The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1895-09-20
TIE RECENT DEPRESSION.


that the recent hard times and de
preston in business were caused b,
the fear created by the election o
1892, is being harnessed for the work
OF the present campaign by Republi
can editors. But it will be robbed OF
its power quickly.
In 1899, out of total popular vote
Of twelve millions the anti. Republican
vote segregated seven millions. AS
the principal issue before, all the peo.
pie was the tariff every vote of the
seven millions was directly or indirect.
y a vote against high tariff. Is there
anybody foolish enough to believe
that these seven millions of voters,
having elected Democratic presi
dent, forthwith scared themselves half
to|death, drove themselves into busi.
ness panic and committed commercial
hari-karip Is there anybody so want
ing in mental power as to believe that
seven millions of Americans after
putting the Democratic party in power
stampeded themselves like herd of
Texas steers and trampled each other
under footp What was this tariff
revision the fear of which it is said
created the panic1 Was it not Just
what had been labored and voted for
The depression noted after the elec.
ton of IS92 began before that, when
the treasury was forced to buy tons OF
silver and pay for it with gold when
the Republican administration need.
lessly expended moneys in the pur.
chase OF bonds not yet matured, pay.
ing high premiums for them, in order
to make debt reduction record /;
when Secretary Foster, knowing the
treasury was empty, made surplus
on paper by transferring to the ac-
count of available assets sums of
money otherwise disposed of !; when
treasury payments were postponed
from time to time instead Of made
promptly as heretofore and when
the secretary was known to have been
preparing an issue of bonds to meet
the treasury deficiency. These things
became known and had immediate
effect. In addition to these the labor
history of several years prior to 1902
was chronicle of strike after strike
and wage reduction after reduction,
eliminating in the bloody battle at
Homestead, where under the Nc
Kinley law wages were reduced that
have been voluntarily increased under
the Wilson law.
But worse than all this was the
despicable work of Republican news
papers, which Immediately after the
presidential election began a cam
paign OF mendacity unparalleled in the
history of any country. 1t was done
with the deliberate and foul intention
of making the Democratic party suffer
if necessary-and as it transpired ip-
evitably-through the agony of the
whole country. The party was &C.
cused of every offense malignity could
conceive, even to conspiring with
commercial enemies of the United
States to destroy it and turn working
men into the streets to starve. There
was no crime possible with which the
party was not accused of contemplat-
ing or actually committing. The
files of almost any Republican news.
paper for eighteen months after the
election will bear out these accusa.
tions.
The deliberate intention was to
foster the panic which began with the
Encouragement of the Republican ad-
mlnistration, and it was successful.
Without the aid of the Republican
press the depression would not have
been so long or deep. Republican in
fiuence for disaster began to disappear
when business men who plucked up
courage to venture into affairs again
found a ready return for their invest
ments, and in few months the cam
paign of depression was ended and
the panic is now only nightmare
that has been shaken off. And having
shaken it off all citizens remember
that it seized them under the McKin.
ley law and that they were relieved
under the Wilson law.-Patriot.