Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1904-08-31
PARKER'S ADMISSION.
AE SAYS HIS PARTY'S TARIFF RE.
FORM POLICY is A MENACE.
,AIludes to shat Sense of Uncertainty
and Instability" that Has Followed
Previous Attempts to Destroy Protec-
ton, Yet Endorses an Industry Wreck
ing Platform.

Previous Attempts to Destroy Protec-
n,Yet Indorses an Industry Wreck
ing Platform.
Alton B. Parker in his speech accept
ing the Democratic nomination for Pres
ident frankly alludes to THAT SENSE
OF UNCERTAINTY AND 1NSTA-
BILITY,' that followed past exploits
of the Democratic party in the tariff
tinkerng line. Nevertheless he fully en-
dorses the admirable platform" of the
Democratic party with its program of
attack on the tariff but cautiously. how
ever, he takes good care to dispel all
fears that the program can be success
full by announcing that:
1T is A FACT AND SHOULD BE
FRANKLY CONCEDED THAT
THOUGH OUR PARTY BE sue
CESSFUL IN THE COMING CON
TEST WE CANNOT HOPE TO Sc
CURE A MAJORITY IN THE SEN
ATE DURING THE NEXT FOUR
YEARS, HENCE WE SHALL BE
UNABLE TO SECURE ANY MODI-
FICATION IN THE TARIFF SAVE
THAT TO WHICH THE REPUBLI-
CAN MAJORITY IN THE SENATE
MAY CONSENT"
Mr. Parker is evidently we'll enough
posted on the way business had been
disastrously affected by previous at
tempts to remodel the tariff on Demo
cratic lines, or else he would not
in his acceptance speech, while Civ
ing it as his belief that there could be
"a wise and beneicent revision Of the
tariff have further said. without Great
ing that sense of uncertainty and in
stability that has on other occasions man
Tested ITSELF
There has, indeed, been a curious IA
tally in the coincidence Of tariff revis-
ion, in this country, with trade reaction.
The Tariff Acts Of 1872, of 1888, and Of
1894, III every case accompanied CIR
shortly preceded a period of serious COM
mercial distress. 1t cannot we'll be
questioned that the Democratic practice
of ripping up by wholesale compl-
Gated import tariff is pretty sure to de-
range at least one seasons plans In the
industries affected, and it is apt to throw
out of employment thousands of people,
also to make a bad miscalculatlon as to
future public revenue.
Following the new tariff law IN March,
1883, public revenue decreased S5O,O0O,-
600 in the twelve months ending with
June, 1884, and something like $50, 00O,-
600 in the fiscal year 1885; and in 1884
the financial situation reached crisis.
The financial uneas.ness of that year
caused 1884 to be considered a panic
year.
The Panic of 1893.
In 1893 a calamitous panic beginning
in the spring months was synchronous
with that sense of uncertainty and in
stability which had followed the cleo
ton of both a President and a Congress
pledged to free trade. The passage of
the Wilson bill the following year ag-
grayated the industrial disasters. This
bill not only did direct damage to man
ufacturing industry everywhere through
ont ths country, but IL had disastrous eff
fects on the nations credit, because it
caused the revenues to drop heavily be-
low the expenditures and thus forced the
government to draw for it's routine ex
penses on the treasury gold reserve.
which was needed to preserve the gold
ftandard Of value. The revenue from
Ills bill fell short Of the estimates of
its Democratic trainers by no less sum
than SS7,OO0,OOO, and this, including its
sugar import tax, which many of the
Democratic leaders, including President
Cleveland himself, had been bitterly or
posed to. The bill produced a deficit of
$40, 500, 223 in the fiscal year 1895, and
$50, 203,245 in 1896.
Four years Of gloomy business depres
sion throughout the country was the
price paid for this bungling attempt at
tariff reform by the Democratic party.
1t was marked by intense suffering on
the part Of a large section Of the Amer
lean people who could get no work to
do at even the lowest wages.
THAT SENSE OF UNCERTAIN
TY AND Instability lasted four
long years, UNTIL THE ELECTION
OF WILLIAM MCKINLEY. Those
four years QS93-D of Democratic free
trade rule marked the saddest chapter
in American industrial history. The
losses to the country industrially, finan-
cially, and commercially were probably
greater than during the four years. Of
Civil War, 1865, when the nation s
resources were naturally enough strain
ed to the utmost, and peaceable indus
trial pursuits had to be largely aban-
doned
Two Periods Com pared.
The actual business effects from
THAT SENSE OF UNCERTAINTY
AND INSTABILITY" that Mr. Park
frankly alluded to in his speech of ac-
ceptance as occurring during one of the
occasions" connected with tariff revis-
ion. are we'll portrayed by a few con-
densed random abstracts from Brad
streets covering the month Of July,
1893. when THAT SENSE OF UN-
CERTAINTY AND INSTABILITY
arising from the fear Of tariff reduc-
ton was exceedingly aggravated, and
was resulting in general business dis
aster and industrial paralysis.
a Dark Chapter.
The abstracts, to which attention is
called, follow: -
July 3, 1897: Operations were re-
sumed OH Monday in the Washington
mills at Washington, r. L. employing
SO weavers.
AT n conference of the employing
plasterers and workers, New York, terms
favorable to all interests were drawn up