The Idaho scimitar. [volume] (Boise, Idaho) 1907-1908, 1908-02-22
PreCedentS of the Past.

Taking a turn backwards, one finds, through ap-
peal to the historical record that there were fnan-
cal and industrial panics 1897 in 1857 in 1873 and
in 1893 Following the panic of 1887, the party in
power defeated and the other party enjoyed brief
power under William Henry Harrison. After 1857,
the Democratic party surrendered the governing fnc
ton and Abraham Lincoln signalzed the opening of
long period of Republican supremacy. After 1873,
democracy prevailed through several Congresses and
the Democratic Tilden elected to the Presidency
and was not inaugurated. The experiences of 1898
retired Cleveland from the White House the pen
atty of an inheritance from the Harrison admins
tration
By all the precedents the financial and industrial
panic of 1907 succeeded by presidential year, ought
again to turn the government over to the opposing
political party It is true that Republicanism in
siss that it in way responsible for the sudden
slump of October last which, for prudential reasons,
it does not call panic, but disturbance likely to
come at any time with trust system in control of
the snews of business.
Secretary Taft benignantly explains that the
of trouble somewhere within extensive cat
agory of disasters like "the expansion of bust
ness the waste of capital by war and extravagant
living destruction by fire and earthquake, and,
finally, after approaching the truth through the thin
veil of unacceptable excuses revelation of irregu-
arty breaches of trust, stockobbng, issues of
stock violations of law lack of rigid state or national
supervision in the management Of insurance COM
panes, railroad companies and financial institutions
War and other property destroying calamlt1es have
ever been productive of prosperity rather than of
DEPRESSION for the material consumed III the cata-
clysns of man or nature must be replaced. 1t was
war that gave to the country enormous business &C
tyity after the panic of 1857 and continued it until
1873 when it was compelled to go down before
radical and uncal1ed for change in the monetary
system of the country.
1t will not be forgotten in the making of the es-
innate of the causes of the panic of 1907 that Mr.
Tafts acceptable reasons were all the product OF
system built I'D and encouraged under and by the
party that Mr. Taft represents, for has given pred
atory wealth its license to prey upon the people and
to gather within its grasp the money that De-
onged to the uses of all the people that owned It.
1t was under the protecting wing OF his party that
enormous industrial combinations were able to en-
trench themselves within monopoly and to levy
tribute upon toll in an increasing ratio so nt1ex1ble
that the money for the prosecution OF the business
of the nation automatically converged towards
common CENTER steadily depicting the resources OF
the masses In the past has been an effective Wea-
pom for party welfare-the unend1ng boast OF repuD
canism that the prosperity of the country was part
of the mission of its party which has undertaken to
guarantee financial and industrial health under
scheme of legislation especially its own That that
peculiar species of legislation was in existence to the
extreme limit of public endurance when the panic OF
1907 came like thunderclap from clear sky does
not disturb the equanimity of men like Mr. TAFT.
They invoke the and the earthquakes OF the
past dividing the responsibility between the greed OF
nations and the wrath of God. They fondle and en-
brace the trust breeding tariff and the inadequate