The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1894-10-05

banks would be partially Withdrawn, and that
| In consequence the business of the country
would be rapidly curtailed. The uncertainty
OF what would be the final outcome In this
| transformation increased the troubles The
manufacturer could not afford to pay the price
FOR materials under one system and sell his
products under another system. The importer
could not import manufactured articles at the
Mckinley rates OF duty and sell them in COM
petition with later importations. on the basis
| OF free trade or tariff for revenue duties The
merchant could not afford to buy in a market
necessarily unstable. The result OF this was
paralysis OF manufacture and OF trade.
suggestion from President Cleveland or from
the leaders of his party, that radical changes
would not be made, that no revolution in our
industrial system was contemplated. would
have mended matters This word was much
needed but was not uttered-on the contrary
Ii was given out that the system OF robbery
and spoliation would be destroyed. This was
the potential cause OF our distress and OF the
financial troubles of the last eighteen months.
The Panic of Distrust.
with 1t came distrust of credit Manufac-
turers were asked to pay, savings banks pre-
pared for crisis which they saw approaching
Accompanying this industrial disturbance was
what might be called a bankers panic arising
from over speculation and undue expansion OF
credit and from the fear that our gold would
go out to pay for this probable large increase
of imported goods that the continued puf-
chase of silver and the issue OF treasury notes
for such purchases would impair our power to
obtain the parity in value of all our money,
gold. silver and paper, the latter increasing at
the rate of 100000 or sIOOOOoO per month
and the treasury balance began to run down
because OF diminishing revenues. These fears
Of trouble respecting our currency were not
wholly groundless, but with the cooperation of
the banks there was still ample gold to main
tain parity. But distrust once having taken
possession of the public mind. like appetite.
grew by what it fed on. and money panic set
in and became universal Universal business
distress followed. The president called con-
gress In special session. The democratic
leaders were not in accord with the presi-
dent They were willing to stop pur-
chases of silver. but wanted free coinage OF
silver instead. They were willing to jump from
the frying pan, but wanted TO Jump into the
ire. At length they stopped the debate and
with a majority Of the republicans and a
minority of democrats the purchasing clause of
the Sherman law was repealed. This allayed
the money panic, but it did not stop the dis
tress. The industrial trouble was acute.
Money was plenty, but not in demand. Labor
ers were cut of employment and walking the
streets for bread. manufactures were closed
business remained stagnant Then came the
Wilson bill, full of free trade and full OF dis
tress for the wOrl<ingman. and for the business
man. but there was feeling that soon we would
know the worst. and that We could begin again
or surrender. Then came the struggle in the
senate and the result. 1t is not as bad as %e
anticipated. but it is bad enough. Fires will
be rekindled, many Industries will start up
again with reduced wages. others will not be
able to live under the rates of the act OF 1898
with continental and English prices for laborin
competition, even by reducing wages So that
the great distress and disaster of the last
eighteen months must be laid at the door of the
democratic party. and no sophistry or specia
pleading can change the facts which fix the
true cause of all this distress directly upon the
organized democratic party.
House Tariff Bill.
Now eighteen full months OF President
Cleveland's administration have passed into
history, as also eighteen months OF the life of
the Fifty-third congress, during which time
congress has been in session thirteen months
with the exception of months vacation last
November. With majority of eighty in the
house and clear working majority in the SEN
ate, they entered upon these promised reforms
and the law of 1894 is the result. Mr. Mills
stated in the senate that not a thousand peo-
pie in the United States would be satisfied
with the law. This, OF course. was an exag-
geration, but in form correct as the republican
party is dissatisfied with it because 1t does not
thoroughly and symmetrically discriminate in
the levying of duties for the protection OF
American labor and American producers. and
the democrats because ii does not uproot the
policy OF protection so long and so thoroughly
embodied in our American system. The body
of the party in the house and the president de-
nounce the bill because it does give protection
in spots TO the American producer. permitting
our laborers to continue work on reduced
scale of wages, and they promise that this wal
on our industries shall go on until their plans
and purposes are executed.
But neither the house bill nor the senate
amendments were constructed upon the prin-
ciple proclaimed in the democratic platform OF
1892 Favortism ran through every feature OF
the bill as it came from the house Every
southern industry except sugar had the ele-
ment Of protection in its framework: and sugar
was protected by bounty. Wherever a south
ern industry was touched a gentle hand was
laid upon it. or no hand at all. In the northern
states special industries were selected for pro-
lection, while the great body of the industries
were selected for slaughter. As respects every
agricultural product of the north. such duty
and rates Of duty were provided would en-
able the farmers Of the Dominion of Canada &c
bring their products into our country unim-
peded by revenue duties even. and without pro-
lection to our agriculture, and resulting III
great loss Of revenue.
They marked many industries for absolute
destruction. and others for gradual decay and
all this adjustment they reduced the revenue
SIS -000 creating present deficit u thai sum
and a permanent deficit of from So, 900 600 to
$50 900 CO.
so Ih-t without the sanction Of any party
and without previous debate this house bill
completely changed the policy of taxation
which had uniformly prevailed. whether levied
on the basis Of free trade protection, from
the foundation OF the government up to this
time. II has been truly said over and over
again in the senate debate that this bill want
ing in consistency and failing. in revenue,
could at no time have received majority of
the democratic votes in the senate. The DEM
ocratic senators from the great producing
states like New York. Ohio and New Jersey,
and even Maryland, Alabama and Louisiana,
all democratic except Ohio, were not willing
that this house adjustment should stand as
the democratic bill on the subject of revenue:
and although there was q great difference OF
opinion in the senate among democrats. there
being extremists there. as IN the house. who
would gladly have accepted the house bill or
made it even more radical in the direction OF
free trade. yet for success they yielded to this
conservative force in the senate, and without
going into detail. at this moment. it became
apparent that 10 bill could pass that body that
did not 1T least make q pretense Of giving a
fair protection to many of the great industries
OF the country, especially those located in the
states I have named: and the amendments
made in the senate were made not only to in
crease revenue. cut to satisfy. in part az least
the sentiment OF protection in the states
have named.
All Depends Upon the Next House.
..Of course this departure did not and does
not satisfy the controlling influences and forces
of The democratic party. and the senators who
engineered the trading forces in the senate TO
secure protection for certain industries are
bitterly denounced by their party. Itdoes not
satisfy President Cleveland. who joins in this
deuunciation. and therefore instead OF having
a scann of resi- and stability as reSnects our