The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1904-09-02
'PARKER,S ADMISSION.

NE SAYS HIS PARTY'S TARIFF RE.
FORM POLICY IS A MENACE.
AlIudes to "that Sense of Uncertainty
and Instability" that Has Followed
Previous Attempts to Destroy Protec-
ton, Yet lndorses an Iudustry-wreck
ing Platform.
Alton B. Parker in his speech accept
ing the Democratic nomination for Pres
ident frankly alludes to THAT SENSE
OF UNCERTAINTY AND INSTA-
BlLlTY,'' that followed past exploits
OF the Democratic party in the tariff
tinkcring 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 dlspel all
fears that the program can be success
full by announcing 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 MODl-
FlCATlON In THE TARIFF SAVE
THAT TO WHICH THE REPUBLI-
CAN MAJORITY IN THE SENATE
MAY CONSENT."
Mr.. Parker is evidently well enough
posted on he way business had been
disastfomsly affected by previous at
tcnipts to remodel the tariff on Demo
cratic lines, or else he would not
il his acceptance speech, while Civ
ing it as his belief that there could be
"a wise and beneticent revision. of the
tariff" nave further said, without Great
ing that sense of uncertainty and in
stability that has on other occasions man
iltsted itself"
There has, indeed, been a curious ia
tally in the coincidence of tariff revis-
ion. in this country, with trade reaction.
The Tariff ACTS OF 1872, Of 1888, and of
1891, III every case accompanied or
shortly preceded a period Of serious com
mercial distress. 1t cannot we'll 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
industries affected, and it is apt to throw
out Of employment thousands of people,
also to make a bad miscalculation as to
Culture public revenue.
Following the new tariff aw in March,
1888, public revenue decreased $50,OOO.-
OOOsin the twelve months ending with.
June, 1884, and something like $25,0O0,-
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 Il panic
year.
The Panic of 1898.
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 a 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 revenue to drop heavily be-
ow the expenditures and thus forced the
government to draw for its 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, Dom trainers by no less a sum
than SS7,000,000 aud this, including it's
sugar import tax, which many of the
Democratic leaders, including President
Cleveland himself, had been bitterly op-
posed to. The bill produced a deficit of
$40, 805 ,228 in the fiscal year 1895, and
S25, 2 PAS in 1895.
-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 QS93-D of Democratic free
trade rule marked the saddest chapter
In American industrial history. The
losses to the country industrially. tinan-
cially, and commercially were probably
greater than during the four years of
Civil War, 1866, when the nations
resources were naturally enough strain
ed to the utmost, and peaceabie indus
trial pursuits had to be largely aban-
doned.
Two Periods Compared.
The actual business effects from