The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-10-11

You'd the shadow of q doubt that the
Mckinley tariff law had something TO
do with the inauguration of the great
financial panic beginning in 1898 The
fact that the Chicago Times Herald
is the staunchest advocate of a high
protective tariff, and the added fact
that the relations between its editor,
Mr. Kohlsaat. and President Mckinley
are such that the Times Herald is
locked upon as the presidents personal
organ, makes this showing all the more
unexpected and remarkable. The mere
fact that the Times Herald was mixed
in its dates, charging the Wilson law
With being the cause of Things that
transpired before the Wilson law was
introduced in congress. does not break
the force of that organs arrangement
of the Mckinley law. The Times-Her-
aid has apoIogized for its blunder, but
the awful record of business failure
and industrial depression under the
Mckinley law still stands.
In its issue of September 27, under
Washington date line. the Times-Her-
aid undertook to prove that the Dingley
law is productive of prosperity The
matter occupies a four-eolumn square
on the first page. under q farins head
line. and contrasts two periods. One
period covers the time from July II TO
September "a, 1893; the other a similar
time in 1897. The two periods are
printed in parallel columns. That of
1897 is under the sub-heading OF
sixty Days Under the Dingley Law"
While that Of 1893 is under the sub
son Law" The latter is here repro
duced-"Sixty Days Under the Wilson
Law
Week Ending July "a. 1SsS.-FaiIure
of Bozeman (Mont) National bank
Four Denver banks closed their doors
Bank suspensions in other western
cities. Two other bank failures in Nil
Waukee and runs on numerous other
banks Commercial bank of Denver
fails, capital $4,000 Bank failures at
Vernon, Tex, and Knoxville Tenn,
capital $500 600. Failure of Tacoma
(Wash) National bank, capital 100000
Failures of banks at Great Falls, Mont,
and Orlando, Fla, capital 100000. Sus-
pension of work in manufactures re
ported from all sections.
Week Ending Aug l. International
banks at Manchester, n H, and IN
dianapoIis, Ind, fail, capital S500,000.
Failure of First National bank at Spo-
kane. Wash. capital $250.000. Ten banks
suspend in one day Gully 20, capital
100000. Bank failures in South Da-
kota. Montana, Illinois. Kansas. Texas,
Washington. New Hampshire and cor
resp0ndingly large number OF business
suspensions.
Week Ending Aug. 8, IS93.-CoHapse
of Chicago provision deal and many
failures of commission houses. Failure
of National bank of Eel Paso, Tex
Failure of National bank of San An
tonic. Tex. Failure of National bank of
Muncie. Ind Fifty-third congress
| meets in special session TO begin its de-
struction of the Mckinley law
Week Ending Aug. 2S, 1S93.-Encoun-
| ter between anarchists and socialists
averted by New York police. Meeting
OF anarchists broken up by New York
! police. Failure OF national bank of
| Hindman. Pa. Failure of national bank
| of Tacoma. Wash. Suspension of man
! ufacturing establishments in numerous
states. Announcement by the comp
| troller of the currency that 100 national
| banks and $50 private banks had failed
! during the year ending Aug Is Rail-
| road receivers appointed during August
! for Northern Pacific, Philadelphia &
{ Reading. New England & Pfttsburg.
! Akron G Western railways
! eptember-Railroad receivers ap-
pointed for Wisconsin Central, Chicago,
| Peoria & st. Louis, Cleveland. Canton
/ & Southern and Evansville & Terre
! Haute. The mileage of roads placed in
| the hands of receivers during the year
1893 was 25,375, nearly one-seYenth of all
F! the lines in the United States. and their
| Indebtedness 1,212, 217 ,033 During the
year there we're 16, rs mercantile sus-
pensions, involving liabilities amount
ing to s346, 1889. During the bank
suspensions of July loans were made on
cab at the New York Stock EXCHANGE
| as high as y per cent. The number OF
minor business failures owing to bank
suspensions and to inability to make
collections has not been t4bulated, but
reaches into the hundreds
This IS a bad record for the tariff
law under which all these calamfties
occurred, but. unfortunately for the
I ines Herald, the Wilson law was moi
| then in operation. In fact. at that time
the Wilson law had not been intro
duCed in congress. The congress which
passed the Wilson law met in Deem
Der 1S93-two months after the ending
of the period set forth in the Times
Herald The Wilson Law passed the
house on Feb l. lS94-four months after
the ending of the period set forth BY
the Times-HeraId. 1t passed the sen.
ate in amended form on July 3. 1891
zine months after the ending OF tbs
period set forth by the Times-HeraId
After repeated conferences and dis
agreements the house adopted the SEN
ate bill entire on Aug. 13, 1S94-teT
months and - days after the expira-
ton Of the period set forth by the
Times Herald. The Wilson law wen
into effect Just IL months after the
ending OF the period set forth by tn.
Times-Herald. Briefly. every business:
failure attributed by the Chi
cage Times Herald in the above OK
tract 70 the Wilson Law took place un
der the Mckinley law before the Viii
son bill had been introduced in con
gress In its efforts to prove that the
Wilson law was responsible for tn
business depression in 1893 the Times
Herald succeeds only in proving tina
the Mckinley Law was Responsible. Z
correspondent of the Chicago protection
organ was quick to discover the hoi
which engulfed it. and wrote as fol
lows:
Editor Of the Times Herald: Did yoV
not make bIunder in your supposed.
deadly parallel on Monday morning
when you oontrasted the workings O
the Wilson and the Dingley acts AM
the business failures under them? TIL
period dating from July "A to Septem
Der, 1893, which you say was --siXt
days under the WILSON law" was NOR
, than 2 year before the Wilson LAY
! went into operation. and some month
before it was even presented TO tn
house. The Mckinley law was then i
. full force. Ought YOU not as a fair an
great newspaper to retrdct this mis-
statement? B. A MCCONNELL
The Times-HeralG admitted that
made a grave mistake by publishin
the following