West Virginia argus. [volume] (Kingwood, W. Va.) 1877-1946, 1894-10-04
HISTORY REPEATS ITSELF.
a Resume or the Various Panics and
Business Depressions OF the
Country.

est speculation in railroads, canals.
steamboats, and the development of
coal fields.
One chief cause Of the panic was
the worthless banks which sprang
INTO existence after the United
States Bank had ceased TO exist.
Also the ease with which people
could borrow money led to wild
speculation. And II third cause
was the Government called in the
| gold and silver which had been de
posted In State Banks, and refused
to sell any more public land except
for hard cash 1t will be observed
that our banking system was the
primary cause of all the trouble.
(See MontgomerY's history U. S.,
page 24S)
(Soe also j. ID. McCabe's history
U. s., page G73.)
Notwithstanding the fact that all
historians agree that our banking
system caused the panic of 1887,
we will hear rantlng demagogues on
the stump liz the coming campaign
saying it was under Democratic rule
and was "All on account Of tie
tariff"
In 1857, just twenty years after
the Evan Buren, Panic" another
| financial crash came. The chief
causes were to be found in the re-
suits of the discovery Of gold in
California. Increased wealth had
stimulated men to overdo all kinds
OF business more railroads had
been built in the West than the
population demanded. Many man
ufacturels had made greater guam
titles of goods than they could sell:
and many merchants had bought
more than they could pay for.
Ia the above | have given the ex-
act language of tho book, (see
Montgomery'S history Of u. S.,
page 276), and | hope all who care
to be informed will examine the
book, for in. 1892 we heard Republi
can sophists referring to this panic
and saying it was the result of
Democratic Encouragement and
"tar:T tinkering." Concerning this
pane, see also McCabe's history of
U. S., page 7G5.
In 1873. nearly twenty years af-
ter the buchanan Panic" there
came another crash, concerning
which Republican stumpers never
speak, although it was the worst
one i'll the history OF our country.
Its ruinous effects were felt for five
or six years. (See McCabe, page
1914, Montgomery, page 33D. The
reason Republicans never mention
this panic is, Mr.. Grant was then
President and the Repu blicans had
full control Of the Government. We
had war tariff, and, in fact, the
Republicans had everything their
own way. Yet the panic came ::
and it came for the reason that
business had been stimulated be-
Yond all reasonable bounds. His
tory shows that where business
activities arc awakened by wrong
and uuwholesome means panic is
sure to follow.
In 1923, just twenty years from
the Grant PANE" another crash
came. Caused partly by the Banks
co:nering all the gold in Wall Street
IN order to embarrass the new adj
ministratiOG into issuing Govern
ment bonds. Also under the Nc
kiuley Bill manufacturers, syndi-
Gates and trusts received such euor.
nous advantages that business was
over done. Factories made more
than they could sell mills, mines
and furnaces ratified and famed un-
til their products were piled up and
they had to shut down. When
mills and factories had produced
more than they could sell, they 10
longer needed 50 many hands con-
sequently they turned off many and
reduced the wages Of those who
remained. This produced dissatis.
faction, and at Homestead il result.
ed in Il lockout and bIoodshed.
/ American labor was turned ont and
foreign labor brought in. All this
occurred in one Of the highest pro-
tected industries in United States
aud under Mr.. McKinlcy's beautl.
full system Of "Protection to Amer
ican Labor"
] OperatOrs who euioved "A tariff of