The Ellensburg dawn. [volume] (Ellensburg, Wash.) 1898-1914, 1911-10-12
FJBuCAN PANIC
| fALLACY EXPLODED

u agaln INC
..,d the facts en- this point and
...n,h these facts are clear the
=. statements has been reiterated
NH places. Speaking in the
IA states serate Senator Smoot
rnh charged that the 1898 panic
I, due to the Wilson tariff law.
saving to Senator Smoot, Sena-
-. Eollettc S: i'd: Il never have
.,v.d the Wilson tariff law was
..use of the financial troubles of
!, fine. Those troubles began be-
thc enactment OF the Wilson
N law. 1t was a period of general
,.ness depression. 1t began abroad
1900 and swept over the whole
,,n II eliminated in the panic
1893 1t is puerile to attribute
N the Wilson tariff Nv Of
.rov the claims that nave boon
,ae by mary republican news
rmrs and campaign orators, and
how how labor has been appealed
and as election approaches how
has beer driven TO the support
4 the standpat policies and candi-
IN out of the fears that have
" played upon iii the heat and
M Of the campaign. threatening:
rpetition OF those heart-breaking
- II the sacred tariff duties of
n Dingley and Payne-Aldrich laws
Nc ever threatened with revision.
'hpe, Mr.. President. that the vot-
K Of this country are becoming
elshtencd enough to know that
tm appeals are without any sub
Initial economic basis. There were
hr ample sufficient reasons for
Ne depression and financial distress
ht swept over this country at that
Hbd."
hanks to Senator La Toilette for
Ting In the correction of this false
hkession. We had a panic in 1907
n that was under a republican
thhstration and the highest sort
II republican ariff law. This is
NOD time for the presentation OF
ID and figures on this point. The
fnpe truth Is that the panic of
wv, a. we'll as every other panic
lH the Civil war. originated under
Fshllcan rule and developed under
lquhlican legislation. The following
hth will be convenient for the use
I Commoner readers in dealing
vi this subject:
The great panic which gave
'Hack Friday" to history occurred
nnng the month of September.
lW, when the republican party was
! power.
The great panic marked by the
nlure Of Jsy Cooke & Co., occurred
! September, 1873. Then the re-
vulcan party was in power, and
e5en months prior to the begin
ns Of that panic that party had
"a reelected to power.
me panic of 1893" began long
kef to that year and, indeed, long
hf to the presidential election of
wv; and 1t is a fact, although re-
''lcan orators and republican or
- try to forget it. that the So
aM panic Of 1893 began and
lived Its greatest havoc under that
aAcus tariff law known as the
Adlhley bill.
may be we'll for Commoner
''asrs to keep readily at hand some
" ne facts and figures relating to
10 question:
Tue republican party was re-
~'ed to power March 4, 1899.
ine Mckinley tariff hill became
NV October 6, 1890, and remain
" u effect until August 81, 1894
me Wilson tariff law, enacted by
. unocratic congress, went into eff
:" August 27, 1894.
-" any one will take the trouble
aamine the republican campaign
".'Oook for 1904, pages 1875, 12f
~, he will find considerable
,s''e devoted to a statement OF
,s s'aess disasters from July IS
s''' until November 10, 1894. The
publican managers expected theil
10 remember that the Cleve'
- 'umlnstratiOn was inaugurated
\. :, 1893, and that all these
y. ors occurred under democra'
> .,minstration; but they expect.
NJ, c'r readers to forget that the
:, can tariff law was in force
(. august 27, 1894, or cover.
- ore than twelve months Of the
Au months period of business
~. as described by the re-
''ean textbook.