The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-10-13
CHANGE OF FRONT.

CHANGE OF FRONT.
The Wall Street Journal in seeking to
break the force of Mr. Bryan's argu-
ment that the present panic is of Re
publican origin clears The Cleveland ad-
ministration of the charge of bringing
on the panic of 1898, but acknowledges
that the Democrats are justified in re-
taiating. It says:
The Republicans having held the Demo-
cratic party responsible for the panic of
1898. as il happened in the administrat ton
Of Grover Cleveland. a Democratic presi-
dent. Mr.. Bryan has perfect right to
say as he did in his Cedar Rapids speech.
that the Republican party was responsible
for the panic of 1907. II having happened in
Roosevelts administration. Turn about Is
fair play.
After having relieved its conscience
to this extent. at this late day, and
under stress of a political campaign in
which it holds a handful of tickets on
the loser, the Journal goes on as fol-
lows:
But both panics would have taken place
If there had been no Cleveland and no
Roosevelt. The fundamental causes were
wider and deeper than those of govern
hold either party responsible for them.
The Republicans on the stump claim
that the Wilson bill, which did not be-
come a law until fourteen months aft
erwards, was responsible for the panic
Of 1898 The Wall Street Journal and
the New York financiers maintain that
it was brought on by the Sherman sill
10, 5ol, EN,v
a Republican senate and Democratic
house and signed by Republican pres
ident In this connection it may be
well to observe the fact that the Har-
rison administration left the treasury
bare, and that plates We're made for
the issuance of bonds to get gold that
the credit of the country might be
maintained during the assaults made
upon it by these same Wall street
people. President Harrison declined to
allow the bonds to be issued during the
short remainder of his term, and the
empty cash box and plates were passed
along to Mr.. Cleveland.
Mr.. Cleveland held the same reins on
the financial question maintained in
New York and asked congress to re
peal the Sherman law, which was for
a time prevented by such men as GrOs-
venor. Hopkins and Mckinley. the lat
ter who was destined to be elected as
the honest money candidate for
president. making a vicious assault on
Mr. Cleveland whom he accused of
a.. \. y,
world" and the panic, which began be-
fore the Harrison administration end
ed, burst upon the country with re-
newed fury. In view of all the cir
cumstances the Republicans should sing
small regarding the panic of 1893.
The panic Of 1907 the Wall Street
Journal attributes to government poll
cies toward the railroads and other
corporations. As these policies were in
augurated by Roosevelt, a Republican
president. and both branches of con-
gress are overwhelmingly Republican,
it would seem unfair to charge the
panic up to the account of providence,
which has had to shoulder so many of
the sins and shortcomings of the Re
publican party
Having granted the Cleveland admin
istration a clean bill OF health in the
matter of the panic of 1893 and them
selves absolutiOn for the financial dis
aster of 1907, from the effects of which
the country is still suffering, the Re-
publicans are reduced to the bald as
sertion that if Mr.. Bryan is elected the
depression will continue. Yet Mr.. Taft
promises TO follow in the footsteps of
Roosevelt, who is held responsible by
the business interests of the country for
the trouble Mr.. Taft is busy just now
in making dishonest statements regard
ing the effect of Mr.. Bryan's election,
but the tidal wave is rising each day
which will sweep the Nebraskan into
the presidential chair, and the falsity
OF this last desperate stand of the Re-
publican leaders will be proven to the
satisfaction of all concerned.