The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1904-10-11
TRUE HISTORY OF pANICs

!. WIZ I'D Senator Fairbanks. IN his
theatre si--ech, regard as the issue Of the
campaign?
The present policy of protection and
the responsibility for panics AM prosper
>. Who did he say were responsible for
| the paDics. especially for that of 1893?
The Democrats and especially the Will
son tariff law.
2. Is this true?
No; the panic of 1899 proceeded from
Republican eXtravacance and was cured
BY Democratic economy.
4. When did the panic of lSqS' begin?
During the last year llS9Z-5) Of President
Harrison administration. The bank
crash eliminated in July. 1898 just four
MONTHS after President Cleveland's in
auguration.
,. Was this financial manic caused as
Senator Fairbanks claimed by Demo-
cratic policy. as expressed in the Wilson
biH2
| then written: no government unii"V had
| been charged. and he Wilson bill did pot
become a law TIL about ~one year after
ward.
s. What caused the panic OF 1903?
Republican extravaganza. VIXEN the
/ Democratic administration retired IN 1850.
the country was prosperous and great
surplus or over Sio0.01jeGi v'aS IN the
treasury. Within two years Of Republic-
an administration that snrDlus rad dis
! appcsred. The Mckinley tariff law OF
1870 caused the revenues 10 shrink till at
the close OF the Harrison administration
all preparations had been made Tor an IS
sue nf bonds to obtain sufficient funds
for tho Si1nnort 81 government F.Gckouts.
strikes and labor riots followed the re-
ductiOps-- IN wages made nv fnanufactur-
crs and all was unrest under the impeud-
| ing panic which came on during the last
year of the Republican administration
under Harrison. The nanic " lSe3 had
been raging for months before the Demo-
cratic administrs ton came into power.
and il eliminated IN its worst 'orm Just
one year before tho Democratic Wilson
bill went into operation.
Z. BIT did not Senator Fairbanks INFER
1 that the Democratic administrations az
+ He did: bot he falsified history The
greatest manic the country ever eNpe-
! Tienced that from 1873 TO 1877. occurred
under Republican administrations. which
/ he'd been continuously n power since
/ s What caused the panic Of 1879?
Republican eXtraVaPance- From the
! close of the war to 1853 the RenuOiican
/ party was in absolute control 81 the gov
( eminent In all its branches. aud the
1 treasury was wide Omen. One r9tItot art
I er another helped himself to,its contents.
/ They finally hogan to quarrel over a dis
4 fributon of the sDoils. and through their
disnutes the extent OF the corruption be-
came public
l The Credit Afobiii~r scandal made plain
/
! that II affected even the cougr IS Of the
/ Emitted States while a, Tinz ncial panic OF
/ great SEVERITY produces WIDESPREAD dis
/ tfess- and the peonlc aw0te ia coacep"
/ tinn of their condition. They elected 2
! Democratic majority 10 the house which
/ reduced Inc cost Of government and by
/ exposing fraud and driving the peipefTa f.
/ Ors from uublic life II created d whole
( some public sentiment which checked for
1 many years any revival of fNtrava gauce.
| Have Democratic administra lions gen
! orally been prosperous
Yes: the greatest relative increase IN
the wealth Of the country has occurred
| in tho years Of Democratic rule. Jack
sons two administrations were periods OF
great prosperity. The country was falr-
/ ~ prosperous under Tyler who. although
| elected vice president on the Wing ticket,
was a Democrat and broke with the
Wing party as soon as he succeeded Har-
rison. Good times continued through
varying Democratic and Wing admins
/ trations until 1851. when panic followed
as a natural reaction from the stimula-
I ton that had been produced by the dis
eovery Of gold in California.
| But Senators Fairbanks and DOllivcr
/ both conveyed the impression that tns
recent Democratic administrations were
periods OF hard times. Is this true?
No as TO the first yes as TO the second.
But the depression during Cleveland's
! second term was. clearly due to the acts
of the Harrison administration. The in
+ dustrial copdition Of The country under
| cleveland's first administration will com
| pare favorably with its condition under
| two previous Republican administrations.
The financial depression of 1895 was the
| result largely Of extravaganza aud Re-
publican efforts 10 do something for
silver" eliminating In the passage of
| the Sherman purchasing act exclusively
by Republican votes. II began while Har-
risOn was still in the White House. and
! the revival Of business had begun before
| Cleveland left the White House
l. f-fga tore. lIf rafaA
that tho Republican party is safe, con-
| servative and economical?
1 No: in wasteful extravaganza the pres
ent Republican administration surpasses
the widest dreams Of the former pa
triots who emptied the national treas
ury. Under President Roosevelt the cost
OF conducting the government has nearly
doubled The Increase, as compared with
the expenses of Cleveland's second adj
ministration. amounts TO $500 600 more per
day. or s.. 800 more per hour. or $3.50. 900. 00l
more per year. than under President
Cleveland.