The state herald., 1904-09-02

tiou, Yet Indorsc- an Ind Wreck
ing Platform.
Alton B. Par,sr in his speech accept
ing the Democratc nomination for Pres
idcnt frankly allules to THAT SENSE
OF UNCERTAINTY AND iNSTA-
BILITY." that followed past exploits
"r the Democratic party in the tariff
,iukerinE line. Nevertheless he fully en-
iorses the "admrable platform OF the
Democratic part with its program Of
stack on the tariff hut cautiously, how
ever, he takes good care to dispcl all
fears that the Program can be success
ful by nnnounciIg 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 REpUBLl-
CAN MAJORITY IN THE SENATE
MAY CONSENT"
Mr.. Parker is evidently well 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 beliet that there could be
"a wise and benefcent 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"
There has, indeed. been n curious fa-
tality in the coincidence of tariff revis-
ion, in this country. with trade reaction.
The Tariff Acts of 1872, OF 1889, and Of
1894, in every case accompanied or
shortly preceded n period of serious com
mercal distress. 1t cannot well he
questioned that the Democratic practice
of ripping up by wholesale II compii-
Gated import tariff is pretty sure to de-
range at least one seasons plans in the
industries affected, and it is apt to throw
ont OF employment thousands OF people,
also to make a bad miscalculation a. to
future public revenue.
| Following the new tariff law in March,
1883. public revenue decreased s50,OoO,-
June. 1854. and something ike $4,000
coo in the fiscal year 1885; and in 1881
the financial situation reached crisis.
| The financial nncasiness Of that year
caused 1854 10 be considered n panic
year.
The Panic of 1903.
In 1893 a calamitous panic beginning
n the spring months was synchronous
| with that sense Of uncertainty and in
stability" which had followed the elec.
ton of both a President and n Congress
pledged 10 free trade. The passage OF
the Wilson hill the following year az.
grivnted the industrial disasters. This
bill not only did direct damage TO man
ufa,turing industry everywhere through
out The country. but II had disastrous eff
fects on the nations credit, because II
caused the revenues TO drop heavily be
low the expenditures and thus forced the
government to draw for its routine eS-
penscs on the treasury gold reserve.
which was needed 10 preserve the gold
standard OF value. The revenue from
this bill fell short OF the estimates Of
its Democratic trainers by no less a sum
than sSI.000,uc0. and this, including It's
sugar import tax. which many OF the
Democratic leaders, including President
Cleveland himself had been bitterly o.
posed to. The bill produced deficit Of
s42 s05, ,223 In the fiscal year 1895. and
S25. .2o3.2I5 in 1896.
Four year. u gloomy business deprcs-
sion throughout the country was the
price paid for this bunrlinr attempt Mt
tariff reform" by the Democratic party.
| It was marked by intense suffering on
the par, Of large section Of the Amer
lean people who could get no work 10
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 (lsa3-Ti OF Democratic free
trade rule marked the saddest chapter
In American Industrial history, The
losses TO the country industrinlly, hnan.
cially, and commercially were probably
greater than during the four years OF
Civil War. lSdl-5. when the nations
resources were naturally enough strain.
ed to the utmost. and peacenble indus.
trial pursuit, had TO b. largely aban.
doned.
Two Periods Compared.
The actual business effects from
THAT SENSE OF UNCERTAINTY
AND INSTABILITY" that Mr.. Park.
er frankly alluded TO In his speech of hr'
| ceptance as occurring during one Of tho
occasions" connected with tariff rcyis
lon. are well portrayed by few con
deused random abstracts from Brad.
streets covering the month of July.
ish3. when THAT SENSE OF rNi
CERTAINTY AND INSTABILITY
arising from the fear Of tnrin reduce
tion wns exceedingly aggravated. uni
was resulting In general business dis.
aster and industrial paralysis.
A Dark Chapter.
called. follow:
July 1897 Operations were re-
sumcd on Monday In the Washington
mills at Washington, II, l.. employing
~ weartfs.
AT conference Of the employing
plnstrr.rs and workers. New York. terms
favorable 10 all Interest,". were drawn up
and agreed upon.
Tube department, and sheet mill ~
m. ieading Iron Works resumed oper.
ntions, he tub. department employ.
90 men aud the sheet mill will xiv.
80 men work.
The blooming and steel departments
OF III. north MILL Of the Lackssanpa
Iron aud Steel Company started on sin
fls turn Tuesday.
"frrseht indications point 10 the com
-