Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1907-09-12
TO PREVENT PANICS
SECURE ENACTMENT OF REFORM
LEGISLATION.
Republican High Tariff Directly Re-
sponsibIe for These Periodical Dis
turbances to Business-Rem-
edy in Voters Hands.

Inat de1ghttully strenuous SIdnu-
patter, Leslie M. Shaw, now says that
the cause of all panics has been trace
able to financial or economical agi-
tatioD, or legislation, and usually both.
thus attempting to blame all panics
on the Democrats. But he evident
ly has to falsify history to prove his
contention, for all the panics since
the civil war originated under Repub-
lican rule and developed under Repub-
lican legislation. The panic of 1860
Black Friday-the great panic mark
ed by the failure of Jay Cooke & Co,
in September, 1873; the panic of 1892;
all commenced when the Republican
party was in power, and that party
alone is responsible for the financial
and economical legislation. and must
therefore take the blame for those
business depressions.
The contention of the Republicans
that the panic of 1892 should be
charged to Cleveland's administration
has no historical truth, for it's first
indications were given November IL,
1890, about Is months after the in
auguration If President Harrison. aad
just after the Mckinley tariff bill be-
came a law. When President Cleve-
land went out of office, March 4, 1889,
there was an available cash balance
in the United States treasury Of $273,-
679,979. Four years after, when Pres
ident Harrison retired. March 4, 1893,
the treasury books showed but $125,-
630,1!28 available cash. But that avail
able balance was arrived at by a
change in the system of bookkeeping,
and on the same methods as the books
were kept under the Cleveland and
prior administrations would show a
deficit.
The United States treasury was vir-
tually bankrupt on February rs, 1893,
only a few days before the Democrats
took charge of the government. Sec
rotary Foster, who testified before the
committee on ways and means on Feb
ruary %, 1893, said: IF l eliminated
these items now federal deposits on
national banks and subsidiary coin,
etc. there would be a showing of
deficit" This evidence will be found
in house report No. 1921, Fifty second
congress, second session.
Thus Secretary Shaw %convicts his
W party Of being responsible for all
the panics, FOR the financial and eco
nomic legislation in operation at the
time these panics originated was en-
acted by the Republican party and
when the Mckinley and other high
tariff laws were in operation. which
are reputed by the Republican stand
patters to produce prosperity.
Now, the Democrats claim, and his
tory proves their contention. that q
high tariff does produce prosperity
for the trusts, which are fcstered and
: protected by the tariff, but such pro
l lection to the m%onopolists also re
suits in high prices which the people
7 have to pay. These high prices ant
immense profits to the trusts and mo
, nopolists, very naturally induce then
to increase production of their prod
ucts. bue it also requires a like in
, crease in income and wages to NEE
the advance in the cost of living, TO
the people cannot spend what they d.
! not get. AS incomes and wages hav'
. not increased in proportion to price'
! we 10Y suffer from strikes in ar at
tempt to even up income and outgo
The high price of all commoditie'
! also requires more money to do bust
ness, and although there is a con
q stantly increasing volume per capita
in consequence of the enlarged produc
ton Of gold, yet the initiation is no
: enough to finance the trusts and COZ
porations with their enormous car
= italization which is augmented b
hundreds of millions annually.
: So we are now suffering from NOR
:, ey s~tringency and a panic in Wal
' street, which is already adversely al
:. feeting business and may become NOR
acute by October. If the Democrat
elect a president next year, and tn
present i~ncipient panic should deve
. OPP into hard times, Mr.. Shaw and tn
Republicans would, Of course, say tn
y Democratic victory, or the fear of i
q had disturbed business and produce
ls the panic. Is it not about time fc
sensible people to get together an
- force the enactment Of reform legii
lation, financial and economic, tha
o will prevent panics by reforming tn
70 tariff that protects the trusts, proven
fictitious capitalization of corpori
u tons and by fair taxation, includin
X a constitutional income tax, prever
the concentration of all the surplu
W wealth of the country in the hands {
the few, upon which the many mus
pay interest?
The employees of the Steel trul
are said to own nearly 100, 900 share
80 C+oa1 +u,,a+ ,tAa1x ru1sa1 .I1-,a -