St. Paul daily globe., 1893-08-27
DEMOCRATIC PRESIDENTS
AND FINANCIAL CRISES.

1t is a singular historical fact that
the financial crises notable in the his
terry Of this country, with one exception,
that of 1878. have followed the inau
guratiOn of Democratic presidents. The
panic of 1887 broke upon the administra-
ton Of MARTIN VAN buren,, within 4
week after he had congratulated the
country in his inaugural address upon
its prosperous condition. The panic of
1851 followed close upon the heels of
BUCHANAN'S assumption of presi-
dental duties, and President CLEVE-
I.ANp,in 1898, is plotting his ship through
a financial gale which burst upon it
almost Immediately after leaving port.
In each instance the opposition, too
partisan TO be fair, or too ignOlant to
know better, assumed that there eX-
listed between the panics and the new
administrations the relations of effect
and cause. With Indifference to or
obligousness of the absurdity of their
logic, they exclaimed: I'VE have a
panic: we have Democratic admins
tration; therefore we have panic
because we have a Democratic admin
istration." Statesmen like CLAY and
WEBSTER. who should have bluShed
with shame to adopt this shallow az
tifice of the unserupulous demagogue,
used it as did their prototypes in b.
! CHANAN's day, and as the same class
have not yet ceased doing in our own
day.
The cyclone that sweeps across the
country carrying destruction in its path,
| the disease that strikes down the strong
man, are no more the creation of an in
slant than are the monetary crises which
bestrew the paths of commerce with
! financial wrecks. The cyclone is the
elimination of opposing forces having
| their origin at great distances from the
| point of juncture where they meet and
| burst in fury on the land. The seeds of
| the disease which suddenly develop and
| PROSTATE the man were sown in his
| system and developed during time
| when he had every appearance of per-
! feet health. So with these periods OF
| industrial stagnatiOn that come with the
apparent suddenness of thunder-bursts,
the causes which produce them are Of
distant origin, and have been long de-
| veloping the forces which finally cul-
inmate and break in fury on the COM
merce of the land.
The mere politicians, displaced with
their party, may convince themselves.
and those who strongly SympathiZe with
them, that the storm is only the inev-
liable result sot taking from their eX-
perienced hands the control of the des-
tinies of the nation; but the Intelligent
| and candid man in any party will see
and admit that the present effect is but
the result OF anteccdent conditions long
existing before and increasing steadily
toward the climax. He will see and ad-
nit that it is not the result of any one
cause; that in differing degrees many
contributed to it, and that their fruitful
source is to be found i'll the nature and
habits of men.
He will note among the causes which
eliminated in the panic of 1887. the un-
wise revenue laws which interfered
with the distribution of wealth; the
bad monetary laws yitiating the cur
rency of the country, and the mad craZe
of speculation which made the land the
basis of its schemes. He will see III the
| years preceding Lne advent OF MI. bU-
CHANAN the rapid accumulation o
wealth caused by the development OF
the resources of the country, creating
anew the speculative spirit which agair
used the land as the basis of its opera
tionS. and again made use Of haseles;
currency with which to carry on its in
hated schemes. 1t is needless here t.
point out how similar causes have
worked along similar lines for years t.
culminate in the present depression
Vicious trade laws preventing natura
distribution of the wealth produced b.
labor; vicious monetary laws sappinl
the foundations of credit; but, worst OF
all, an impatience of getting wealth b.
labor; craze to get that made by 9th
ers; speculation, scheming, gambling
discounting the future. all found thei
inevitable climax in the panic of '93.
SINGULAR, but the man who objects t
work isinvariabiy found in the neighbor
hood of workingmen's meetings. In thi