The Washington times. (Washington [D.C.]) 1901-1902, 1901-08-15
Republican Policies and Prosperity.


1t is a standing argument of the Re-
publican speIlbinder and Republican
newspaper that when their party is in
control the country is prosperous while
disaster always follows in the wake Of
a national Democratic victory. The
great objection to this argument is that
il is not true. 1t is a claim that will
not bear scrutiny in the light of the
country's past history. There have
been some exceedingly unfavorable con-
ditions in the United States with the
Republican party in absolute control of
national affairs. The panic of 1873 came
with the Republican power at its
height, and Republican policies in full
force There was not even remote
prospect of any change. General Grant
had just been reelected and had near
ly full term to serve. And yet the
financial storm swept the country like
a tornado, and there never was com
plete recovery until considerably more
than a score of years had passed.
There was another smaller panic in
1Ss1-S2, and the whole period between
depression, subject only to temporary
and spasmodic revivals. This is mat
ter of economic history and the cause
OF the troubles has been made the sub
ject of the most exhaustive investiga-
ton on both sides of the Atlantic. Dur
ing all of this period the policy of the
country was exclusively Republican,
for the Democrats never controlled both
Houses of Congress and the Presidency
at the same time, and consequently
were unable to place a Democratic
measure upon the national statute
books
The panic of 1893 likewise came with
every vestige of our economic legisla-
ton of Republican enactment. The
only Democratic measure we have had
since the civil war was the Wilson tar
iff, and this was not enacted until
about fifteen months after the finan-
ciaI storm broke. The great moneyed
interests of the country insisted that
the panic was caused by the Sherman
law. a distinctively Republican meas
ure, and during the debate on the re-
peal bill Senator Sherman declared in
the Senate that If the law We're re
peal6d Chat is, the purchase clause of
it, prosperity would return in ten days
The repeal bill passed. but prosperity
did not return in ten days, or in ten
months. or in five years. And when
the campaign came on in 1896, forget
ting their former declarations. the
Republican leaders asserted that the
continued hard times were owing part
ly to the Wilson tariff. and partly
TO the silver agitation; but they con
veniently omitted to explain what
caused the trouble before the Wilson
law was enacted and before the silver
agitation began.
The panic of 1893 was. in fact.
forced one, brought on by President
Cleveland and Secretary Carlisle, in
collision with the New York bank
ring. for the express purpose of giving
the country an object lesson and
thus forcing a repeal of the Sherman
law. The effort was eminently sue
cessful in all respects except in restor-
ing prosperity. In carrying out this
delectabIe scheme, as is well known,
Mr.. Cleveland put himself outside
the pale of true Democracy, and
straight in line with the current of Re
publican thought. There might and
probably would have been some trouble
even without this artificial forcing of
the panic. for the business stagnation
was almost world wide, and we could
not reasonably hope entirely to escape;
huf tho manic ynuld not have corn..
when it did or been so severe. When