Herald and news. [volume] (West Randolph, Vt.) 1878-1943, 1904-09-01
FOL DE- RoL ABOUT 1893 PANIC
Statement of Cannon and Littlefeld Com.
pared with the Cold Facts of History

1t is a pity that such able men and
attractive orators as Speaker Cannon
and Congressman Littlefie.d should put
forth such campaign rot as they have
been doing on the Vermont stump 10
the effect that the panic Of 1898 was
due to the Democratic victory Of 1892
because OF fear of lowered tariff. "Ihe
people wanted a change, and got
it," they say, and so on.
Both these gentlemen know, as every
ordinarily, intelligent citizen knows,
that the 1898 panic and its following
hard times were part of a worldwide
business storm, that swept over high
tariff and low tariff countries alike,
that il Frustrated South America, Aus
tralia and India before it reached here,
that il began several months before the
Republican party went out of power and
two years before the tariff was touched
by the nilson-G German bill, and contin-
ued nearly two years after the Repub-
lican party returned TO power and
over year after the restoration OF the
highest tariff we have ever known in
the Dingley bill.
They know, as does every American
sehool-boy. that whatever the tariff OF
party in power, financial reyulsions have
come almost regularly once in 10 years,
and once in 20 years with great
severity and long duration; and that
the only exceptions are in favor of low
tariff. Thus we had one, long and
severe and chief factor in leading to
the formation of the constitution:
Before there was any tariff at all in l73s-s
temporary one under per cent
10 10 per cent tariff .............1793
Another, under embargo and high
war-tarlff prolonged ............. 1s07-l4
Another, following the first distinct.
lively protective tariff that Of 1870 1s1S-19
Another, though the tarin had been
twice increased Din 1924 and 2s) 1s27-2s
Another, long and severe, beginning
four years after the tariff was low
cred (by the biz lof '33l .............1s3
The next came four years after the
high tarid OF 1872 and was soon
ended after the enactment Of the
Democratic tariff Of 1876 (enacte1
after IT had begun ..................1s 40
The next lasted but a few months
Though almost simultaneously was
enacted the lowest tarlf we ever
hadl ACKNOWLEDGEMENTS ...#,..- ...#,=,l 1901
war tarir .........................1s 1866
The next, the longest and hardest we
ever had was under the highest
tariff we had ever had up TO that
time Observation-Disclosures 1873
The next followed close upon the 1852
raising Of the tariff ......,......s.1 ss4-5
And the next close upon the enact
ment OF the Mckinley tarin, the
highest up TO that time 1890 |
The next, as above explained in ....ls93-s |
And under the highest tarld Of all has
come the regular deeennial depres-
These dates disclose what is plain to
any thinking man, that while high |
tariff, by over stimulus to speculation,
may hasten and intensity panics and |
as consequence lengthen the ensuing
hard times, and while low tariff may
alleviate and shorten them, they will |
come about once in so often, regardless
of either, as they have always done in
this and all other countries That Of
lo93-s was longer and harder here than
anywhere else because Of the Mckinley |
tariff and the Sherman silver purchase
act, passed by Republican bargains and
votes, The exceptional degree Of sever
ity of that Of 1889 was also due to Re
publican policies.