Middlebury register. (Middlebury, Vt.) 1886-1937, 1904-08-26
FOL DE-ROL ABOUT 1893 PANIC
Statement of Cannon and Littlefeld Com.
pared with the Cold Facts of History

1t is a pity that such able men and
attractive orators as Speaker Cannon
and Congressman Littlefe.d should put
forth such campaign rot as they have
been doing on the Vermont stump to
the effect that the panic of 1893 was
due to the Democratic victory of 1892
because OF fear of lowered tariff. "The
people wanted change, and got
it" they say and so on.
Both these gentlemen know, ms every
ordinarily, intelligent citizen knows,
that the 1903 panic and its following
hard times were a part of worldwide
business storm, that swept over high
tariff and low tariff countries alike,
that it Frustrated South America, Aus
tralia and India before it reached here,
that it began several months before the
Republican party went out of power and
two years before the tariff was touched
by the "ilson-G German bill, and contin-
ued nearly two years after the Repub-
lican party returned to power and
over year after the restoration of the
highest tariff we have ever known in
the Dingley bill.
They know, as does every American
school-boy, that whatever the tariff OF
party in power, financial revulsions have
come almost regularly once in 10 years,
and once in 20 years with great
severity and long duration; and that
the only exceptions are in favor of low
tariff. Thus we had one, long and
severe and chief factor in leading to
the formation of the constitutions
Before there was any tariff at all in 1888
a temporary one under a . per cent
to 10 per cent tariff .............1793
| Another under embargo and high
| war-tarif, prolonged ............. .1S07-14
Another following the first distinct
lively protective tariff that of 1916 1S1S-19
Another, though the tariff had been
twice increased dn 1924 and 2s) ..1S27-29
Another long and severe, beginning
four years after the tariff was low
cred (by the bill lof '33) ............ 1887
The next came four years after the
high tariff of 1912 and was soon
ended after the enactment of the
Democratic tariff of 1916 (enactel
after 1t had begun ..................1S 4G
| The next lasted but few months
| Though almost simultaneously was
enacted the lowest tariff we ever
had) Observation-Disclosures. 1857
The next came under the Republican
war tariff ................... .lSO6-I
| The next, the longest and hardest we
ever had was under the highest
tariff we had ever had up to that
| time .Ioio-O
The next followed close upon the 1889
raising Of the tariff ............... 1SS+5
| And the next close upon the enact
ment Of the Mckinley tariff the
highest up to that time ........... 1880
| The next, ms above explained in ..1S93
And under the highest tariff Of all has
come the regular decennial depres
sion or ........... '''''' 'I'O"-f
These dates disclose what is plain to
any thinking man, that while high
tariff, by over stimulus to speculation,
may hasten and intensity panics and
as consequence lengthen the ensuing
hard times, and while low tariff may
alleviate and shorten them, they will
come about once in so often, regardless
of either, as they have always done in
this and all other countries. That Of
lo93S was longer and harder here than
anywhere else because of the Mckinley
tariff and the Sherman silver purchase
act, passed by Republican bargains and
votes. The exceptional degree of sever
ity of that of 1879 was also due to Re
publican policies.