Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1904-09-02

Alton b. Par,-er in his speech accept
Ing the Democratic nomination for Pres
ident frankly aludes TO THAT SENSE
OF UNCERTAINTY AND INSTA-
BILITY," that followed past exploits
of the Democratic party In the tariff
tinkering line. Nevertheless he fully en-
.dorses the admirable platform" Of the
Democratic party with its sprogram OF
attack on the tariff, but cautiously, how
ever, he takes good care to dispel all
fears that the program can be success
ful BY announcing that:
EFT is Al FACT AND SHOULD BE
FRANKLY CONCEDED THAT
THOUGH OUR PARTY BE sue
lCESSfUL 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 MODl-
FlCATION IN THE TARIFF SAVE
THAT TO WHICH THE REPUBLI-
CAN MAJORITY IN THE SENATE
NAY CONSENT"
Mr.. Parker is evidently well enough
posted on the way business had been
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 bene6cent revision of the
tariff have further said, without Great
Ing that sense of uncertainty and in
stability that has on other occasions man
ifested itself"
,~ik, 20.
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 or
shortly preceded period of serious COM
mercial distress. 1t cannot well be
questioned that the Democratic practice
Of ripping up by wholesale compli-
Gated import tariff is pretty sure to de-
range at least one seasons plans in the
Industries affected. and il is apt to throw
out of employment thousands Of people.
also to make bad miscalculation as to
future public revenue
Following the new tariff law in March.
1883, public revenue decreased S50.0s0.-
600 in the twelve months ending with
June, 1884. and something like $4,000
| 600 in the fiscal year 1885; and in 1854
| the financial situation reached crisis.
The financial uneasiness of that year
caused 1854 to be considered a panic
year.
The Panic of 1898.
In 1893 calamitous panic beginning
ID the spring months was synchronous
with that sense of uncertainty and in
liability" which had followed the cleo
ion OF both President and Congress
aedged to free trade. The passage of
ne Wilson bill the following year az
favated the industrial disasters. This
N not only did direct damage TO man
<acturing industry everywhere through
1t the country, but it had disastrous eff
<ets on the nations credit, because 1t
used the revenues TO drop heavily be-
" the expenditures and thus forced the
vernment to draw for its routine ex
uses on the treasury gold reserve
ich was needed to preserve the gold
ndard of value The revenue from
bill fell short OF the estimates of
Democratic trainers by no less a sum
$S7, 100000. and this. including its
BIZ import tax, which many of the
iocratic leaders including President
eland himself. had been bitterly o.
TO. The bill produced a deficit of
0J. 223 in the fiscal year 1895, and
O3, PAS in 1896.
ur years OF gloomy business depres-
throughout the country was the
paid for this bunglng attempt at
reform by the Democratic party.
BIS marked by intense suffering oG
art of large section of the Amer
people who could get no work TO
even the lowest wages
lat SENSE OF UNCERTAIN
ND INSTABILITY lasted four
ears, UNTIL THE ELECTION
WILLIAM MCKINLEY. Those
ears (1S93-T) OF Democratic free
rule marked the saddest chapter
erican industrial history. The
% the country industrally, inan-
knd commercially were probably
than during the four years of
Far, 1868, when the nations
were naturally enough strain
be utmost, and peaceabe indus
rsuits had TO be largely aban-
wo Periods Compared.
actual business effects from
SENSE OF UNCERTAINTY
STABILITY" that Mr.. Park
N alluded to in his speech of ac-
as occurring during one of the
)" connected with tariff revis-
well portrayed by few con
sndom abstracts from Brad
overing the month of July,
en- THAT SENSE OF IN
NTY AND INSTABILITY
rom the fear of tariff reduc-
exceedingly aggravated, and
ting in general business dis
Industrial paralysis.
A Dark Chapter.
sfracts, to which attention is
How:
1897: Operations were re-
Monday in the Washington
Washington, r. H. employing