Courier Democrat. (Langdon, N.D.) 1891-1920, 1912-10-31
LIGHT ON ANCIENT
PANIC ARGUMENT
History Demo|ishes Republican.
Claim That Democrats Make
Hard Times.
1893 WAS UNDER HIGH TARIFF!

1893 WAS UNDER HIGH TARIFF
Every Panic Since the Civil War Has
Been a Republican Panic-Lessons
From 1907 U~pheaval.
The enemies Of Democracy are max
ing their anticipated and regularly re-
curing howl-they are predicting hard
times if 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
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 the
inauguration of President Cleveland
in March, 1893. 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 a law
Oct. 6, 1890, and the first indications
of the 1893 panic were seen Nov. IL,
1890, scarcely more than thirty days
after the Mckinley law was passed,
and the panic reached it's worse stage
in 1893 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 1O,673
failures, followed by 1884 in 1891.
The tariff was raised to nearly so per
cent, but wages stood still or de-
clined 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 refutation of
the Republican claim that Democratic
administration and hard times, lower
tariffs and panics have been o-e
listing.
In 1907, in the midst of prosperity
thousands of leading banks, with hun
dreds Of millions on deposit, suspend.
ed cash payments. The trouble began
as a result of a struggle between
great New York financial institutions
for business.
The New York post in October, 1907,
said:
Condemn Themselves.
1.-THE certain and significant thing is
that it will be known as a Republican
and high tariff panic. Protest as Re
publicans may, they will be held re.
sponsible. Out Of their W 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 re
fered to the panic Of 1893, and the
hard times following, squarely tc
charge up the entire accountability tc
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 whc
have shown themselves incapable Of
conducting it.
Nov, what are the Republicans 20
ing to do when the Democrats hand
them back their poisoned chalice:
A great emergency has come
and the high tariff is seen to be of nc
avail whatever. 1t was to keep us all
right and prosperous"
Because the country has just got
over the results of a Republican panic
the president and his friends are urg.
ing us to perpetuate the Republican
administration" says the Philadelphia
Record.
Business Depression,
LAS soon as business was checked
five years ago the steel corporation,
which was encouraged by Mr.. Roose.
vent to swallow the Tennessee con-
Germ, then it's most formidable poten-
tial competitor, drew it's fires and
threw about half it's workmen out of
employment. Other industries did
much the same thing. Il /" There
was an extensive stoppage of mills
in Philadelphia.
The Republican candidate for con