The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1888-10-27
fHdrper's Weeklu.l

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 a 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:
called the compromise case, should not DO al
tered except under urgent necessities which
uro beloved at the time TO exist. One year
| only remains TO complete the series of reduc-
! tionR provided for by that law, OF which time
provisions made by the same low, and which
will then be brought actively In aid of the
manufacturing interests, will not fail to pro-
| duco the most beneficial results. Under o sys-
tom OF discriminating duties imposed for pur-
poses OF revenue, In union with the provisions
| OF existing laws IL Is to be hoped that our pol
| 10y will In future be liked md permanent, SO as
| to avoid those constant fluctuations which do
feat the very objects they have in view.
| Congress followed this advice, but a
year later made new tariff law. This
was vetoed. The following language
was used:
1t hns now existed for nine years unchanged
In any essential particular, with as general
acquiescenco, II IL believed, OF the whole coun'
| try as that country has ever man fested for
my OF her wisely established institutions. II
hos insured TO 1t the repose which always flows
from truly wise nnd moderate counsels-a re-
| pose the more striking because OF tho long and
angry ugtations which preceded 1t.
The historical citations are con-
elusive that tho 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
Ont Harrison Is not running on the
issue which elected his grandfather,
unless 1t be the same attempts to imi'
tatss the hurrah of that notable cam
paign of 1840. The slight flavor ol
tasta In 1s40. U say, waa low tariff