The Idaho scimitar. [volume] (Boise, Idaho) 1907-1908, 1908-02-08
The Republican Panic.

the prevailing panic is essentially different from the
SO called Democratic panics. The present business
arrangement has in time of plenty, and
surely any disturbing influence that has directly
suited from any act of Providence The teachings
of political economy lead us to expect hard times
only after crop failures and caamities that destroy
property and interfere with the natural facilities of
trade. We must look beyond the natural laws for
the of the shrnkage of values that has been
experienced within the past three months There
has been no crop failure no great war, no earth
quake to destroy stores of foods and merchandise,
nor the transportation facilities From the stand
point of the science of political economy the present
shrinkage of property values is paradoxical to say
the least
Yes, Mr.. Republican, this spell of hard times is
not due to the usual causes if to be directed
by either science history. The wildcat bank panic
came in time of plenty, and that bit of American
history which relates to a money policy that is
admitted to have been radically wrong helps some
in classifying the present trade disturbance. That
was what may be called money panic. When we
look over the field of commerce as it was last
October and for several years before that date,
are constrained to class this disturbance with that
wildcat panic.
There has been money initiation like the bug
gaboo that was held up to brighten the voters
away from the bryan pOHCy VI llec ollVCl
nor like the bank-note initiation of the wildcat time
There has been no money initiation, but there was
trade imitation If there could be much money for
a limited trade there could be too much trade for
limited measuring medium, especially when the
inevitable time comes for liquidation.
If the prevailing trade disturbance is in no way
due to the acts of Providence which the text books
recognize the logical for panics it must be
due to a faulty money policy The financial system
of the government is the legitimate child of the Re
publican party this must be logical Republican
panic Now, fair charges Roosevelt with
the crime of making this spell of financial distress
either deliberately or accidentally by unjusti-
able executive course.
However, this financial disturbance is directly
chargab1e to the faulty money policy the govern
ment 1t was caused by the influence of the New
York money power. 1t is not necessary to define
the beginning the character of that influence which
brought the disastrous result The disturbance
the result of influence that would be impossible
under correct principles.
1t might not have been within the range Of flnan-
cial wisdom to have foreseen the results of our
faulty financial system until the object lesson of dis
tress was written in the history of every community
in the civilized world. The Republicans were blind
ly prejudiced by campaign theories 10 believe the
gold standard eliminated all dangers from money
system 1t would be akin to sacrilige to mpugn the
motives of politician of the Republican school for
saving faith in the gold standard, until he was
duly undeceived by this terrible object lesson.
While the Democrats should be ready to admit
that Roosevelt did not bring about the panic with his
big stick, nor did the Republican party deliberately
wreck the commerce of the country by imposing an
illogical and unscientihc financial policy upon the
people, it is beyond belief that the mistake is not
plain now to all the party leaders. The old cam
paign prejudice party pride should restrain