Weekly independent. [volume] (Elko, Nev.) 1887-1914, 1908-01-31
COMPARING PANICS.

The editor Of one our lead ng week
lies, in commenting on the expression
OF President Roose welt TINT @there Is no
analogy at all with the way things were
in 1893" in a reoaDt issue di .cuSses the
differeL ces between this business de-
preston and the former one. He lays
particular stress on what be considers
the fact that the re are no such questions
before the public this year as that Of
the silver question and the n~IIiunl'
standard Of value.
The money question is apparently
settled hut it seems 70 US that there are
other matters OF public discussion OF
fully Az great import that have had their
effect upon public confidence. We
might mention, fer instance, the under
mining OF pubic confidence in corpora
tons OF all kinds by the scandalous life
insurance revelations; the exposure OF
astounding frauds in connection with
the railways in the city Of New York;
the facts uncovered by the direction OF
the President showing the dishonest
course pursued by leading railway men
in not only treating she public unjustly
in the matter Of rebates. etc., but
%swlndlmR their own stockholders by the
purchase OF railroads and branch lines
in the private interest OF the officers,
and the loadIug up with bonds and
obligations which were largely the
profits Of insiders.
Further on in the discussion OF the
differences between the two panics come
the astounding statements that in 1893
the United States Government was
atottering on the verge of bankruptcy
and leaning helpless against a business
structure only less feeble than ITSELF
while ON November IA, 1907, 1the gov
eminent held 1904 900 coo IN gold.- Az
q matter Oi common knowledge the
government was financially Just as
strong because its credit was absolutely
good, in 1893 rs now; there was a de.
fciency OF gold, but thus WIS quickly
remedied 10 everybody knew TINT il could
be- remedied; and rs Tor the 1901 ,O0O, 0OC
gold in tile Treasury on November litb,
we question the figure and It's value in
a comparison OF government credi,
etatus. Every gold piece In the 'Tren.
suty is pledged for the pay ment cithel
OF gold cettiti Gates or Of gresub ick..
Tho editors then discourse on thu
tariff question and represents that IN,
-four years from 1893 to 1897 wore year.
OF depression and Of commercial faiInr,
because Congress did not Increase N,
tariff, Tor winch the whole people wcr,
year ming. Tho truth is TINT there wn
no demand whatever on the part 4 the
peop.e Tor any increase IN the thrill, In,
demand coming solely from wealth,
protectioDiBts who had already mad,
vast fortunes out of the people and were
dishonesty representing TINT ,bt In
tercs,B Of the country would be impenIct
unless the duty should DO increased.
IN 1896 Mr.. Mckinley was elected on
n single isiuc, the oe.ablishment OF
tho gold standard. Throughout tie
campaign there was no reference wbai
ever to the tariff, but, 40 soon as iDaug
uratcd, and in the intereats Of the pro
%toctionists manufacturers who had con
tibuted largely toward the election o
tho President, Mr.. Mckinney called IN
extra session OF Congress and insisted
that there should be an Increase in the
tarid which the people had not votec
for and did no. dosirc.--van Notdcr
Magazine.