The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1894-01-27
THE FINANCIAL DEPRESSION.
who is Responsible for ItP
Extract OF n Speech of Non. William ID.
Bynum. of Indiana la the House Of
Representatives. January 20.

BynnIn. of Indiana. Is the House Of
Representatives January 20.
In the brief time shall occupy l shall undertake
to demonstrate that the present depression is not
the result of agitat by the friends of tariff reform,
but the natural outgrowth of long period of ex-
cessiye restriction upon trade and commerce Dur
ing the last twenty years and more we have a
nation enjoyed uninterrupted peace and been
blessed without intermssion. with abundant har-
vests.
If ever the influence and operation Of protect
i've tariff could have brought wealth and happiness
to people. or, measurably have preserved the
same from destruction by the ingress of injurious
competition. most assuredly the last twenty
should have been years of uninterrupted prosperity
Have they been? challenge the advocates of pro-
lection point to a period of like duration in the
history of this or any other country during which
there has been many depressions such serious
conflicts between employers aud employees more
factories closed or greater number of commercial
failures recorded. From 1873 to 1882 inclusive, the
number OF failures "A 97s, with liabilities aggre-
eating slGis,3l0517. During this period there was
such paralysis in trade, the commercial interests
of the country became PROSTATE that the senti-
ment in favor of reduction of duties became so
formidable as to greatly alarm the friends Of the
protective system. To ailay this demand they
openly admitted that the tariff too high, ought
to be revised. but that it should be done by its
friends and not by its enemies.
The tariff commission of 1882 was the result, and
although composed of those favorable to the main
tenance Of the highest possible rates they stated in
their report that then existing rates were runously
high aud ought IN be reduced at least % per cent
The bill reported by the commission, however, was
not enacted. The protected interests had acquired
too firm prip TO be thus easily shaken off, They
did not then fill the country with prophecies of the
frightful ruin that would surely follow reduction
of the tariff They did not then threaten their en-
poyes with loss of employment or reduction of
wages by posting notices in their establishments,
while circulating amongst their operatives petitions
to Congress to stop agitation of the question.
They did not then claim that the prostration
which had affected trade and commerce and extn-
guished the fires in the mills and furnaces was the
results of uncertainty and that all that was
sary for restoration of good times was for Congress
to declare its Intention to let them alone. They
abided their time, and when the opportunity came
they went before the conference committee of the
two Houses, presented their schedules, which were
practically adopted, and by this means stealthily
accomplished an increase which could not other
wise have been done.
With still more firm grasp upon the consumers
of the country, they asserted that wages would be
increased and nome market established Tor the
surplus prouuets oil our farms iheS were ooastiul
tat Tue act OIL loS' wouiu restore Prosperity 10 ever
ian0ii u 'iAue auu " i.ie VI 500,
nut was 'i'e iesuit uii"ei 'iiS "o' Plo"i 1000
W io'V We "e.e e'ns'a"'iS ou '"e 'e'se Vi imam
ciai ci'sh' ihe "ecleVAis Vi l'e treasury was oon
uhuaily lorceu 10 purchase Dolus ana prepay ihter
est 70 eheeA trie alarm "ti al however 'aa 'lat
panics of 1881 and of 1899
me nu'loer OF Iaiiures TINS periou iicl,la
ing inc year, 1903 anu 1851 eAceeued o-o1V, WIN
haoi.ites more thah sl'zoo,VoOVVo' Inc natures
which numbered 61SS IN lSSz arose TO 9lsi IN 1883
ana lo'O' III 1871 with haoiiities aegregaIihg $751;
soo'''4' MOI since the revision OIL 1888 Went INTO
ehec' mas iiie vi i"'ien Oeio" 'VV'
al siAs'e !e"''
Duihs this Peiiou INT e'iiii'o's "e'"ee" einPio!
ers anu ehPio!es lncIeaseu uii'l rlo's alu oioou
shed became so numerous as 10 excite out niue
interest except III inc most extreme cases. During
the years IoeS' ieoi' isoo ana loeo' we haa z''l'
s'iiAeS III i',-'i embracing i,O"9'Oii
empio!es, Inc NUMBER oi stilhes increased rom
Az aleelhs l-''i III iooi 70 i4il "iee',
ing 1s''4o' eihP'oSes III lo'o' DufE 'ne !ealS 100
" lo'o inclusive iocAouts oocu'ieu IN @'-if es'Ao
"ieo'is i''1'O ine es',,"teu
wage loss 10 os fedsoi Vi anu LOCK
outs uurlhs THESE SIN years agsresateu
Not"llhstahu'"s tliS lIisn'iui leeoito Vi ues'luo'
t'oh ana rum the advocates oi proectoi were ho'
yet sa'sheu. lher theorles OF ehlaIglng harhets
ana extending traae oy Restrictions ana PIohioi'
uohs must DC gwen sun stronger Jest anu Tue!
iofceo upon the country INC "c' vi 1911 anu Vi M
inc crimes that were ever perPeuateu asaihs' 'he
prosperity anu "e'iaie vi "PeoPie III tiie H@ie VI
protection, TINS last was the most giganue'
ohuef inc operation oi TINS act the hummer %