Wausau pilot. [volume] (Wausau, Wis.) 1896-1940, 1912-10-15
THE TARIFF.

The Record Herald finds it more agreeable to
defend the panic of 1897 when Teddy ordered the
transfer Of fifty million dollars from the United
States treasury to Wall street spectators to loan
for private advantage while they compelled the peo-
pie to accept credit checks in place of the money of
Uncle SAM A billion dollar panic is not the insgnifi-
cant event the r. H. would have US believe.
Its statements regarding the panic of 1893 re-
veal Grass ignorance OF wilful Misrepresentation
President Arthur repeatedly urged congress to
reduce the tariff 70 prevent the steadily increasing
volume of money idle in the treasury, and warned
them of the danger of the growing surplus For
this patriotic service he denied nomination for
the presidency.
Arthur was succeeded by Cleveland who also
warned congress and the country of the threatening
danger of the steadily increasing surplus, and rec
commended tariff reduction. March 1889 he left the
presidency, turning to President Harrison
surplus of about one hundred and twenty million
dollars In less than year and half John Sher-
man was warning congress that deficit in the
treasury was already in sight.
Instead of needing the warning they passed the
silver purchasing act which soon scattered the sur
plus to the four winds of heaven. The Mckinley
bill with its excessive rates did not relieve the stress
and the president ordered plates engraved for the
printing of bonds to meet expenses. Finding later
that by deferring payments and scrapng the treas
ury they could sneak out of office and let Mr.
Cleveland reap the whiriwind they had sown.
Utilizing Harrison's plates, Cleveland ordered bonds
printed and sold to iquidate outstanding obliga
tions and meet current expenses
Worse than their shameless tariff bill was the
Sherman silver purchasing act with it's endless
chain to drain the treasury before the revenues
found rest in its vaults.
The country was not prosperous %. On
the contrary there was stagnation everywhere
Banks would not receive gold deposit, to be re-
turned on demand. The best they would do was to
receipt for it. store it and return it presentation
of the receipt There was stagnation in business
and general alarm.
The statement regarding the panic of 1907 that
there few idle factories few destitute laborers
and no reduced prices is so utterly false and mis-
leading not to merit discussion. The pertinent
fact to remember in this discussion is that the
panics of 1898 and 1907 occurred under the highest
tariff schedules ever enacted in history up to
that time. Every panic in history has occurred
under high protective tariff Tariffs are no safe
guard against panics
The revelations concerning big business and
politics now shown by governmental Investigations
disclosed shocking situation. Millions upon millions
of dollars contributed by trust magnates to political
committees and politicians in order to enable them
selves to dictate legislation in their own interest
accounts for modern tariff laws. Tariffs were never
intended by their proponents and authors to help
the laboring man or general farmer They we're
meant to turn his hard earned cash into their own
Golfers Protective tariffs are egalzed robbery per-
petrated under false pretenses. A laboring man or
general farmer who really believes that the tariff
helps him is very innocent or badly deceived.