Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1904-10-28

OOHtHtOUtT,) OCCuIIcu uulluS tuC iiioutii
of Sept, 1869, when the Republican
party was in power. The great panic
marked by the failure of Jay Cooke &
Co., occurred in Sept, 1873. Then the
Republican party was in power and
seven months prior to that time the
Republican party had been reelected
to power. The Wilson bill was passed
ten years ago. But that panic did not
originate in '94. 1t did not originate
in '93; it began long prior to the Pres
idential election of '92. The panic
originated and reached its worst form
nnder that famous tariff law known as
the Mckinley bill. The Republican
party went into power March 4, 1869.
The Mckinley bill became law Oct.
6, 1890. November IL, 1890, the re.
ports showed financial distress in New
York clearing house association voted
its certificates to banks in need OF as
sistance. The Boston clearing house
association did the same thing Nov.
II. Barker Bros. & Co., big bankers
in Philadelphia suspended at that time
with liabilities placed at $4,000, 600.
Nov. IL, 1890, there was a run on the
Citizens Savings bank of New York
and a receiver was appointed for the
North River bank. Nov. q. 1890, the
United Rolling Stock Company of Chi
caeo assigned, with liabilities at &c.
$4,000. Nov. 26, 1890, B. X. jamie
son & Co., Philadelphia, bankers, failed
with liabilities of $4,000, 900. Jan. 3,
1891, the Scottsdale Rolling Mills and
Pike Works and the Charlotte Fur
mace and Coke Works in Pen nsylvania
closed, throwing 10000 employees out
OF employment. Jan. II, 1891, the
American National Bank at Kansas
City suspended with liabilities at ST.
25O,00O. The Homestead strike and
other strikers occurred in '92, as We
all remember. Grover Cleveland was
inaugurated in '93. In May, 1898. S.
f. White and others suspended in New
New York. The Chemical bank OF
Chicago and its branches suspended.
Other failures followed and finally the
famous raids on the U. S. Treasury
were made. Jan. II, '94, the Cleve.
land administration ordered $780,.
100000 bond issue. Aug. l, '94, the
Wilson tariff law went into effect and
the plates for those bonds had already
been prepared by Mr.. Harrison's Sec
retary of the Treasury and he had
made a visit to New York for the pur-
pose of negotiating the bond deal. He
was wired by Mr.. Harrison to return
to Washington as he had concluded
not to have any bonds issued during
his administration aud, in order to
avoid the stigma, the Harrison admin
istratinn warded Off the bond Issue and
unloaded it on the incoming Cleve-
land administr alton. The bond issue
was seven months before the Wilson
bill became law. The first indica.
tions of the panic occurred Nov. IL,
1890, little more than 30 days after
the Mckinley tariff became law. 1t
reached its worst stage in '93 and dur
ing the early days OF '94, during all of
which time tho Mckinley tariff was in
effect. When the Democratic admin
istration surrendered the reins of gov.
ernment March A, 1889, there was the
largest surplus in history. When the
Republican party went out of power
March 4, 1893, there was q large de-
ficit.
Now in view of these facts, and
they can't be disputed, how can any
man, imbued with the least sense Of
honor. have the unmitigated gall to
stand before an enlightened audience
and state, without q sense of shame
mantling his physiognomy, that high
tariff has always been followed by
prosperity and low tariff by adversely?
Say. 60 and soak your heads, so they
will hold facts. j. C. Coz.
p. S-The above is my brand and I
am ready to clinch what l write.