Little Falls herald. [volume] (Little Falls, Morrison County, Minn.) 1889-1950, 1912-10-25
LIGHT ON ANCIENT I
PANIC ARGUMENT
History DemoIishes Republican,
Claim That Democrats Mako
Hard Times. -u...tM
1893 WAS UNDER HIGH IARlEl
Every Panic Since the Civil Wa H4)
Been Republican .Panjo-eeooA(
From 1907 UpheavaI. Al

The enemies Of Democracy are NAH
ing their anticipated and regularly r&
curing howl-they are predicting haxl
times II Woodrow Wilson In elected
president on q Democratic tazi8 JeY$
sion platform.
The Republicans are claiming II
credit for present prosperity. !
A glance backward viii b HQg4
while at this time.
Every panic since the Civ1 VA
originated and developed under RI
publican rule.
The Republican campaign textbook
Of 1904 devoted much space to ~
many business disasters occurring hFol1
July, 1898, to November, 1894, inteQ
ing the public to attribute them 70 III
Inauguration Of President Cleveland
In March, 1893. But the Republican,
fail to refer to the fact that tho RI
publican tariff law was in force d1
ing more than twelve Of the Slxtol
months Of greatest business disaS1lf&
This fact must be remembere6-A
Mckinley tariff bill became q 81
Oct. 6, 1890, and the first indioa&5ea
Of the 1893 panic were seen Nov. u
1890, scarcely more than thirty dayy
after the Mckinley law was passed
and the panic reached it's worse stag4
In 1898 and early In 1894, during
which time the Mckinley law va i
1uu 1orco. ..~.l -, ar-'';=le'f
MlllIone I a.. Their .lohe :.".r
It may be recalled, too, that tho
panic Of 1873 under Republican rule
and in period Of twelve years Of high
tariff taxation, was most disastrous
It continued five years, 100000 work
ingmen were thrown out Of employ.
ment and bankruptcy ran riot.
In 1890 the Mckinley high tariff bin
was passed, and there were 10,673
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 necessariea
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 refutat1on OF
the Republican claim that Democratic
administration and hard times, lower
tariffs and panics have been co-e1
listing.
In 1907, in the midst of prosperity,
thousands of leading banks, with hun
dyeds of millions on deposit, suspend.
ed cash payments. The trouble began
as 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 u
that it will be known az q Republican
and high tariff panic. Protest as Re-
publicans may, they will be held 70
sponsible. Out of their own mouths
the Republican party and the Dingley.
ties will stand condemned. They nxed
in 1895 the standard by which they
cannot escape being judged. In the
party platform Of that year they 70
fered to the panic of 1893, 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 publios
safety and individual interest d.
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 60 =
ing to do when the Democrats hand:
them back their poisoned chalice1
A great emergency has come
and the high tariff is seen to be of no
avail whatever. It 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 urE-
ing us to perpetuate the Republican:
administration" says the Philadelphia
Record.
Business Depression.
AS soon AZ business was checked.
lve years ago the steel corporation,
which was encouraged by Mr.. Rooso- .
vent to swallow the Tennessee con- .
Germ, then it's most formidable poten- :
tial competitor, drew its fires and :.
threw about half it's workmen out o.
Other industries did: /,
much the same thing. . Theirs
was an extensive stoppage Of mills :.
In Philadelphia. ~ .a..-, b
"The Republican candidate for con,
gress in the Kensington- Richmond J;
district is using the soup houses Of
1899 as means of soaring the wage
earners from voting the Democratic.
ticket. Those soup house3 Existed IN 4
der the Mckinley tariff. But there ;.
have been more recent 663s. Altar
=