Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1894-09-21
FRIDAY MORNING, SEPT. 81. 1894

FRIDAY MORNING. SEPT. Fl. 1894.
THE DEMOCR4TS AND THE HARD
TINES.
Naturally it is a great temptation to a
Republican canyasser to use the 'hard
times'' against the Democrats. But just
as naturally Democrat ought to be able
to spike his gun. The hard times as
shown from the record, commenced under
the administration Of President Harrison.
He was elected in 1888. In 1890 the Nc
Kinley bill became law. In that year,
1890. the number of failures in the United
States was 10, 907 and the liabilities aggre-
gated $1S9, $50, 1854. In the next year, 1891
under the same tariff bill and the same Re
publican President, the number of failures
rose to Il ,273 and the aggregate liabilities
were $lS9, 500 1893. 1t was in that year that
the great labor struggle commenced with
bloodshed at Pittsburg. The wave of
''hard times had set in with irTesis tlble
force in Harrison S administration, and III
Cleveland S which began March 18th. 1898,
it reached its highest point with l5,5S0
failures with S4G2. 0O0,000 liabilities,
since which it has been receeding.
This large aggregate was the result
of the breaking of the banks. Since
that maximum WAS reached, there has
been under Cleveland S administration q
naturally slow, but healthy improvement.
Ninety per cent. of the banks that suspend
ed have resumed business, and we see from
last Saturdays 'sDunn's Review" that the
commercial failures in the United States
for the first week in September were POI as
against 314 for the same period of last
year.
We give these facts simply to he used by
Democrats in answer to the charge OF Re
publicans that The ''hard tines are due
to Democratic rule-facts to be used after
the ''you are another" style. AS for our
selves we have profound, but not very
respectful, sympathy for the man who Is
i'll informed enough to believe that either
the Harrison OF Cleveland administration
brought Oh the hard times which commenc
ed in 1850. 1t was disease which affected
the whole world, began in Spanish
speaking little republic in South America
and covered both SIDES of the globe, and the
United States, where tumbllng silver Ill
creased it, had as little to do with
bringing it Oh as had the little republic OF
Switzerland. 1t was the result OF a TIE
lnendous jostle to the money centre OF the
world. already strained to it's utmost by
over trading and over production, and
which when it shook made the markets OF
the world rock. The tremor was felt from
the millonaire's marble halls to the hum
Die fireside of tie workman. The wisdom
of the world has been busily engaged ever
Since i'll restoring the equilibrium and
finds it a hard ta5h-a fact that should
teach us how to value the political stumper
who leaps on the platform and solves i'll a
iitfy problem that the ablest men of the
civilized world are regarding with bent
brows ard eager search.
One lesson it taught, OF should have
taught the people of this country; that d
protective tariff bill 10 matter how high
even if prohibitory, is no defence against
financial disaster. 1t neither gives pros
perity within the wall it erects, nor is it
able to prevent the wolf OF panic and hard
times from climbing over Its advocates
that is to say the lighter weight and more
unthihking Of them-!lau been in the habit
for thirty years OF urging upon the people
its power TO do this, Until they not only
had come to believe it themselves, but had
found great number oe followers. This
deIusion is now effectualiy swept away
The Mckinley bill was fair test CT this
in that it embodied tile idea of protection
carried largely to the extreme of q prohiYi-
tory tariff. If the theory Of a peaceful
harbor inside Of protection walls no matter
how much financial storms prevailed III The
outer world could have been realized at all.
it would have found It's realization under
that bill. You have seen how utterly pow
elless it has been. Under its reign tilt
financial panic affecting the world has nol
been aveIted from this country, and We
have seen broken banks, silent factories
roads filled with tramps, and labor riots Of
serious magnitude. The benefit of the les
son is to be found in this; that it has
greatly weakened the faith Of the people il
the power of legislation to avert periodical
panics OF maintain good times. The rea
legislators Of business are the people them
selves. 1t is their energy and judgment
that makes the prosperity of country, an(
one CT the greatest faults of aProtectiyt
tariff is that it appeals to the greed Of The
people, upsets their judgment, and leads
them into over production, thereby ren
dering the land an easy prey to panic when
ever that epidemic drifts in our direction
So well have the thinking people of this
country learned this lesson, that we doubt
if there will ever be a high protective tariff
here again. We do not believe if the Re
publlcanS were to carry all three branches
of the government in 1896, that they woull
for moment reinstate the Mckinley bill
not even the manufacturers themselves
would ask for it. The great merit of tht
new Democratic tariff bill is not, in OH
Judgment. that ii is to change the tinancia
situation in America as Is by magic, for it
will not: but that it is one step nearer to
making trade freer and putting the matter
more completely in the hands of those rea
legislators, the people. The strongest az.
gument in favor of free trade is that il
would not he governed from Washington
but that every manufacturer and producer
would be his own legislator; would watch
the demand of the world aud would adjust
tectiye tariff bill he is SO tempted to do
manufacture an excessive product witt
the hope that the government by its laws
would find hin; {. market for it.