The Nome nugget., 1902-09-24
PANiCS, TARIFFS AND TRUSTS.

Sudden and extreme fear often scizes large bodies of reasonable men in strange way Even armies of disciplined and brave troops have yielded to an nex plicabe panic and have fled from the field without striking blow.
 We notice in current newspapers and magazine articles considerable speculation to the time the next financial panic will be due, well as the iniu- that at work in shaping politics in the United states The money question, that is, the sil side of it. is dead, but the fear of financial and industrial panics still lives.
 There is no difficulty now in accounting for the successive pancs that seized financial and industrial bodies in 1S934 Grover Cleveland was elected presi dent platform of tariff and sound money. The elections in 1890 repudiated the Mckinley Tariff Act by sending an overwhelming democratic majority to congress, and the presidential election two years after was a decisive ratification of that popular verdict With the election of Cleveland there began systematic movement to incite the fear of manufacturers with incessant cries that the democrats meant to enact sweeping frcctrade tariff that would bring inevitable ruin to the industrial in terests of the country. Meanwhile the Silver Pur- chase Act of 1S90 was bearing its legitimate fruits and in order to avert its worst consequences President Cleveland called an extra session of congress for its repeal. But the repeal came too late to prevent a financial panic, which was stimulated in small de- gree by the apprchensons of the industrial interests in regard to tariff legislation.
 Before confidence in financial circles was fully re- stored by repeal of the sherman Silver Purchase Act and the of Secretary Carlisle to protect the public credit for which he was shameuly ened the industrial panic followed fast on on the heels of the monetary disaster. Then was witnessed an out break of partisan pseudomania without any former example in the history of the country Protcctonist newspapers filled with alarming accounts of the ruin that awaited the passage of democratic tariff which the nation had demanded at the ballot box Under these systematic and interruptions indictments q wild panic concerning tariff that had not yet been reported in congress For this panic and its disastrous consequences the protectonist organs politicians and spellbinders are alone responsible
 No sooner however, the moderate Wilson tariff in operation until the unreasonable alarms in regard to it disspated and business activity resumed in all departments, The mills and shops that had been shut under the influence of panic were opened in confidence. While imports increased with reasonable lowering of tariff barriers, the port trade in American manufacturers took new and mighty impulse for which the Munchausensm of ex
 renle protection assigns the entire credit to the DIngey Act The protectonist politicians and organs succeeded Tn casting upon the democratic party the disastrous results of their policy in the Sherman Silver Purchase Act and in the Mckinley tariff, as well in taking credit for the benefits of the moder ate reduction of protection in the Wilson tariff.
 It is to be hoped the insensate campaign of panic mongering and calamity bowling will not be repeat ed, and that vain will be attempts to create false alarms in the public heart in order to the ends of party. In the pressure of the fresh swarms of trusts that have sprung up in the past few years the American people should proceed calmly to revise their tariff laws, to reduce grievous burdens of taxation and to promote alike their home and foreign trade. We frank to express our honest belief that only in revision of the tariff system be destroyed that aggrandzes monopoly at the expense of the millions of the American people.