The advocate., 1894-02-14

RADICAL CnAng0 In bh6 6AfIMg NO. tOr Gno money
power which controls legislation knew better,
and the manufacturers knew that no tariff
changes would be made until well on In the
year 1894 1t Is therefore quite absurd to say
that such fear on their part caused a panic
early in 1893 Who were afraid? Certainly
not the democrats, who polled q plurality OF
votes for radical reform Of the tariff in 1892
1t was not the Populists, for they consider the
financial question paramount and the tariff
high or low, minor issue; 1t was not the pro-
hibitionists, for they consider prohibition the
vital issue. This leaves none but the repub'
licans to be scared. Were they? Perish the
thought Did not such stalwart republicans
as Teller, Wolcott et al threaten to vote for
free trade II the Sherman law were repealed
This reduces the timid element to the gold
standard republicans only. In the past they
have faced radical changes Of tariff without a
culver will any one believe that they would
permit the threat Of slight change Of the
tariff to frighten them into precipit&ting the
worst financial crash the nation has ever sut-
fered2 Not single republican representative
or senator win plead guilty to such cowardice.
On the other hand, doubt II there could be
found in either branch Of congress one repub-
lican who has not declared emphaticGlly, and
often, that the democratic party never did re-
deem platform promise. The present con-
gress will not break the record to any great
extent.
The panic was the result Of long continued
depreciation of values caused by the contrac-
ton Of the volume money in circulation as
compared with the demand for its use. That
it would have come under o republican ad-
ministration following the same financial
policy is evident. January 81, 1891, ex-Secre-
tary Window said in q speech before the New
York board Of trade: "Had 1t not been for the
peculiar conditions which enabled the United
States to disburse over $75,OOOOOO in about two
and one-half months last autumn, l am firmly
convinced that the stringency in August and
September would have resulted in wide spread
financial ruin"
In 1890 all branches Of the government were
republican. The United States treasury could
disburse $75OOOOOO. In addition, the Sherman
law just enacted provided for an addition OF
$4,5OO,OOO per month. The crash was postponed.
that was all
In 1898 there was no surplus to disburse; a
powerful calamity bowling" press predicting
disaster; well organized syndicate OF bank
ers to raid the treasury and export the gold,
and political party in power determined on
the destruction of one-hah OF the money Of
final redemption. The wonder is that the
crash was not even worse than 1t has been.
But the end is not yet.
To sum up, the financial crash was not ow
ing to fear Of tariff changes, because on the
tariff question the Wilson bill Is satisfactory
to such ardent high tariff advocates as Andrew
Carnegie. 1t was not want Of confidence in
the democratic administration, for the money
power have shown implicit confidence in 1t,
and current events prove that their faith is
well founded, 1t was not want OF confidence
in the credit Of the government, for the
calamity howlers" are clamorous for more
bonds and bid handsome premium for the
first installment 1t was not want Of conf
dence In any kind Of currency In circulation,
for during the most stringent period OF che
panic the alleged cheap monies commanded q
premium over gold in the great money CEN
ters. It was simply want Of money-a money
famine.
To relieve this money famine the money
power demand the destruction Of One-half
of the money Of final redemption and make no
provision for an increased supply TO keep pace
with the increased demand inevitable from
an increase OF population, as well as an In
crease Of products through the invention Of
labor-saving machinery. AS well expect to re-
lieve q food famine by destroying one.haK Of
the food as to expect to relieve q money
famine by cutting of one-hali the supply. A
plant congress complies with the demand in
stead OF adopting our common-sense remedy
OF relieving the money famine by an increased
supply commensurate with the needs OF In