The herald-advance. (Milbank, S.D.) 1890-1922, 1904-09-02
PARKER'S ADMISSION.
~ SAYS His PARTY's TARIFF RE.
FORM POLICY Is A MENACE.

ATludes to ''that Sense of Uncertainty
and Instability that Has Followed
Previous Attempts to Destroy Protec-
ZION, Yet Indorses an Industry-wreck.
ing Platform.
Alton b. Parker In his speech accept
eme the Democratic nomination for Pres
ldent frankly Aludes to THAT SENSE
or UNCERTAINTY AND 1NSTA-
DlLITY," that followed past exploits
q the Democratic party in the tariff
hnkering lire. Nevertheless he fully en-
Horses the admirable platform Of the
ettack on the tariff, but cautiously, how
ever, he takes good care to dispel all
fears that the program can be success
1ul BY announcing that:
SIT Is A FACT AND SHOULD BE
yRANKLY CONCEDED THAT
THOUGH OUR PARTY BE sue
UESSFUL 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-
VOCATION In THE TARIFF SAVE
THAT TO WHICH THE REPUBLI-
CAN MAJORITY IN THE SENATE
NAY CONSENT"
Nj. Parker is evidently well enough
posted on the way business had been
6isastrously affected by previous at
tempts to remodel the tariff on Demo
cratic lines, or else he would not
n his acceptance speech, while Civ
mg It az his belief that there could be
Fl wise and benefcent revision Of the
tarid'' have further said, without Great
mg that sense OF uncertainty and in
stability that has on other occasions man
lfssted ITSELF"
There has, indeed, been a curious IA
11lity in the coincidence Of tariff revis-
lon, In this country, with trade reaction.
The Tariff Acts Of 1872, Of 1883. and of
1894. In every case accompanied or
shortly preceded a period OF serious COM
0ercial distress. 1t cannot well be
questioned that the Democratic practice
Of ripping up by wholesale a compli-
Gated import tariff is pretty sure to de-
range at least one seasons plans in the
000USLXIcS dACSlCuy dAu ~ IL uPA W lAAOW
cut Of employment thousands OF people,
also to make a bad miscalculation as to
future public revenue.
Following the new tariff law In March,
1883, public revenue decreased $5O,OOO.-
600 IN the twelve months ending with
June, 1884, and something like $25,OOO,-
600 In the fiscal year 1885; and in 1854
the financial situation reached a crisis.
The financial uneasiness Of that year
caused 1884 to be considered a panic
year.
The Panic Of 1893.
In 1893 a calamitous panic beginning
a the spring months GAS synchronous
with that sense Of uncertainty and in
stability which had followed the cleo
l3on Of both a President and a Congress
pledged to free trade. The passage of
he Wilson bill the following year ag-
Gravated the Industrial disasters. This
bill not only did direct damage to man
ufacturing industry everywhere through
cut the country, but 1t had disastrous eff
1octs on the nations credit, because it
caused the revenues to drop heavily be-
ow the expenditures and thus forced the
government to draw for it's routine ex-
penses on the treasury gold reserve,
which wal needed to preserve the gold
standard Of value. The revenue from
did bill fell short OF the estimates Of
IL Democratic trainers by no less a sum
4Aan $S7, 200, 900, and this, including its
sugar import tax, which many Of the
Democratic leaders, including President
Cleveland himself, had been bitterly OF
bosed to. The bill produced a deficit of
Z 500, 223 In the fiscal year 1895, and
t26.o03,245 in 1895.
Four years Of gloomy business depres-
Ulon 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
ae part Of = large section Of the Amer
1can people who could get no work to
DO at even the lowest wages.
THAT SENSE OF UNCERTAIN
~ AND INSTABILITY" lasted fou1
tons years, UNTIL THE ELECTION
or WILLIAM MCKINLEY. Those
6our years (1S93-D Of Democratic free
Grade rule marked the saddest chapter
n American industrial history. The
1oeses to the country industrially, fnan.
elally, and commercially were probably
greater than during the four years OF
Civil War, 1875, when the nations
resources were naturally enough strain.
u to the utmost, and p~eaceable indus
kzial pursuits had to be largely aban.
lonod.
Two Periods Compared.
The actual business effects from
THAT SENSE OF UNCERTAINTY
AND INSTARILITY," that Mr.. Park
- frankly alluded to in his speech Of &C
eoptance ~ occurring during one Of the
1Aoccasions" connected with tariff revis.
~, ars well portrayed by a few con-
Aensed random abstracts from Brad
oeDstf covering the month Of July,
l1eo8, when THAT SENSE OF UN-
OURTAINTY AND INSTABILITY
arising from the fear OF tariff reduc-
- was exceedingly aggravated, and
rssulting in general business dis
aGter and industrial paralysis.
X Dark Chapter.
he abstracts, to which attention II
beIled, follow:
5ulv & 1907. nnere4;cr. v.r> -.