Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1900-07-05

is evident that they fear to conduct the
present campaign upon the living issues
Of the day-upcn the record OF the
Mckinley Administrations prefer
to make a campaign of prejudice and
misrcpresentati upon the false issue
that Democratic victory in this coun-
try 10 sure forerunner of panics and
hard times. A vote against Mckinley, |
they urge, will be vote against rros-
perity.
II is evident that these party organs |
have very short memories or are de-
ficient in information; that they dis
credit the general public by believing
it TO be ignorant of the history of the
country. The proof Is ample that panics
and hard times do not depend upon the
result of elections. or upon high or
low tariff. That they prevail under both
Democratic aud Republican admins.
trations; under protective tariff and
tariff for revenue only. The four
years OF Clevelaud's first administration
were years Of business prosperity; the
worst panic the country ever had pre-.
vailed under Republican udministra
sion and war tariff.
1t is generally 90 lceded BY good bust
ness men that panics are the result of
unsound business conditions; of periods
of ill-aclvised speculation of straining
public and private credit to an unwar-
ranted extent. 1t is the settling up"
time that brings about the revulsion
and the psaio. Unwise financial legis-
lation and an unstable currency system
are also factors.
But the history Of the country for the
past sixty years or more proves that
business panics do not depend upon the
political complexion of the national
administration or the kind of tariff
that may be in operation. In 1887 the
country was visited by very distress
ing panic, but 1t does not appear that
the Van Buren, administration was re.
sponsible for il, although it was made
to suffer at the next election. There
was not another serious panic until
1857, and meanwhile the Walker Tariff
OF 1876 had been enacted, which proved
such satisfactory measure Of revenue
that the tariff dropped completely on
Of sight as an issue in the politics o
this country. No one dreamed OF blam
ing the panic Of 1857 upon the Wake
Tariff or the Buchanan administration
The next general panic bugan in 1873
and was the worst the country ever on
perienoed. 1t lasted six years, an
during that time thousands of goo
mechanics tramped the country seeh
ing in vain for work. In the city {
Wilmington meetings of workingme
were held in the City Hall, and ii
City Council was pleaded with TO bo
row money and prosecute work on Il
Cool Spring reservoir, in order to gi'
employment to suffering citizen
Skilled mechanics begged for the priv
lego of working on the reservoir
laborers' wages. Such time was nov
before seen IN the city of Wilmingto
nor has its counterpart been witness
since. And yet this terrible panio--t
worst in the entire history Of the cou
try--rrevailed under Republican a
ministration, and while the Morr
war tariff was in operation.
So, regardless of administrations
tariffs, panics will come and go. I
voters of the country we'll know ii
fact, and cannot be deceived by fall
cicus arguments about Republic
prosperity and "Cloveland sol
housos'' There was no Republic
prosperity during the long and ter
BE panic that hogan under Grant
1878, and lasted almost 10 the end
President hayes torn.
There are plenty Of living and vi
ISSUE upon which the campaign of /
may be fought, and those Republic
organs that attempt to fight the ba
by claiming Republican supremac,
be Synonymous with good times,
Democratic SUCCESS o sure forerun
of disaster, will only weaken II
cause, discredit their Iarty, and {
strength to the opposition.
In the Engineering Magazine
July Weldon Fawcett has an inter
jn2 article on shipbuilding in
United States. That the shipynrd
the country ale 10 generally pros
Gus condition, he says, is indicated
the fact that during the last six mol
OF 1909 and tho first four month
1900, there was only ono failure an
firms operating plants of any ma
tude. On the other hand, nun
Of ship building establishments wi
had been closed for some time
reopened, and there was scarcely
Of the more prominent institut
which did not inalgurate enlargem
or improvements, these extent
amounting in some instances I
virtual doubling Of the capacity Of
yard. Most significant to all Is
fact that, IN The interval monte
there were projected ten new
building corporations which propo
eroct plants entailing OUTLAWS ran
n all the way fFon $500, 600 to Sc, o00
Sorne of thene new projects are all
we'll advanced, and il all IRE ca
out on the lines mapped out
aggregate expenditure will O.
$40, 600.
The Prohibition National Conve
at Chicago, Thursday, nominated
G. Woolley Of Illinois for Pres
and Henry b. Metcalf of Rhode |
for Vice. President. The vote for
n. a ~