The midland journal. (Rising Sun, Md.) 1885-1947, 1912-11-01
LIGHT ON ANCIENT
PANIC ARGUMENT
History DemOlishes Republican
Claim That Democrats Make
Hard Times.
1893 WAS UNDER HIGH TARIFF
Every Panic Since the Civil War Has
Been q Republican Panic-Lessons
From 1907 Upheaval.


From 1907 upheavaI.
The enemies of Democracy are maxi
ing their anticipated and regularly re-
curing howl-they are predicting hard
times IL Woodrow Wilson is elected
president on a Democratic tariff revi-
sion platform.
The Republicans are claiming all
credit for present prosperity.
A glance backward will be worth
while at this time.
Every panic since the civil war orig
mated and developed under Republic
an rule.
The Republican campaign textbook
Of 1904 devoted much space to the
many business disasters occurring from
July, 1893. to November. 1894, intend
ing the public to attribute them to the
Inauguration Of President Cleveland In
March, 1893. But the Republicans fail
to refer to the fact that the Republic
an tariff law was in force during more
than twelve Of the sixteen months Of
greatest business disasters. This fact
must be remembered-th Mckinley
tariff bill became d law Oct. 6, 1890,
and the first indications of the 1898
panic were seen Nov. IL, 1890. scarcely
more than thirty days after the Nc
Kinley law was passed. and the panic
reached its worse stage in 1893 and
early in 1894. during which time the
Mckinley law was in full force.
Millions Lost Their Jobs.
It may be recalled. too. that the
panic of 1873 under Republican rule
and in a period of twelve years ofIhigh
tariff taxation. was most disastrous.
It continued Eve years. 100000 work
ingmen were thrown out of employ
ment and bankruptcy ran riot
In 1890 the Mckinley high tariff bill
was passed. and there were 1868 fall
ures, followed by 1884 in 1891. The
tariff was raised to nearly SO per cent.
but wages stood still or declined while
the cost Of necessaries advanced.
The most serious labor troubles In
the history Of the United States have
occurred under Republican high tariffs.
Some Lessons From 1907.
The Republican panic Of 1907 fur
nished another forceful REPUTATION Of
the Republican claim that Democratic
administration and hard times. lower
tariffs and panics have been co-ex-
listing.
In 1907. In the midst Of prosperity
thousands Of leading banks, with hum
dreds of millions on deposit, suspended
cash payments. The trouble began as
a result Of struggle between great
New York financial institutions for bus
iness.
The New York Post in October. 1907,
said:
Condemn Themselves.
'aThe certain and significant thing is
that it win be known as a Republican
and high tariff panic. Protest as Re-
publicans may. they will be held re-
sponsible. Out Of their own mouths
the Republican party and the Dingley-
ties viii stand condemned. They fixed
In 1896 the standard by which they
cannot escape being judged. In the
party platform of that year they refer
red to the panic of 1893. and the hard
tirnes following, squarely to charge up
the entire accountability to the party
in control Of the national government,
and the political inference was stated
with merciless logic:
Every consideration Of public safe
ty and individual interest demands that
the government be rescued from the
hands Of those who have shown them
selves incapable Of conducting IT.
snow, what are the Republicans go
ing to do when the Democrats hand
them back their poisoned chalicef
A great emergency has come
and the high tariff is seen to be OF no
avail whatever. It was to keep US all
rich and prosperous"
Because the country has just got
over the results of Republican panic
the president and his friends are urging
US to perpetuate the Republican admin
lstration." says the Philadelphia Rec
ord.
Business Depression.
"As soon as business was checked
i've years ago the steel corporation,
which was encouraged by Mr.. Roose-
welt to swallow the Tennessee con-
Germ, then its most formidable poten-
tial competitor. drew its fires and
threw about half its workmen out OF
employment. Other industries did much
the same thing. There was an
extensive stoppage OF mills In Phila-
delphia.
1.-THE Republican candidate for con-
gress in the Kensington- Richmond dis
trict is using the soup houses Of 1885
as means Of soaring the wage earners
from voting the Democratic ticket
Those soup houses existed under the
MCKINLEY tariff. But there have been