Fergus County argus. [volume] (Lewistown, Mont.) 1886-1946, 1904-09-07
THE PANIC OF 1893.
CAUSED BY THE FREE TRADE VIC
TORY or THE PREVIOUS YEAR.

Cleveland Bond Sale. and the Dis
tress which Followed Were the
Direct Consequence of the Demo-
cratic Triumph In 1907.
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 lS94.96, by which
the national debt was increased s262..
100000 In a 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 injudlcious ~explana-
ton and defense. Mr.. Cleveland must
now be rated as a negligible quantity
as regards the Democratic nomination
for 1904.
As a direct consequence OF taking bis
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 a cut
rate and that In marketing the bonds
the syndicate reaped a profit Of Sl0,-
100000 at the expense Of the United
States government. Democratic jour
mails throughout the country have TAX
en- up the matter and for the most part
have Joined the World In pronouncing
the bond deals a serious stigma upon
President Cleveland's administration.
Mr.. Bryan's Commoner. evidently
disinclined to administer any heavier
kicks to the man who is down, on-
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 1S94-9G 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 1897.
Mr.. Curtis brings into view a on
vincing array Of facts to prove that the
deficiencies in revenue, the heavy
drain Of u 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 a Democratic exec
'utive and a Democratic house and SEN
ate pledged and committed to free
trade.
The 'presentment of this side Of the
bond history Of the last Democratic ad-
m%inistration is Of high Importance at a
time when the country is about to de-
eide whether 1t will again intrust the
government to tariff smashers and
prosperity wreckers. 1t is well for the
country to know the true inwardness
of the aause which almost wholly con.
ltributed to the hard times Of 1S93-87.