The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-09-27
Mr.. Bryan on PanicS.

'They are beginning to intimate, .
said Mr.. Bryan in a recent speech, chat
L was responsible for the pari5 90 last
October; that fear Of my possible cleo
ton caused it, and that it was a sort Of
anticipstOTy panic. Now, if the panic
Of last year was my panic, then they
can't expect me to provide another dur
ing single administration. My panic
is over, and let's go on with the cleo
ton, put the Democratic party in pow
er, and 90 ahead to get back TO good
business once more"
The quotation is not literal, but IT
Is essentially accurate Mr.. Bryan
would have it accepted that the trou-
bic is over, that he couldn't possibly
make it any worse, and that, as this
panic is a big enough one TO last four
years, there need be no fear Of results
if he is elected
Mr.. Bryan fails to difTerentiate the
panic and the subsequent depression.
The panic didn't last very long. and
didn't Immediately concern a vast num-
Der of people. Panics generally don't.
But the depression following panic
is inevitable. The period Of its ccntin-
uance is a matter Of the greatest con
Germ to the entire community. Is Mr..
Bryan able to convince a serious-urlnd-
ed community that if he shall De elect
ed recovery from the depression will
be as rapid and secure as if Mr.. Taft
shall be elected? We suspect not.
The panic of 1898 came suddenly.
and, so far as the majority of people
were concerned, with little warning. 1t
started in April of that year. The
Democratic party had just barely got
installed in power WREN the storm
broke
That panic was followed by a long
and terrible depression 1t will hard
" be denied that fear Of Democratic
administration was a leading element
in complicating the situation and max
ing recovery the more difficult. The
Democratic party, as now, was by no
means united as 20 the proper rene
dies. Mr. Cleveland was denounced vio-
lenUiy for his heroic determination to
maintain the public credit and the par
ity of the silver circulation. The de-
nUnciation came from within his own
party. The same elements which then
antagonized him are today in control of
the Democratic party. Are they safely
TO be entrusted with the delicate ad-
work necessary TO over
come the unfortunate effects of the re-
cent panic? Is it not altogether prob
able that a change of politics and par
ties at this time would delay readiust-
ment of business and financial condi-
tons?
The depression initiated by the panic
of 1893 lasted throughout the Cleve-
land administration. There was 10
sign of Improvement until after the
election and Inauguration of Mckinley.
People who went through that hard
experience will have no difficulty re-
calling that widespread misgi wing about
the policies Of the party in power was
largely responsible for the slow recov-
cry. Mr.. Cleveland, indeed, was not
to blame, but the radicals, the agitat-
Ors, the eXperimenters, in his party.
handicapped his efforts to better affairs.
1t needs to be urged every day. in
every political meeting and in every
street-cOrner discussion, that to place
in power those same extremists who
made difficult the work of Cleveland.
would be to invite depression to remain
longer with us now.