The Grenada sentinel. [volume] (Grenada, Miss.) 1868-1955, 1907-09-14
PREVENT PANICS|
SECURE ENACTMENT OF REFORM
LEGISLATION.
Republican High Tariff Directly Re-
sponsible for These Periodical Dis
t%urbances to Business-Rem-
edy in Voters Hands.


-
That delightfully."- strenuous stand
patter, Leslie NJ. Shaw, now says that
the cause of all panics has been trace
able to financial or economical agl-
tation, or legislation, and usually both,
thus attempting to blame all panics
on the Democrats. But he evident
ly has to falsify history to prove ms
contention, for all the panics since
the civil war originated under Repuo-
lican rule and developed under RepuD-
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 its first
indications were given November IL,
1890. about Is months after the in
auguration of President Harrison, and
just after the Mckinley tariff bill be-
came a law. When President Cleve-
land went out of office, March 1, 1889,
there was an available cash balance
in the United States treasury of $213,-
679,979. Four years after, when Pres
ident Harrison retired, March 4. 1893,
the treasury books showed but $125,-
$50, 72S 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. 1893,
only a few days before the Democrats
took charge of the government. Sec
rotary Foster, who testified before the
committee IN 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 fund
in house report No. 1921, Fffty-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 vas 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 a
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 peopla
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 to 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 IN at
tempt to 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-
ton of gold, yet the imitation is not
enough to finance the trusts and cor
poratiOns with their enormous cap
i~talization 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. If 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 it,
had disturbed business and produced
the panic. Is it not about time for
sensible people to get together and
force the enactment of reform legis-
lation, financial and economic, that
will prevent panics by reforming the
tariff that protects the trusts. prevent
fictitious capitalization of corpora
tions and by fair taxation, including
a constitutional income tax, prevent
the concentration of all the surplus
wealth of the country in the hands of
the few, upon which the many must
pay interest?
The dog days seem to have had a
quieting effect on Republican aspir-
ants for the presidency. Even Oyster
Raw bac davalODpd a lack of Strenu-