The Progressive West Virginian. [volume] (Williamson, W. Va.) 1911-1913, 1912-10-31
HISTORY OF PANICs
AND THEIR CAUSES
WILSON LAW CHARGED WITH
BUSINESS TROUBLES WHICH
PRECEDED 1T ONE
YEAR,

| n
YEAR.
II the argument used by the Repub-
lican Committee in its campaign adj
yertising Is sound, and If it con-
vinces, Mr.. Taft will, Of course, be re-
elected. Remember the panic of
1893 Remember the panic of 1907.
No panic under Taft. Better be safe
| than, sorry"-so runs the legend. The
relation, casual or otherwise, between
| Presidents and panics, or for that
matter between parties and panics, is
extremely vague. Your panic is
| thorough mugwump, very much of an
| independent in politics, quite nom
partisan Panics arise from causes
outside Of politics, having very little
to do with politics or with the poll
cies of presidents and parties.
The panic of 1893 was due to I'M
sound conditions in private and in
public finance. Speculation had been
too venturesome, credit was overex-
| tended To these causes was added
a growing alarm about the conse-
quences of the Silver Coinage act of
1890. The currency was undergoing
ldebasement, confidence was shaken
But although it was passed during a
Republican administration and by a
Republican Congress, many Free Sill
yer Democrats gave their votes to the
measure
silly Political Tactics.
The Republicans have always in
sisted that the panic Of 1893 was due
to the Wilson tariff of 1894. They
are using that argument now with a
solemnity which would lead one to
conclude that they really believe
there are fools enough among the
voters to make such silly tactics po-
| litically worth while.
Again, the panic of 1907, often
called the Roosevelt panic, took its
rise in the unsoundnenss of banking
conditions. 1t was bankers panic,
although political agitation against
| the corporations may have heightened
its ill-effects through loss of conf
dence by investigation and the public
generally But the underlying
causes were non-political,
In this campaign the Republicans
will have 1T that if Wilson is elected
and a tariff bill passed, panic is
inevitable Tariff bills do not cause
panics. A downward revision of the
present tariff might make some of it's
highly prosperous beneficiaries very
uncomfortable, but it would almost in
evitably improve the general condi-
lions of business and enhance the
prosperity of the people, because the
duties now levied are unjust, are bur-
densome, are a drain upon the people
Iple's resources and an obstruction to
/ the exchanges of trade. The Repub-
lican argument puts Governor Wilson
and the Democrats in the position of
lreally desiring and intending to de-
lstroy the country's business and
bring on trade stagnation.
Argument 40 Years Old.
That is the same thing as saying
that more than one-half the people
or the country are blind, unreasoning
fanatics We have heard this argu-
ment for forty years, until it is lis
tened to now with contemptuous
smiles. 1t used to be very easy to
fool the people. Where they we're
once fooled, they have become in
formed. They have learned from
high Republican sources, the Tariff
Board, that the old pretense Of the
need of duties to protect American
labor against the competition OF
Europe's pauper labor is CHASTITY
lie. They know that when they
lbuy tariff-protected article only a
very small part of the added price
goes into the Treasury, the bulk Of
/ the exaction finds it way into the
lbulging pockets Of the manufacturer.
/ The people are thinking good deal
less about the manufacturers sophis-
tries and his outcries than they are
about their own conditions. 1t is the
& day of the consumer. If the return
of prosperity is a condition very fav
Eorable to President Taft's campaign,
this high cost Of living offsets it. and
more. With food supplies at prices
that are well nigh prohibitory even
for those of good incomes, it Is hard
Ito persuade the common man, the
average man, that there is any good
treason for maintaining duties on the
articles he needs for the nourishme1t
of his body.
Deception Not Now Possible.
i The tariff argument works steadily
land effectively against Republicans
in the campaign Of this year The
. abuses and extortions of the tariff
J law, which was continued in force, al
most unchanged, by an act of Repub.
. lican bad faith, have been too often
exposed for deception to be longer
possible. The hardships, the injus
|tice, the outrage Of extortionate
duties are felt as they have never
lbeen felt before. The panic cry is
heard with derision, not only be
cause the people are used to it, but
because of its hollow insincerity.
|, The people were cheated of theil
hopes when the Republicans revised
the tariff in 1909. They are now in
!. a mood to insist upon downward re
) vision in good faith. They clearly
! see that that kind of revision will bs
!, undertaken only by the Democrats
, The Republican party is committed
| protection, its attitude is practical
) lly that Of the standpatter. A vott
for Wilson is the only vote that will
! count for tariff reduction.
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