Idaho Springs siftings., 1904-09-03

Lent frankly aliu8es 70 THAT SENSE
OF UNCERTAINTY AND INSTA-
BILITY," that followed past exploits
Of the Democratic party in the tarln-
tinkering line. Nevertheless he fully en-
dorses the admirable platform OF the
Democrats party wiki It's program OF
attack on the tariff. bat cautiously, how
ever, ~ takes good care 70 dIspsI all
fears thst the program can be success
ful by announcing that.
at Is A FACT AND SHOULD BE
FRANKLY CONCEDED THAT
THOUGH OUR PARTY BE Sue
CEssFUL ~ THE COMING Coz
TEST WE CANNOT HOPE TO Sc
CURE A MAJORITY ~ THE sen
ATE DURING THE NEXT FOUR
YEARS. HENCE WE SHALL BE
UNABLE 70 SECURE ANY MoDI-
FiCATlOS IL THE TARIFF SAVE
THAT To WHICH THE REPU Bill
CAN MAJORITY IL THE SENATE
NAY CONSENT"
Mr.. Parker is evidently well enough
posted on the pras business bad been
dl.axtrouHly affected By previous at
tempt. 70 rsmgIe. the tariff on Demo
cratic iaes. or slss lie would not
IA hi. acceptance speech, while Civ
Ing 4; as his belief that there could be
"a wise and beasfesut revis!on OF the
tarif" have further said. without Great
ing that sense of uncertainty and In
stability tha, has on other occasions man
nssted ITSELF
There has. indeed. been a curious "a
tally In tie coincidence Of tariG revis-
ton. Ia this couatry. with trade reaction
1As Tar.a Arta Of 1872, OF lss3. aud N
1894 ~ every ease accompanied o.
shorty preceded 4 period or serious COM
aerclal distress i cannot wcl hc
questioned that tas Democratic practice
of ripping up hy wholesale conp.i-
Gated import tar.H IS pretty sure % de-
range At least one Eeasan's plans 10 the
industrie. affected. aud il is apt 10 tArow
out OF employment thousands ot people
also 10 make bad miscalculaL0u as 10
future public Feveaae-
Following the new tsriff law In March.
1883. public revenue decreased $1,000
600 In the Twelve months ending With
June. 1854. and something Ike $500.
600 In the hscal year 1ss5. and In 1881
the financial situation reached n crisis.
Ths financial un-asinsss OF that year
caused 1854 TO bs Considered a panic
year
The Panic of 1908.
In 1858 a cahmitous panic beginning
IN the spring mouths was synchroaous
with 'that sense OF uncertainty and In
stability" which had followed the elec-
don of both President and Congress
pledged to free trade. The passage OF
ths Wilson bill the following year az
grnvated the Industrial disasters. This
Bill not only did direct damage 70 man
ufscturlns Industry everywhere through
cot tho country. bat It had disastrous ef-
fscts on tie usfian's credit. because Il
caused the revenues 70 drop heavily be
low the Expenditures and thus forced the
government 70 draw for is routine ey-
penses on the treasury gold reserve,
which was ueelsd 50 preserve the gold
standard o, value The revenuh from
shis bill fell short OF the estimates OF
its Democratic trainers hy no less a sum
than SS7 .O0DOOn. aud this. Including its,
sugar import tax, which many Of the
Democratlc LEADERS, including President
Cleveland himself had been bitterly o.
posed %. The hli produced a defcit Of
ts2. sos .222 Ia the dseal year 1895. and
e25 ,2O3.24 30 1895.
-Four years n gloomy business deprcs-
s,ou throughout t4e country was the
price paid fHr tAis banging attempt at
-tAr.f reform" by the Democratic party
IL was marked hy intease suffering on
the part ~ larse section OF tho Amer
lean people rls eeg.1 get no work TO
do at even the lowest wages
THAT SENSE or UNCERTAIN
T-Y AND INSTABILITY" lasted four
long years, tNflI. THE ELECTION
OF WILLIAM MekfNI.EY. Those
-four years Cis93zTi uf Democrats free
trade rule marsed the saddest chapter
in American Industrial history. The
losscs % the country inlustrlnlly. fnan-
eially. and commercially were probably
greater thau during the four years Of
Civil War. ls6f=I when the nations
resources were naturally enough strain
ed TO the utmost and Peseesble indus
trial pursuits had 20 Be largely aban-
doned.
Two Periods Compared.
The actual business effects from
THAT SENSE OF UNCERTAINTY
AND INSTABILITY, thar Mr.. Park
ss frankly alluded to "a his speech OF ac-
eeptancs as occurring daring one OF the
'oceasious" connected with tariff revis-
Ion. are well portrayed by few CON
densed random abstracts from Brad
streets covering the month OF July,
1888. when THAT SENSE OF UN-
CERTAINTY AND INSTABILITY"
arising from tie fear Of tariff reduc-
tion was exceedingly aggravated. and
was resulting in general business dis
aster and industrial paralysis.
Dark Chapter.
Ths abstracts, 10 which attention Is
called, follow:
July 3. 1897: Operations were re-
sumed on Monday in the Washington
mills at Washington. X. H. employing
80 veavers.
AT conference Of the employing
plasterers and workers. New York, terms
favorable to all interests were drawn up
and agreed upon.
Tubs department and sheet mill Of
lAs Reading Iron Works resumed oper-
ations- The tubs department employs