Republican news item. [volume] (Laport, Pa.) 1896-19??, 1904-06-23
THE PANIC OF 1898.
CAUSED BY THE FREE TRADE viC-
TORY OF THE PREVIOUS YEAR.

Cleveland Bond Sales and the Dis
trexs which Followed Were the
Direct Consequence of the Demo-
cratic Triumph In 1892.
1t was an unlucky inspiration which.
prompted Grover Cleveland to rush in
to print in the Philadelphia Saturday
Evening Post a short time ago with
an elaborate explanation and defense
of the bond issues of 1S9496, by which
the national debt was increased $262.-
100000 in time Of peace. What little
chance the eX-president had of being
ruthlessly dragged from out the classic
shades OF Princeton and cruelty COM
PEELED to emerge into the white light OF
publicity seems to have disappeared as
the result of that injudicious explana-
tion and defense Mr.. Cleveland must
now be rated as negligible quantity
as regards the Democratic nomination
for 1904.
AS a direct consequence Of taking his
pen in hand the fire Of the New York
World was opened upon the retired
statesman. The leading Democratic
newspaper of the country forthwith
printed an extended editorial history
of the bond transactions, with the re-
suit Of demonstrating beyond question
the fact that the placing Of the bonds
amounted to something approaching a
scandal of great magnitude.
1t was shown that to the Morgan
Belmont syndicate was granted the
privilege Of floating the bonds on cut
rate and that In marketing the bonds
the syndicate reaped profit Of $1O.-
100000 at the expense of the United
States government. Democratic jour
nails throughout the country have TAX
ell up the matter and for the most part
have joined the World in pronouncing
the bond deals serious stigma upon
President Clevelands administration.
Mr.. Bryan's Commoner, evidently
disinclined to administer any heavier
kicks to the man who Is down, con-
tents itself with the relatively mild
Judgment that the publication by Mr..
Cleveland of his bond explanation and
defense was unnecessary and uncalled
for. 1t is to be suspected that by this
time the Princeton recluse Is inclined
to the same view.
But there is another side to the bond
history of 1S94-96 which the Demo
cratic critics Of the eX president do not
touch upon. That side OF the story
was presented in a recent issue Of the
American Economist by Francis Cur
It's In the shape of an important article
setting forth the part that was played
by tariff reform In bringing upon the
country the financial and industrial
disasters which overwhelmed trade,
business, employment and wage earn
ing from 1893 to lS97.s
Mr.. Curtis brings into view con
vincing array of facts to prove that the
deficiencies in revenue. the heavy
drain of our gold to Europe and the
fearful panic and distress which fol-
lowed thick and fast were the direct
consequence Of the election of 1892,
whereby the control of national affairs
was turned over to Democratic exec
utive and Democratic house and SEN
ate pledged and committed TO free
trade.
The presentment of this side of the
bond history of the last Democratic al
ministration Is Of high Importance at
time when the country is about to de-
eide whether it will again intrust the
government to tariff smashers and
prosperity wreckers. 1t is well for the
country to know the true inwardness
of the causes which almost wholly con
tributed to the hard times of 1S93-97.
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