The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1893-08-11
DEMOCRATS TO BLAME.
How the Financial Panic Was Brought
About.


Of course Cleyeland's secretary of the
navy, Whitney, is right when he says
the silver question is not the vital one
lying at the bottom of the present
depressed condition of business in the
United States No well balanced OBJ
server of the situation believes that
the repeal of the purchase clause of the
Sherman law will lift the country back
from the slough of mistrust and I'M
certainty into which it was betrayed
by the false promises of the democracy
last November. After the evils result
ing from that vicious piece of financial
legislation have been cured there will
remain the democracy, squat like a
toad, ugly and venomous," upon the
nations back.
The Journal mistakes the primary
causes of the present financial distress
if they are not to be traced directly to
the vote by which Grover Cleveland
was elected president. This will be
known as the Democratic Panic of
$685." as it has been styled by the re-
port of the republican club of New
York. For twelve years before the
passage of the Sherman law we were
buying and coming silver at the rate of
not less than two nor more than four
million dollars each month without its
precipitating any disaster. The unex-
ampled prosperity of the country I'M
der republican legislation enabled it to
resist theopoisonous drug being inter-
jected into its system. When the dose
was increased in 1890, so satisfactory
were our industrial and commercial
conditions that the strain of overcom-
ing the poison did not seriously menace
our vital forces. 1t was only when the
result of the fall election of 1898
brought the financial and business COM
munity face to face with the heresies
and uncertainties of democratic ascend
ancy in every branch of the national
government that widespread alarm
took the place of universal confidence
and buoyancy.
Cleveland's election spread disastrous
twilight on the nation, and like the
solar eclipses of old, with fear of
change" perplexed the people. ODE
dent to their fearful anticipation the
change has come. During the four
years of Mr.. Harrison's administration
there was an increase of 126, 04S in bust
ness concerns, yet the failures in the
last year of his administration were
1856 less than in the last year of Mr..
Cleveland's first administration. I'm
less the present tide is stayed by some
definite declaration of the democracy
that it will not monkey with the tariff,
the prospect is that the failures of
the first year of Mr. Cleveland's second
administration will exceed the total of
the four years when Mr.. Harrison was
at the rudder.
During that period the savings bank
deposits increased over SO per cent.
and the number of depositors rose from
3,41S,O13 to 4,7S1, sos. When the returns
for 1898 are in the effect of national dis
trust of democracy will be nowhere
more palpable and painful than in the
records of the savings banks These
will show what sad inroads the neces-
sites of living without employment
have made on the savings of period
when the country was menaced ''by no
evil but republican legislation" when
no willing laborer was in enforced idle
ness, and no producer without market.
When Mr.. Cleveland was confronted
with the dire conditions of his own and
his party's prediction promises and
the popular dread of their fulfillment,
did he meet them like man? Not at
all He rammed his head into the sand
of accommodating silver and shouted to
the country to relieve him of the Sher-
man law and all would be well. He
ignored the fact that the silver pur-
chase was not the cause of decreasing
commercial orders and of the fears of
manufacturers of overstocking and OF
the narrowing circle of production I'M
til factories throughout the country
were shutting down for want of work.
So Mr.. Whitney is right when he says
that the repeal of silver purchase
will not cure all the ills which have
precipitated the democratic panic of
49," 1t will help.
What the country wants is certainty.
1t wants to know the worst the democ-
racy can do with its free-trade policy.
Or it wants to have an acknowledge
ment that the promises of 1892 were
only springs to catch woodcock and
never intended to be fulfilled Ger
tainty of action or no action is what is
needed. The worst the democracy can
do cannot depress business as much as
the fear of what it may do. Either let
the free-trade sword descend or else
remove it from sight.-Chicago Jour
nal