Harrison dis
cussed multitude of public questions
in his lengthy inaugural he did not
mention tariff or protection. His sud-
den death made Mr.. Tyler his sue
cessor, and he addressed his message to
that extra session of Congress con-
vened by President Harrison. In this
message Mr.. Tyler discussed the
finances, and, though the revenues
were scant. he recommended that the
tariff remain undisturbed. The fol-
lowing is an extract from that mes
sage:
The act OF the I'd OF March, 1888. commonly
called the compromise case should not be al
tered except under urgent necessities which
are believed at the time to exist. One year
only remains to complete The ser.es of reduc-
lions provided for by that law, ut which time
provisions made by the same law, and which
will then be brought actively in aid of the
manufacturing interests. will not fail to Pro-
duce the most beneficial results. Under a sys-
tenn OF discriminating duties imposed for pur-
poses of revenue, in union with the provisions
OF existing laws, it is to be hoped that orr pol
icy will in future be i1xed and permanent.
to avoid those constant fluctuations which de-
feat the very objects they have in view.
Congress followed this advice, but
year later made a new tariff law. This
was vetoed. The following language
was used:
1t has now existed for nine years unchanged
in any essential particular, with general
acquiescence. it is believed. of the whole coun-
try as that country has ever manifested for
any OF her wisely established institutions 1t
has insured to IL the repose which always flows
from truly wise and moderate counsels-a
pose the more striking because of the long and
angry agitations which preceded it.
The historical citations are con-
elusive that the claim now being
pressed upon the people that this great
panic was caused by the tariff is not
true. They prove also that the pres
emit Harrison is not running on the
issue which elected his grandfather,
unless it be the same attempts to im:-
tate the hurrah of that notable cam
paign of 1910. The slight flavor of
tariff in 1910. If any. was low tariff