The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1908-04-01


recent legislation provided for substan-
tial increase in the pensions to the
aged soldier and his widow. The Re
publican party bears in fond remem-
brance the sacrifices Of her sons, and
seeks to show her gratitude to the sur
vivOrs and their widows. The time
will never come, no matter how long
this republic stands. when this obliga-
ton shall Re forgotten. The passage
of the pure food and meat inspection
laws which have been followed so we'll
in many of our states and particularly
in Indiana, have been completely and
fully justified.
The great prosperity of our peop'>
and the rapidity with which business
has developed, has made possible the
growth Of corporations and business
concerns which in themselves have
made opportunity for evil practices.
The federal legislation relative to the
prohibition of rebates, the enlargement
of the powers of the interstate COM
merce commission, provisions enabling
the government to secure all of the
facts connected with the organization
and conduct of such concerns, and to
obtain quicker decision of cases under
the antitrust and Interstate commerce
laws, have been enacted by Republi-
can legislation following the RECON-
mendatton of a Republican president.
Most Of these laws have met the tests
of the courts as to constitutiOnality,
and have been endorsed by the people
hv fba nj inritioc Of tho caro.
paign of 1904. In the enactment of all
this new legislation the interest and
influence of the president must not be
overlooked. With the outspoken can
dor and energy Of purpose quite char
acteristic of his personality, he has
exerted undoubted influence in all of
these measures and deserves much
credit for the interest and enthusiasm
which have marked his course.
One Dark Chapter.
The splendid success of the Repub-
lican party in the prosecution of its
policies, and the Importance of the
new legislation which has been enact
ed during this period of eleven years,
has not been permitted to pass with
out a shadow. Fortunate indeed is
that party which is able to prosecute
its work to successful conclusion,
through a series Of years, without any
cloud to darken the sun Of its success
And 80 with all the mplishments
of the Republican party, the success
in the restoration Of business, the ire
mendous growth of commercial life.
the splendid achievements by way of
new legislation, there Is one dark
chapter which cannot be overlooked.
| allude to the panic.
suggested a while ago that hard
times do not happen by accident; nei-
Their does a panic happen by accident.
It is as much the result of cause as
is prosperity. The panic which reach
ed it's climax October last, and from
the effects of which we have not yet
fully recovered, was wholly unlike any
other panic which ever before occurred
in the United States. In each Of the
panics from 1897 to 1893 distrust and
lack Of confidence which existed in the
public mind was directly attributable
to the lack of confidence in the value
or security Of the currency of the
country. In the recent panic there
was no doubt whatever of either the
value or the security Of the currency
of the country, but its value and the
standard in which it was measured
was universally recognized and regard
ed as of first quality. The recent
panic followed the unusual and start
ling disclosures of fraud and misman-
agement in some of the great insur-
ance companies and other leading en-
terprises of the country. 1t followed
the further disclosure of unprincipled
financiering. az illustrated in the Alton
railway deal, and as practiced by spec
ulating bankers of the type of the
Heinze syndicate of banks in New
York Misrepresentation. unwarranted
extension of credits, and a disregard of
honest methods in business transact
tons alarmed the country. These dis
closures developed lack of confidence
and trust in men, and not in business.
The startling disclosures caused peo-
pie to wonder how far-reaching such
practices might be, and created doubt
in the minds of many men against
their neighbors. This situation was
followed quickly by a general spirit Of
criticism against men and methods,
and aroused suspicion, which. for in
tensity and sting, had rarely been
equalled Carping criticism went hand
in hand with righteous indignation.
With all these forces combined the on
slaught overthrow public confidence.
money went into hiding, loans were
called. factories were closed and
liquidation set in. Furthermore, these
happenings occurred at a time when
other countries were laboring under
financial distress. and added to orr
troubles. II was not the first time that
cavil and criticism helped natural con-
ditions to bring disaster upon business.
Gossip is as hurtful TO business as to
character. and is as difficult to avoid
It may be of interest to quote from a
description of a former period, from an
undis puted authority, illustrating the
impossibility of preventing clamor and
criticism in any period. In speech
delivered in the United States senate
in 1888. Daniel Webster described con-