The Springfield herald., 1904-09-02
PARKER'S ADMISSION.
NE SAYS HIS PARTY'S TARIFF RE-
FORM POLICY Is A MENACE.

Alludes to "that Sense Of Uncertainty
and Instability" that Has Followed
Previous Attempts to Destroy Protec-
tion, Yet Indor.es ii Ind ustry- Wreck
ing Platform.
Alton Il. Par,:er in his speech accept
ing the Democratic nomination for Pres
ident frankly alludes to THAT SENSE
OF UNCERTAINTY AND INSTA-
BILITY." that followed past exploits
of the Democratic party in the tariff
sinkering 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 dispel all
fears that the program can be success
full by announcing that:
"IT 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 MODI-
FICATION IN THE TARIFF SAVE
THAT TO WHICH THE REPUBLl-
CAN MAJORITY IN THE SENATE
NAY CONSENT"
Mr.. Parker is evidently we'll enough
posted on the wa. business had been
disastrously affected by previous at
tempts to remodel the tariff on Demo
cratic lines. or else he would not
In his acceptance speech. while Civ
IA L.. hoI;n t1,,t fhaVa ha
"a wise and beneficent revision of the
tariff have further said without Great
Ing that sense of uncertainty and in
stability that hne on other occasions man
lifested itself"
There has, indeed. been a curious IA
ltality in the coincidence of tariff revis-
Ion, In this country, with trade reaction
The Tariff Acts of 1872, of 1888, and of
1894, In every case accompanied or
shortly preceded a period of serious COM
imercial distress. 1t cannot well be
questioned that the Democratic practice
of ripping up by wholesale n compli-
Gated import tariff is pretty sure to de-
I range Mt least one seasons plans In the
industries affected. and 1t is apt to throw
out of employment thousands OF people,
also to make n bad miscnlculatiop as to
future public revenue.
Following the new tariff law in March.
1888, public revenue decreased $4,000
900 In the twelve months ending with
June, 1884, and something like $25,OOo.-
600 In the fiscal year 1885; and in 1854
the financial situation reached crisis.
The financial uncasiness of that year
caused 1884 to be considered a panic
year.
The Panic of 1898.
arir hA
in the spring months was synchronous
with that sense OF uncertainty and in
stability" which had followed the cleo
ton Of both President and Congress
pledged to free trnde. The passage of
the Wilson bill the following year ag-
Kravated the industrial disasters. This
bill not only did direct damage to man
ufacturins industry everywhere through
out the country, but it had disastrous eff
lfects on the nations credit, because it
caused the revenues to drop heavily be-
low the expenditures and thus forced the
government to draw for its routine ex-
Ipenses on the treasury gold reserve.
which was needed to preserve the gold
standard of value. Tho revenue from
This bill fell short of the estimates of
Hts Democratic trainers by no less sum
than SS7 100000. and this, including Its
sugar import tax. which many of the
Democratic lenders. including President
Cleveland himself. had been bitterly or
posed to. The bill produced a deficit OF
&42, ,s05.223 in the fiscal year 1895, and
S20. .203,24o in 1896.
{ -Four years OF gloomy business depres-
sion throughout the country wns the
price paid for this bungling attempt nt
tariff reform by the Democratic party.
1t was marked by intense suffering on
the part of n 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 1S93-T) OF Democratic free
trade rule marked the saddest chapter
in American industrial history. The
losses to the country industrially. fnan-
cially, and commercially were probably
greater than during the four years OF
Civil War. lS6l-5. when the nations
resources were naturally enough strain
ed TO the utmost. and peaceable indus
trial pursuits had TO be largely aban-
doned.
Two Periods Com mparcd.
The actual business effects from
THAT SENSE OF UNCERTAINTY
AND INSTABILITY" that Mr.. Park
er frankly alluded TO in his speech of ac-
ceptance as occurring during one of the
occasions" connected with tariff revis-
lon. are well portrayed by few CON
densed random abstracts from Brad
streets covering the month of July,
1893. when THAT SENSE OF UN-
CERTAINTY AND INSTABILITY"
arising from the fear Of tariff reduc-
ton was exceedingly aggravated. and
was resulting in general business dis
aster and industrial paralysis.
A Dark Chapter.
The abstracts, to which attention is
called. follow:
July 3, 1897; Operations were re-
sumed on Monday in the Washington