The Ellensburg dawn. [volume] (Ellensburg, Wash.) 1898-1914, 1908-10-02

Your grocer returns your money if you don't
| like Schilling's Best we pay him.
In their references to the panic of
1893 republican orators and organs
habitually overlook the date when the
Mckinley law ceased and the Wilson
law went into effect But when in
| their tariff discussions they are re-
quired to face the fact that that panic
played its greatest havoc during the
life of the republican tariff law they
answer that it was the anticipation of
tariff legislation growing out of demo
cratic victory in 1892 which brought
on these business disasters. For this
reason in their list of business disasters
they place July Is, 1893, as marking
the beginning of that great panic.
Let it be remembered that the Me-
kinley tariff bill becomes law October
i, 1890, and that the first indications of
the so-called panic of 1884 were given
November IL, 1890, little more than
thirty days after the Mckinley tariff
bill became law From that date the
panic ragged
The Harrison administration was in
augurated March 4, lSS9, and when the
first indications of this panic were
given, President Harrison had not ex-
hausted the half OF the term for which
he was elected. 1t is admitted by
everyone familiar with the facts that
President Harrison's administration
had plates prepared for the bonds and
Mr.. Harrison's secretary OF the treas
ury made visit to New York for the
purpose of negotiating the bond deal
He was wired by Mr.. Harrison TO re-
turn to Washington. Mr. Harrison
said that he had concluded not to have
any bond issues under his administra-
ton and in order to avoid the stigma
| the Harrison administration warded
off the bond issue and unloaded it ON
the incoming Cleveland adm iniStratiOn.
It may not be out of place to point
out that when the democratic admins
tration surrendered the reins of gov
eminent. March 4, 1859, there was in
the federal treasury the largest surplus
| in history. When the republican par
ty went out of power March 4, 1888,
there was a large deficit and the in
coming administration was finally per-
suaded to make the bond issues which
its republican predecessor had at one
time thought to be necessary, but had
skillfully avoided
The claim that the business disasters
of the period referred TO were due to
the popular fear Of tariff legislation to
be enacted by democrats is, as has been
said met by the fact that this panic be-
gan two years prior to the presidential
election day of ls92. The following
will serve as reminders on this point:
November H. 1890, the reports show
ed financial distress in New York The
New York Clearing House association
voted it's certificates to banks in need
| Of assistance.
The Boston Clearing House assocIa-
ton did the same thing November II
Barker Bros. & Co, big bankers ir
Philadelphia, suspended at that Time
with liabilities placed at $4,000, ooo'
November 10, 1890, there was run
on the Citizens Savings bank OF Ne"
York, and a receiver was appointed
for the North River Bank.
November -, 1890, the United lioii-
ing stock company of Chicago assigned
with liabilities at least ST, Sol, 900.
November %, 1890, b. X. Jameson
4 Co.. the Philadelphia bankers tailed
with liabilities at $1,000, 600.
December g. 1890, the ollver iron
land Steel mills of Pittsburg shut Gown
discharging 1000 employees ON the
same date the cotton firm OF Ayer "
Co.,, of New Orleans, failed, Win lid
hilities at 81 900, 600.