The Jamesburg record., 1900-11-03
REPUBLICAN PANICS.
A Plain Statement of the Truth.

OCidbiC phulCS budO IdNO maj hCu IhO bIo
tory of this country in recent years ?''
This is favorte question with the Re-
publican orators and organs.
The truth is that in recent years we
haven't had any Dem ocratic panics,"
and men who seek to make it appear that
the panics we have had are Democratic
panics" depend upon the forgetfulness of
the men whom they seek to mislead.
Now listen to this statement of solemn
fact: DURING THE LAST THIRTY
YEARS EVERY PANIC THAT HAS
HAPPENED IN THE COUNTRY
ORIGINATED UNDER REPUBLICAN
RULE AND DEVELOPED UNDER RE-
PUBLICAN LEGISLATION.
During the month of September, 1869.
we had the famous gold panic, which
gave to history the Infamous "Black
Friday" The Republican party was in
power at that time.
During the month of September, 1878,
we had the tremendous panic marked by
the failure of Jay Cooke & Co. The Re-
publican party was in power at that time.
Now, let us look at the more recent
panic which our Republican friends at
tribute to Democratic Administration
and to Democratic legislation.
They call this "the panic of 1898. y
The record will show that this panic be.
gan under a Republican Administration.
and developed to its worst extent under
Republican legislation and before Demo-
cratic legislation was in operation.
Benjamin Harrison was inaugurated
President. March 4th, 1889.
The Mckinley Tariff bill became law
October 6, 1890,
November II, 1890, the reports showed
financial distress apparent in New York.
The New York Clearing House Assoca-
tion voted its certifi Gates to banks in need
of assistance. The Boston Clearing
House Association did the same thing
November II. Barker Brothers & Co.,
big bankers in Philadelphia, suspended
at that time, with liabilities placed at fl We
million dollars.
November 10, 1890, there was run on
the Citizens Savings Bank of New York.
and receiver was appointed for the
North River Bank.
November %, 1890, the United Rolling
Stock Company, Of Chicago, assigned,
with liabilities at Sc, ,S51 900.
November %, 1890, B. X. Jameson &
Co., the Philadelphia bankers, failed,
with liabilities at two million dollars.
December 8, 1890. the Oliver Iron and
Steel Mills, of Pttsburg, shut down, dis
charging two thousand employees. On
the same date the cotton firm of Myer &
Co.. OF New Orleans, failed, with liabli-
ties at two million dollars.
January 8. 1891, the Scottdale Rolling
Mills and Pike Works, and the Scharlotte
Furnace and Coke Works, in Pennsyl-
vania, failed throwing ten thousand EN-.
ployees out of work.
January 13, 1891, the America Nation
al Bank, at Kansas City, suspended with
liabilities at $2,25O, 900.
May 8, 1891, the Spring Garden Ma
tional Bank, at Philadelphia, closed its
doors and the Pennsylvania Safe Deposit
and Trust Company made an assignment.
The Homestead strike, and others, dur.
ing 1892, are we'll remembered by the
people.
In May, 1898. S. " White and others
suspended in New York. The Chemical
Bank in Chicago, and its branches, sus-
pended. Other failures followed, and
finally the famous raids on the United
States Treasury were made.
Now, let US bear in mind that the so-
called ''panic of 1893" is designated as
democratic panic," because the Cleve-
land Administration issued bonds. But
it has been shown that the panic ORIG
MATED UNDER REPUBLICAN
ADMINISTRATION AND DEVEL.
OPED UNDER REPUBLICAN LEG.
ISLATION.
II ia matter of record which no in
telligent or honest man will deny that
President Harrison's Administration had
made preparations to issue bonds. Mr..
Harrison's Secretary of the Treasury
even went so far as to have the plates Of
these bonds made. but in order to avoid
this stigma Mr.. Harrison's Secretary of
the Treasury finally warded off the bond
issue and unloaded it on the incoming
Cleveland Administration. The Cleve.
land Administration in turn warded off
the bond issue little longer, but finally
deemed it necessary to make that issue.
That panic is referred to frequently as
democratic panic,o because those