River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1904-09-01

Alton p. Par,-er in his speech accept
Ing the Democratic nomination for Pres
ident frankly alludes 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 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:
"IT 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
TGmDtS TO femOuel the IdIlA vi AISAAiC
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 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 a curious ia
~. -. 4 of for ~nyyIo-
ion, 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
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 III the
industries affected, and it is apt to throw
out 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,-
900 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 1898 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 President and a Congress
pledged to free trade The passage of
the Wilson bill the following year ag-
gravated the industrial disasters. This
bill not only did direct damage to man
ufacturing industry everywhere through
out the country, but it 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
standard of value. The revenue from
this bill fell short of the estimates of
it's Democratic trainers by no less a sum
than $S7,000,000, 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 a deficit of
So, 800, 223 in the fiscal year 1895, and
$20, 203, 240 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 1S93-O of Democratic free
trade rule marked the saddest chapter
in American industrial history. The
losses to the country industrially, inan-
cially, and commercially were probably
greater than during the four years of
Civil War, 1868, when the nations
resources were naturally enough strain
ed to the utmost, and peaceable indus
trial pursuits had to be 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 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,
1898, 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 on Monday in the Washington
mills at Washington, r. l., employing
SO weavers.
''At a conference of the employing
plasterers and workers, New York. terms
favorable to all interests were drawn up
and agreed upon.
Tube department and sheet mill of
the Reading Iron Works resumed oper-
ations. The tube department employs
900 men and the sheet mill will give
$50 men work.
THE blooming and steel departments