Hutchinson gazette. [volume] (Hutchinson, Kan.) 1895-1902, 1897-10-07
THEY COME OFTEN.
UNDER OUR PRESENT SYSTEM
PANlCS ARE FREQUENT.

FhNlOO AXE FnGGOGNl
An'Able Article by Frederick Upham AID.
ANS on "Panlcs and Prosperity" ia
Which he Discusses the CauSeA Of the
Nine Panics in our History.
The attempt of administration news
papers to ''restore confidence" and
brings about return of prosperity"
IS at once amusing and depressing.
Thoughtful men and women can hard
" repress a smile in reading the edi-
torial and news columns of certain
metropolitan papero, but it is sad to
think that millions of people have no
intelligent grasp of the situation and
will suffer and be ruined by reason OF
their ignorance of economic truths.
What is this confidence" of what
have the manufacturers and business
men been afraid? What new policy
has been inaugurated by reason of
which we are to enter into an era of
prosperity which will gladden. the
hearts OF the people? Clear your
brains for moment and read few
paragraphs in the history Of your
country. -
There was a panic in 1919.
There was a panic in 1887.
There was panic in 1s4s.
There was panic in 1857.
There was panic in 1869.
There was a panic in 1873.
There was panic in 1884.
There was panic in 1887.
There was panic in 1893.
After each one of these panics-wlth
the exception of the last one-'confi-
dence was restored" and the dawn of
prosperity came. 1t is reasonable to
suppose that the same phenomenon
will again occur. 1t is safe to predict
that the date of this ''revival OF busi-
ness" is at hand. 1t is certainty that
It will speedily followed by another
''panic," another depression in BUSH
ness" and another Gloss of confidence "
In these years, from 1919 to 1897, we
have had free trade and high tariff.
We have experimental with all grades
of tariff schedules and have opened our
markets to the trade of the world.
And yet we have had panics. Look at
the redord. Mark the shortening in
terval between the panics. Ponder a
moment on the awful record of suffer
ing due to. these national calamities.
Think of the ruined lives, the suicides,
the starved children, the broken
hearted toilers of the republic who
have been stricken down through nc
fault of their own. Hundreds of
thousands of banks and business firms
have been swept away; millions Of
mortgages on houses have been fore
closed; millions of men have been
drafted from farm and workshops into
the allied armies of the tramp and the
unemployed; millions of children have
been dragged from the schoolroom and
imprisoned in the impure air of the
factory or the mine.
1919, 1887, 1s4S, 1857, 1869, 1878, 1884,
1887, 1893. confidence.
Confidence in such system Only q
fool can have confidence that the iron
laws of trade and industrial economy
will repeal themselves at the command
of congress in league with the gam
blers of Wall street.
Is the Dingley tariff bill much differ
erent from the Mckinley bill of eight
years agoP Is there some potent charm
in the slight REIMBURSEMENT of schedules
by which the people pay more taxes on
the necessities of life and less on the
4uAuElCSg L Juluh HOJs huu yCb bAlC
panic of 1893 came when every line of
the Mckinley bill was in force and eff
feet. The great panic of 1873 came
when the war tariff was in effect and
Rt q time when no voice was raised
against the american system Of pro-
lection" The panic of 1857 came when
we had the lowest tariff in the history
Of the country. "The discovery of
gold in California was at the root Of
the financial storm of 1851" says the
Chicago Tribune of July %, 1897. THE
overproduction of silver was the cause
Of the loss of confidence of $685."
shouted every financial high priest at
that time. High tariff, low tariff, sill
yer at premium over gold, silver at
parity with gold, gold monometallism,
with panic succeeding panic at regular
~ short intervals. Panics with the
free and unlimited coinage Of silver;
panics with every dollar of our curren-
cy resting on a solid gold basis; panic
preceding great war; panic follow
ing the declaration of peace after bill