Essex County herald. [volume] (Guildhall, Vt.) 1873-1964, 1904-08-26
FOL DE. RoL ABOUT 1898 PANIC
Statement Of Cannon and Iittlshsld Com
psred with the Cold Fse.s Of bis tory

Il j. pity that such ahle men ana
sttTa, live orators - Speaker tainun
and congressman Littlehe.u should pu'
forth such campaign rot a. they have
teen doing ou the Vermont stump To
the effect that the panic OF lsaJ Was
due To the Democratic victory OF 49,
because OF fear Of lowered tariff. Il he
people wanteI a change, and got
il, they say, and so on.
Botn these gentlemen know, rs every
ordinarily, intelligent citizen knows,
that the 1898 panic and its following
hard times were a part Of a worldwide
business storm, that swept over high
tariff and low Tariff countries alike
that il Frustrated South America, Ans
tralia and India before il reached here
that il began several months before the
Republican party went out of power and
two wears before the tariff was touched
by the nilson-G German bill, and eontin
ued nearly two years after the Eepub-
lican party returned to power and
over a wear after the restoration of the
highest tariff we have ever known in
the Dingley bill.
They snow. as does every American
school-boy, that whatever the tariff or
party in power, financial revulsions 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 constitutions;
al L., :
A temporary one under a per cent
TO 10 per cent tariff .lI'B
Another, under embargo and high
war-tariff prolonged ............. .lSOIl4
Another, following the first distinct
lively protective tariff THAT Of 1916 1SlS-lg
Another, though the tariff had been
twice increased lin 1924 and '2sl .1S27-2s
Another, long and severe, beginning
four years after the tariff was low
cred Thy the bill lOf '33l ..............l S3I
The next came four years after the
high tariff Of 1912 and was soon
ended after the enactment Of the
Democratic tariff Of 1876 (enactei
after 1t had begun .................1S ft
The next lasted but few months
Though almost simultaneously was
enacted the lowest starin we ever
had ACKNOWLEDGEMENTS. $500 100
The next came under the Republican
war tariff ............,........ looo-
The next, the longest and hardest we
ever had was under the highest
tariff we had ever had up TO that
time ................... 1873.
The next followed close upon the 1852
raising of the tariff ............... lSSi-'
And the next close upon the enact
ment Of the Mckinley tariff, the
highest up to that time ............i ism
The next. as above explained In 80. .ls9S-'
And under the highest tariff Of all has
come the regular decennial depres-
sion OF Observation-Disclosures .''.''' 'l''o'-
These dates disclose what is plain tc
any thinking man, that while higi
tariff by over stimulus to speculation
may hasten and intensity panics anC
as consequence lengthen the ensuing
| hard times, and while low tariff may
alleviate and shorten them, they viii
| come about once in so often, regardless
of either, as they have always done il
| this and all other countries. That o
1898 was longer and harder here thai
anywhere else because of the Mckinle,
tariff and the Sherman silver purchase
act, passed by Rep, blican bargains an'
votes. The exceptional degree of sever
ity of that of 1899 was also due to Re
publican policies.