The Elbert County tribune., 1912-10-25
Light ON ANCIENT |
PANIC ARGUMENT
History DemoIishes Republican
Claim That Democrats Make
Hard Times.
1893 WAS UNDER HIGH TARIFF
Every Panic Since tho Civil War Has
Been Republican PanIe--Lessons
From 1907 upheaval.

The enemies of Democracy are max
Ing their anticipated and regularly re-
curring howl--they are predicting hard
times II Woodrow Wilson II elected
president on Democratic tariff revi-
sion platform
The Republicans are claiming all
credit for present prosperity.
glance backward will be worth
while at this time.
Every panic since the Civil war
originated and developed under Re-
publican rule.
The Republican campaign textbook
OF 1904 devoted much space to the
many business disasters occurring from
July. 1898, to November, 1894. intend
ing the public to attribute them to tho
Inauguration of President Cleveland
In March. 1898. But the Republicans
fail to refer to the fact that the Re-
publican tariff law was In force dur
ing more than twelve Of the sixteen
months of greatest business disasters.
This fact must be remembered-the
Mckinley tariff bill became q law
Oct. 6, 1890. and the first Indications
OF the 1893 panic were seen Nov. II.
1890. scarcely more than thirty days
after the Mckinley law was passed.
and the panic reached its worse stage
In 1898 and early In 1894. during
which time the Mckinley law was In
full force.
Millions Lose Their Jobs.
1t may be recalled. too. that the
panic OF 1873 under Republican rule
and In a period of twelve years OF high
tariff taxation, was most disastrous.
1t continued five 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 10,e73
failures, followed by 1894 In 1891.
The tariff was raised to nearly 80 per
cent, but wages stood still or do
clined while the cost of necessaries
advanced.
The most serious labor troubles In
the history OF tho United States have
occurred under Republican high tariffs.
Some Lessons From 1907.
The Republican panic Of 1907 fur
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 hun
dJeds Of millions on deposit, suspend
ed cash payments. The trouble began
as result of struggle between
great New York financial institutions
for business
The New York post in October, 1907.
said:
Condemn Themselves.
"The certain and significant thing IL
that 1t will be known as 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 Will stand condemned. They fixed
In 1896 the standard by which they
cannot escape being judged. In the
party platform Of that year they rel
fored to the panic of 1898, and the
hard times following. squarely to
charge up the entire accountability to
the party In control OF the national
government. and the political infer
ence was stated with merciless logic:
Every consideration Of public
safety and individual interest de-
mands that the government be res
cued from the hands OF those who
have shown themselves incapable OF
conducting it,
Now. 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. II was to keep US all
right and prosperous"
Because the country has just got
over the results Of Republican panic
the president and his friends are urg-
ing us to perpetuate the Republican
administration" says the Pbiladelphia
Record.
Business Depression.
AS soon as business was checked
Ave years ago the steel corporation,
which was encouraged by Mr.. Roose-
vent to swallow the Tennessee con-
cern. 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 Philadelphia.
Tho Republican candidate for con-
gress In the Kensington- Richmond
district is using the soup houses Of
1893 as a means Of soaring the wage
earners from voting the Democratic
ticket. Those soup houses existed un-
der the Mckinley tariff. But thara