The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1900-04-13
INDUSTRIAL DEPRESSlONS.
The Prime Cause is the Unlimited
Private Ownership of Land.

Private Ownership of Land.
EDITOR HERALD
In the opinion of many Democrats
the alleged fact of returning pros
perity will operate strongly against
the success OF the National Demo-
cratic ticket. Multitudes of thought
less people couple the panic of 1893
with the Democratic party. an
credit the partial return of pros
perity to the Republican admins
Jration. Designing Republican
politicians further The delusion.
They pointed with triumph to the
free trade ~ Wilson bill as the
cause of the hard times, ignoring
the fact that the panic occurred be-
fore the passage of that bill, and the
further fact that after its amend
ment by the American House of
Lords, including clique of rene
gade so called Democratic Senators,
the Wilson bill bore as little re-
r semblance to free trade as did the
Mckinley bill which it displaced.
The mercantile agencies prove by
statistics that the present is the
most prosperous period in American
history. And it is--for the trusts.
Never before were their "hold up
privileges so remunerative.
Neither Cleveland nor Mckinley
nor the policies thew advocated were
responsible for the industrial de
preston and financial panic of 1892
u period from which we are only
now slowly, partially and tenn
porarily emerging. There were
such panics before either Cleveland
or Mckinley were born; during low
tariff, bimetallic Democratic adj
illustrations az well as during high
tariff, gold standard Republican ad-
ministrations.
These periods of industrial depres-
sion are common to all eivilizsd
communities, no matter what The
political conditions-whether pro
tective tariff, revenue tariff or free
trade; gold standard, silver standard
or double standard; public or cor
porate ownership of railways and
other public utilities; direct tax, in
direct tax or income tax. The panic
of 1893 was as severe in Australia
and Argentina as in America; was
as prevalent in free-trade England
as In high-tariff Germany anC
France. Surely neither CLEVELAND
nor Mckinley, the Democratic mol
the Republican party, were re
sponsible for these evil conditions OF
the other side of the world.
For such a widespread social dis
ease there must be an universe
cause. 1t Is to be found in the un
limited private ownership of land
Land is limited in quantity Will
population Is constantly increasing
The demand for land intensifies ant
rents advance. Labor produces
given quantity. The larger tn,
share exacted for rent. the smalle
the share TO be divided between
capital and labor The result is tina
capital, unless possessed of specia
privilege, finds Its returns curtailed
To maintain the normal or even tn
lowest rate OF interest 1t must re
duce wages. II labor objects to a re
duction, mills and factories mus
close. Capital refuses to invest Il
new enterprises. Thousands o
laborers are thrown out OF employ
ment. The consumptiye power 0
the people L. greatly diminished
thusthrowing additional millions on
ofwork. Even capitalists who are tn
REGIMENTS of governmental favor
can find no market for their pro
duets. Merchants and others ar
unable to meet their bins. In IN
meantime runs are made on th
banks, all striving to secure thei
creditors TO prevent aniruptcy O
their deposits against loss. Bank
iail. The cries 20 forth Of "Har