Wausau pilot. [volume] (Wausau, Wis.) 1896-1940, 1908-06-23
The Republican Panic


In the platform submitted to the re-
publican convention by Messrs. Roose-
welt and Taft for adoption. responsibility
for the panic is assumed by the republi-
can party and the plea offered in ex-
tenuation that it is not as bad panic
as it would have been if it had been a
democratic panic. Being republican
panic, it was very considerate and
tame panic; but if it had been a demo-
cratic panic the country could not have.
escaped terrible disaster.
The American people are congratu-
lated that noting 70 clearly demon
strates the SOUND basis unen which our
commercial, industrial and agricultural
interests are founded and the necessity
of promoting their continued welfare
through the operation of republican
policies as the recent safe passage of
the American people through finan-
cial disturbance which, if appearing in
the midst of democratic rule or the
menace of it, might have equalled the
familiar democratic panics of the past"
Four years ago the American people
were assured that under republican adj
ministration such thing as panic
would be impossible. Panics were the
product exclusively of democratic adj
ministration or the threat of demo-
cratic free trade" But panic came
under Republican administration-the
worst panic in the history of the country,
we have been assured by republicans of
no less standing than Senator Aldrich
Virtually every bank in the country sus
pended cash payments and the wheels
of industry and commerce were brought
to standstill. Following the financial
upheaveI there came an industrial col
lapse, the i'll effects of which yet remain.
with mills and factories closed or rum
ming on half time, with the consequent
suffering to the unemployed. And the
only promise of recovery lies in the
prospect for large crop. And yet, in
face of the fact that business is stag
mated and millions are out of work, the
republican party congratulates the
American people upon their "safe pas
sage through financial disturbance
which, if appearing in the midst CT
democratic rule or the menace of it,
might have equalled the familiar demo
cratic panics of the past"
What fools the republican politicians
| take the American people to bel How
| different the platform buncombe offered
| by Roosevelt and Taft for consumption
| by the gullible and their natural cause"
| explanations when their fellow repu bill
| cans were accusing them of having
created the PANEL Why could they not
| be as honest in writing a platform as
| they tried to be when seeking to escape
personal responsibility for the financial
| collapse and industrial depression
| which has followed? If they had been
as frank in their platform utterances as
| in their defense of the administration
| from the charge that it produced the
| panic by its agitation and policies, they
would have been forced to confess that
| the republican politicians have been
dipping and deceiving the American
people-that the republican party has
| not created prosperity or the democratic
party produced panic-that there have
been panics under democratic and re-
publican administrations and that under
our present system of wealth production
| and distribution they appear to be I'M
avoidable. So much they could have
said in common honesty.
No one of course would expect that
republican platform would confess
that the fundamental principle" of
the republican party-the protective
tariffs breeder of panics, through
it's artificial stimulation of production
without corresponding stimulation of
consumption. 1t is too much to expect
that the republican party will admit
that its tariff policy by creating mo-
nopoly spasmodically stimulates pro-
duction and discourages consumption,
but, at least, it ought to realize that it
is on dangerous ground when it
abandons its contention that panics are
purely democratic in their origin to
insist that republican panic would be
great deal worse if it were a demo-
cratic panic. For there are millions
of voters that are convinced that the
times are bad and that any change of
necessity would be a change for the
BETTER Milwaukee News.