The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1894-10-26
DEMOCRACY ARRAIeNEo.
Ex-President Harrison on the Cause al
the Recent Panic.

| Indiana ex-PreSident harrison spoke
upon the ruinous policy of the demo-
cratic administration AM gave his
reasons for believing it to be the dir
rect cause of the financial panic of the
present year. At Fort Wayne Mr..
Harrison made a lengthy adore ss in
which he said:
MY Fellow Citizens: When we have a de-
| bate on 1 always like TO find in the first place
/ the points OF argument that We mag 20 on
to discuss those things about which We differ.
/ / find there is q general agreement now among
republicans and democrats upon two PROPOSE
/ tons One Is that We have had wide and
I disastrous panic in which all our people have
/ shared: the second is that one party or the
I entertainments or republicans-ts in q con-
\ siderable measure responsible to the people
I FOR these evil times Now that makes the dis
| cussion easier a little. We have had. and Ne
I are still in the shadow Of very EVIL times The
/ farmer has felt them The merchant has fs.s
/ them Above all he man who was dependent
/ upon his daily wages for his living mas fels
/ them because when he lost his Job he lost
I everything, whereas the merchant when his
/ goods we're marked down had still something
| left
There were one or two features Of this panic
that want to talk to you about In the first
place want to say that In my opinion it Was
not one Of those panics which sometimes come
I from over-trading and misrepresentation. Il
was not a relapse from some balloon enter
/ prises that We had entered into We have had
/ such panics that in this country, and they
are always characterized by great deal Of liti-
cation in our courts IN the panic Of 1873 "A the
courts Of all our counties were crowded with
| collection suits Men were being sued on
notes, and mortgages we're being fOreclOsed-
/ That state Of things has not characterized this
! panic through which We have Just gone There
mas been little OF that II was not over-trad-
/ ing and Misrepresentation. it was not wildcat
/ ing in business that brought this panic upon
US Ii it had been We would have seen the
necessary incidents and concOmitants Of that
sort Of thing in the collection Of notes nd fore
closures OF mortgages all over the country.
When this panic began We had more money
| In circulation per capita than We have had for
many years. This had come about in this way.
/ In the first place under what Is known as the
Sherman Law, the silver purchasing law under
which we bought 4500.0o ounces Of silver
every month. We issued q large amount Of
what was called treasury notes. so that the
money in circulation had been Increased by
about $50 100000 by this new currency and had
been put out among the people. The money IN
circulation had also been enormously in
creased By the reduction of the surplus in the
treasury.
You remember. my democratic friends-I
hope we are friends. for l have not any thing
Unkl1Q 10 s8J tUOuL 6IyOuc-yOu EcIltLuIcE
when they made q campaign upon the theory
that the country being ruined because
there was 80 much surplus They said: You
have taken this money out Of the pockets Of
the people and locked it up. and it Is not doing
ybody any good That surplus had been 0y
the purchase Of government bonds reduced
enormously and the money was out among the
people doing its work. And then by the in
creased pensions-vhich an glad to say re-
publican congress voted and approved with
pleasure and have never apOlOgtzed for-an
enormous additional amount OF money was put
In circulation among the people until our
democratic friends changed the form Of the in
1ctment against Us.
They indicted US first for having too much In
the treasury and now they say we left too little
My point is that the money in circulation was
50 largely increased that IL could not have
been a lack Of money that brought on that
panic. II was not any lack OF confidence on
The part Of the people in the money that was
IN circulation Il was not because they doubt
cd the value OF the bills or the coin they had
n their pockets Il was one Of the curious
features OF that panic that men who had
money and went to the bank 10 get IL did nOs
:are much what kind Of money was paid them
whether it was silver certificates or whas
not They did not stop to look at IL. but Just
wrapped ii up in a newspaper and took it home
and MD 1t under the bed or took 10 TO a savings
deposit company. hired a box and stuck it in
here.
The result was a great scarcity OF money.
but presently the people got over their fear Of
The banks and they brought the money back
But the banks could not make any use OF j.
Nobody wanted IL. There was no business De-
ing done There were no solvent borrowers
who could use the money. and from that time
20 this that has been the situation OF the cOun-
~. All Of our banks have been filed with
money belonging 70 people who did not want
20 Use IL
What was this expectation 0, evil this
Tread Of catastrophe which came upon the
people Of this country. and which is still more
Or less upon them: IL wss the uncertainty
that the democratic success o, ls92 introduced
The democrats said they were going 70 destroy
this protective system They we're going 70
tear down this house that had sheltered Us
From that time to this the people have Just
stood wondering. fearing. dreading what might
be done on that question
At Upton later on Mr.. Harrison again
referred to the hard times and said:
We have had hard times and the hardness
touched every one Thecapftalist who mad h.s
money invested IN bonds and stocks has found
their value enormously shrunken- His interest
aas been defaulted. his checks have been
passed. and his wealth greatly curtailed- The
manufacturer who depended upon the profit Of
nts mill has been without profit He has at
tempted to save himself from loss BY shutting
DOWN the mill and putting out the fires He has
been cOntented 70 lose the interest on the in
ves.ment ia his plant Tie wOrkingnan whose
ertire capital for the support of his wife and
children and his Own maintenance vas in bis
daily wages has found Il all swept away and
has been fortunate /: he had little store with
which TO tide him over. Nzuy stalvart- hon
est, hard-xOrsiag. independent American work.
man has been compelled 20 appeal to his fellow
men fox heIp-a thing he had never done before
This condition Eas come upon u following
a period OF the highest prosperity. and the be-
ginning Of IL was eoincident II time with the
success Of the democratic party This has
nothing 20 do with tie question OF who IS
president L IS rot question OF who yoU-
congressman Is Much less is it a question OF
who your governor Is II Is question OF the
principles ard policies Os the party that Is IL
control Of the government The democrats
party entered OF the control OF the government.
in all its branches for the first TINE since tbs
war with q platform declaring that u vas
going 20 revoIuttoriZe the tariff policy OF This
country II was no. 20 be . mere nOdi1ca-
ton. the house was 20 come down 20 the
ground Tie structure vas 20 be laid out
new lines On the ground as well a. IN the air
They eel Us that times are improving
hope they are Thank God The republican
party has never get made Use OF the adverst-
ties % This county for is success Applause
Wien the flag fOareJ highest and When the
sheen on IL was brightest those we're the days
OF republican success The democratic parIy
has beer without experience n governmental
management and The question roT : whether
We shall allow II 20 90 OF WITH IS tinllering-
Can the country a1Ord 70 educate that parry
Ito capacity FOR government: That Is the
question The old doctor has been 50 long O1s
of practice that ne has lost all bis knowledge
u the materls uedica, and he has been expert
nenttng - ind Our E1at effect particular
would produce
u DO not think We can AFFORD low 20 educate
the democratic party IN government We had
better call N The old party that TOOK this
county from cenocrartc halds when Lae