The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1894-02-20

change was a change Of officials only
and not a change of policy. Was it G
! fear that there would be q radical
change in the TARIFF No, for the
money power, which controls legisla
ton, knew better, and the manufactUr
ers knew that no tariff changes would
be made until well on in the year 1894.
1t is, therefore, quite absurd 20 say
that such a fear on their part caused a
panic early in 1898. Who were afraid
Certainly not the Democrats, who
pOlled a plurality of votes for a radical
reform of the tariff; it was not the
Populists, for they consider the inan,
ciaI question part M Iunt and the tariff
high or low a minor issue; it was not
the PrOhibitiOnists, for they consider
prohibition the vital issue. This leaves
none but the Republicans to be scared.
Were theyH Perish the thought. Did
not such stalwart Republicans as Tel
lar, WOlcott ct. al. threaten to vote for
free trade if the Sherman law was re-
pealedi This reduces the tlmid element
to the gold standard Republicans only
In the past they have faced radical
changes of tariff without a q liver. Will
any one believe that they would per
NIT the threat of a slight change of the
tariff to brighten them into precipitat-
ing the worst financial crash the nation
has ever suffered2 Not a single Repub-
lican Representative Or Senator will
plead guilty to such cowardice. On
the other hand l doubt if there could
be found in either branch Of Congress
one Republican who has not declared
emphatically and often that the Demo
cratic party did redeem a plat
form promise. The present Congress
will not break the record to any great
extent. The panic was the result of a
long continued depreciation of values
caused by the contraction of the vol
Of money in circulation compared
with the demand for its use. That it
would have come under a Republican
administration following the same
financial policy is evident. Jan. 3lst,
1891, ex Secretary Window said in a
speech before the New York Board of
Trade: Had it not been for the pecu-
liar conditions which enabled the
United States to disburse over SIS, O00,-
600 in about two and a half months last
autumn l am firmly convinced that
the stringency in August and Septem-
Der would have resulted in widespread
financial ruin" In 1890 all branches
of the government were Republican.
The United States Treasury could dis
burse $75, 600, 600. In addition the Sher-
law then just enacted provided
for an &C EDITION of 81 500 600 per month.
The crash was postponed and hat was
all.
In 1898 there was no surplus to dis
burse; a powerful calamity bowling"
press predicting disaster a well organ
lied syndicate of bankers decided to
raid the treasury and export the gold,
and a political party in power deter
mined on the distri> utiOn of one half of
the money of final It demption, The
wonder is that the crash was not even
worse than it has been. But the end
is not yet. To sum up, the financial
crash was not owing to fear Of tariff
changes, because on the tariff question
the Wilson bill is satisfactory to such
ardent high tariff advocates as Andrew
Carnegie It was not want of conf
denCe in the Democratic administration
for the money pc yer have shown i'm
plicit confidence in it and current acts
prove that their faith Is well founded.
1t was not want Of confidence in the
government, for the ,''calamity howl
ers' are clamOrOus for more bonds and
q handsome premium for the first
lnstallment. It. was not want of conf
1ence in any kind of currency in CIR
culation, for during the stringent
OF the panic the alleged cheap
monies commanded a premium over
gold in the money centres. 1t was
a want Of money. 4 money
To relieve this money famine the
money power demand the destruction
Of one half Of the money of final re
1emption and make no provision for
an increased supply to keep pace with
increased demand inevitable from
an increase of population as well as
an increase of products through the
invention of labor saving machinery.
AS we'll expect to relieve a food famine
by destroying one-half of the food as
to expect to relieve q money famine