The Vinita daily chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1902-1913, 1912-10-22
Do PRESIDENTS
MAKE PAN|CS


If the argument used by the repub-
lican committee in its campaign ad
vertising is sound, and if it convinces,
Mr.. Taft will, of course, be reelected.
Remember the panic of 1898. Re-
member the panic of 1907. Non panic
under Taft. Better be safe than sor-
ry"Jso runs the legend. The relation,
causal or otherwise, between Presi-
dents and panics, or for that matter
between parties and panics, is extreme
ly vague. Your panic is thorough
mugwump, very much of an independ-
ent in politics. quite non-partisan.
Panics arise from causes outside of
politics, having very little to do with
politics or with the policies of presi-
dents and parties.
The panic OF 1893 was due to un-
sound conditions in private and in pub
lie finance. Speculation had been too
venturesome, credit was overextend-
ed. To these causes was added a
growing alarm about the consequences
of the silver coinage act of 1890. The
currency was undergoing debasement,
confidence was shaken. But although
it was passed during a republican ad-
ministration and by republican con-
gress many free silver democrats gave
their votes to the measure. The re-
publicans have always insisted that
the panic of 1893 was due to the Will
son tariff of 1894 They are using that
argument now with solemnity which
would lead one to conclude that they
really believe there are fools enough
among the voters to make such silly
tactics politically worth while. Again,
the panic Of 1907, often called the
Roosevelt panic, took its rise in the
unsoundness of banking conditions. 1t
was bankers panic, although politi-
cal agitation against the corporations
may have heightened its ill-effects
through loss OF confidence by inves-
tors and the public generally But the
underlying causes were non-political.
In this campaign the republicans
will have it that if Mr.. Wilson is elect
ed and tariff bill passed, a panic is
inevitable Tariff bills do not cause
panics. A downward revision of the
present tariff might make some of its
highly prosperous beneficaries very
uncomfortable, but it would almost in
evitably improve the general condi-
tions of business and enhance the pros
perity of the people, because the duties
now levied are unjust, are burdensome,
are drain upon the peoples resources
and an obstruction to the exchanges
of trade. The republican argument
puts Governor Wilson and the demo
Gratis in the position of really desiring
and intending to destroy the country's
business and bring on trade stagna-
ton. That is the same thing as say
ing that more than one-half the peo-
pie Of the country are blind, unreason-
ing fanatics. We have heard this ar
gument for forty years, until it is lis
tened to now with contemptuous
smiles. It used to be very easy to fool
the people Where they were once
fooled. they have become informed.
They have learned from high republi-
can sources, the Tariff Board, that the
old pretense- of the need of duties to
protect American labor against the
competition of Europes pauper labor
is a CHASTITY lie. They know that when
they buy tariff-protected article only
a very small part of the added price
goes into the treasury, the bulk of the
exaction finds its way into the bulging
pockets of the manufacturer The peo-
pie are thinking good deal less about
the manufacturers sophistries and his
outcries than they are about their own
condition Ii is the day Of the con-
sumer. II the return Of prosperity is
a condition very favorable to Presi-
dent Taft's campaign, this high cost of
living offsets it. and more. With food
supplies at prices that are well night
prohibtory even for those of good in
comes, it is hard to persuade the COM
mon man, the average man, that there
is any good reason for maintaining
duties on the articles he needs for the
nourishment of his body.