Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1912-10-29
HISTORY OF PANICs
AND THEIR CAUSES
WILSON LAW CHARGED WITH
BUSINESS TROUBLES WHICH
PRECEDED 1T ONE
YEAR.

|
If the argument used by the Repub-
llican Committee in its campaign adj
vertising is sound, and if it con-
Evinces. Mr.. Taft will, of course, be re.
detected. Remember the panic Oh
I1Ss3 Remember the panic OF 1901
mo panic under Taft Better be safe
THAN sorryn-so runs the legend. me
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 non
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
ttoo venturesome, credit was overex-
TENDED. To these causes was added
a growing alarm about the conse-
ouences of the Silver Coinage act OF
1890. The currency was undergoing
Idebasement, confidence was shaken.
But although it was passed during
Republican administration and by
Republican Congress, many Free Sill
liver Democrats gave their votes to the
measure.
silly Political Tactics.
The Republicans have always in
SISTED that the panic OF 1898 was due
to the Wilson tariff of 1894 They
are using that argument now with
lsolemnity which would lead one TO
conclude that they really believe
there are fools enough among the
ivoters to make such silly tactics po-
llitically worth while.
Again, the panic of 1907, often
lcalled the Roosevelt panic, took It's
lrise in the unsoundnenss of banking
conditions. 1t was a bankers panic,
lalthough political agitation against
1.-THE corporations may have heightened
Tits ill-effects through loss of conf
ldence by investigation and the public
generally But the underlying
causes were non-political.
In this campaign the Republicans
will have ii that If Wilson is elected
land tariff bill passed, panic is
inevitable Tariff bills do not cause
lpanics. A downward revision of the
lpresent tariff might make some of its
highly prosperous beneficiaries very
uncomfortable, but it would almost in
Ievitably improve the general condi-
tions of business and enhance the
prosperity of the people, because the
: duties now levied are unjust, are bur-
tdensome are drain upon the people
lples resources and an obstruction to
1.-THE exchanges of trade. The Repub-
llican argument puts Governor Wilson
! and the Democrats in the position OF
! lreally desiring and intending to de-
stroy 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
: of the country are blind, unreasonine
t, 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 were
: once fooled, they have become in
formed. They have learned from
high Republican sources. the Tariff
!. Board, that the old pretense of the
! lneed of duties to protect American
= labor against the competition o.
: Europes pauper labor is a CHASTITY
: lie. They know that when they
: buy a tariff-protected article only 8
: very small part of the added pric'
!, goes into the Treasury, the bulk Of
= the exaction finds it way into the
Ibulging pockets of the manufacturer
The people are thinking good dea
e less about the manufacturer sophis
!. tries and his outcries than they are
: about their own conditions. 1t is the
: day of the consumer. If the return
E of prosperity is a condition very fav
orable to President Taft's campaign
this high cost of living offsets it. ant
more With food supplies at prices
/. that are we'll nigh prohibitory ever
Z for those of good incomes, it is hare
|. Ito persuade the common man, thu
/. average man, that there is any goo,
|. treason for maintaining duties on The
/. PARTICLES he needs for the nourishmel
!. of his body
Z Deception Not Now Possible.
/. The tariff argument works steadil!
/. and effectively against Republican;
|. in the campaign of this year. TIL,
/. abuses and extortions of the tarif
|. law, which was continued in force, al
/. most unchanged, by an act of Repub
/. lican bad faith, have been too Otter
i. exposed for deception to be longe
/. possible. The hardships, the injus
/. tice, the outrage of extortionat,
/. duties are felt as they have neve
!. been felt before. The panic cry i
/. heard with derision, not only be
!. cause the people are used to it, bu
I. because of its hollow insincerity.
/. The people were cheated of thei
!. hopes when the Republicans revise
/. the tariff in 1899. They are now il
!, a mood to insist upon downward re
= vision in good faith They clearl
!. see that that kind of revision will b
!. undertaken only by the Democrats
!. The Republican party is COMMITTEE
!. to protection, its attitude is practica
I. ~ that of the standpatter. A vot
{. for Wilson is the only vote that Wi
!. count for tariff reduction.
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