The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1907-09-13
TO PREVENT PANICS
SECURE ENACTMENT OF REFORM
LEGISLATION.
Republican High Tariff Directly Re
sponslble for These Periodical Dis.
turbances to Busress-Rem.
edy in Voters Hands.

mus attempting 70 blame all panics
on the Democrats. But he evident
~ has 70 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 1866
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
None 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 its first
indications were given November II,
1890. about is months after the in
auguration OF President Harrison. and
Just after the Mckinley tariff bill be-
came law. When President Cleve-
land went out Of Office, March 4, 1889,
In the United States treasury of $273,-
61s.S79- -Four years after. when Pres
ident Harrison retired. March 4, 1899.
the treasury books showed but sl25.-
$50. 12s 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 25. 1898.
only 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 %, 1898 said: If / 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
own 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 10 produce prosperity.
Now. the Democrats claim, and his
tory proves their contention. that
high tariff does produce prosperity
for the trusts. which are fostered and
protected by the tariff. but such pro-
lection to the monopolists also re
suits in high prices which the pecpls
have to pay. These high prices and
immense profits TO the trusts and mo-
nopolists. very naturally induce them
TO increase production OF their prod
ucts. but it also requires a like in
crease in income and wages 70 meet
the advance in the cost OF living, for
the people cannot spend what they do
not get. As incomes and wages have
not increased in proportion to prices
we now suffer from strikes in an at
tempt 10 even up income and outgo.
The high price of all commodities
also requires more money TO do bust
ness. and although there is a con-
stantly increasing volume per capita,
in consequence OF the enlarged produc-
tion Of gold. yet the initiation is not
enough 10 finance the trusts and cor
porations with their enormous cap
italization which is augmented by
hundreds Of millions annually
So we are now suffering from mon
ey stringency and a panic in Wall !
street which is already adversely af-
fecting business and may become more |
acute by October. II the Democrats |
elect a president next year. and the |
present incipient panic should devel- |
op into hard times. Mr. Shaw and the |
Republicans would. OF course. say the |
Democratic victory. or the fear OF IL. /
had disturbed business and produced
the panic. Is il not about time for |
sensible people to get together and |
force the enactment OF reform legis-
lat.on. financial and economic that /
will prevent panics by reforming the
tariff that protects the trusts. prevent /
fictitious capitalization Of corpora
tons and by fair taxation. including
constitutional income tax. prevent
the concentration o. all the surplus
wealth OF the country in the hands Of
the few. upon which the many must
pay interest?