Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1901-10-23


have been hearing a great deal from
Republican organs and airsplitters
about the Democratic" panic Of 1893
n panic that began in 1892. We are
told that panics shun Republican adj
ministrations as the fly shuns the vim
egar barrel, while panics and Demo-
cratic administrations walk hand IN
hand like joyous lovers. But how much
truth Is there in this claim!
Twenty-eight years ago we had a
panic. Republican policies were in full
force; there was no question of the
Republican power at that time; every
thing in the country in the way of pow
err and policy was Republican. Nor was
there n prospect of Democratic adj
ministration. General Grnnt had just
begun his second term when the finan-
cial storm swept over the country. Re-
covery was not complete during
Grants second term, nor even in
Hayes administration. Yet Republican
politics We're in full force.
In 1SS1-S2, under another Republican
administration, with Republican poll
cies in full force, there was another but
smaller panic. Up to this time the
Democrats had not been able to place
a Democratic measure In the Federal
statutes. Yet the country had not en-
tirely recovered from the panic of 1873.
The panic of 1893 came. and yet there
was no Democratic legislation In our
statutes. The only measure that by any
stretch of the truth could be called IL
Democratic law was the Wilson Tor
man act, cowardly makeshift, in
which the tariff beggars got all they
wanted, and that law was not enacted
until some fifteen months after the
country experienced the force Of the
financial storm. But 1t was the fear
of Democratic policies that brought on
the panic,' some say. Well, was 1t the
same fear that brought on the panics
OF 1873 and 1881?
Even before the panic of 1893 was
generally felt the great moneyed inter-
ests of the country were complaining
of the Sherman silver purchase law, n
Republican measure. When the storm
broke the great financiers asserted that
that Republican measure was entirely
responsible for the panic. Senator Sher-
man, father of the law, said in the de-
bate in the Senate that If the purchase
clause Of the law were repealed pros
perity would return to the country in
ten days. The repeal bill passed. Did
return in ten days. In ten
weeks, in ten months?
If the sapient Republican organ
grinders who now attribute the panic
of 1893 to Democratic free-trade poll
cies" were in 1898 out of the three-cor-
nered white trousers that are fastened
with safety pins they will remember
that the great majority of Republican
papers demanded the repeal of the
Sherman law on the ground that it was
responsible for the panic. AS to the
cause of the panic, the
Times states the facts MS
follows:
'"The panic of 1893 was, in fact, a
forced one, brought on by President
Cleveland and Secretary Carlisle in col
fusion with the New York bank ring
for the express purpose Of giving the
country an object lesson, and thus
forcing n reneal. of tho .Shermanz law,
The effect was eminently successful in
all respects except in restoring prosper
ity. In carrying out this delectable.
scheme, as is well known, Mr.. Cleve-
land put himself outside of the pale of
true Democracy and straight In line
with the current of Republican thought.
There might and probably would have
been some trouble without this artifl.
cfal forcing of the panic, for the bust
ness stagnation was almost worldwide,
and we could not reasonably hope en-
tirely to escape, but the panic would
not have come when 1t did nor have
been SO severe. When the revival
came, that also was International char.
acter, the change appearing in Europe
about year before it did here"
If Democratic politics" caused the
panic in this country, what caused 1t
in Europe before we felt 1t? II Repub.
lican politics brought about business
revival in this country, what revived
business in Europe year before we
felt the revival? As n matter of fact.
Democratic policies had no more to do
with the panic of 1893 than Republican
policies had to do with the panics of
1873 and 1SS1.-Helena Independent,