Martinsburg statesman-democrat. [volume] (Martinsburg, W. Va.) 1906-1921, 1912-11-01
HISTORY OF PAN|CS
AND THEIR CAUSES
WILSON LAW CHARGED WITH
BUSINESS TROUBLES WHICH
PRECEDED 1T ONE
YEAR.

vertising is sound, and IL 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 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 1898 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-
onences of the Silver Coinage act of
1890. The currency was undergoing
ldebasement confidence was shaken.
But although it was passed during
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 1898 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 a bankers panic,
although political agitation against
the corporations may have heightened
its illyeffects 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 it that if Wilson is elected
and a 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 beneficiaries very
Uncomfortable, but it would almost in
evitably improve the general condi-
tons 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
pies resources and an obstruction to
the exchanges of trade. The Repub-
Iican argument puts Governor Wilson
and the Democrats in the position OF
really 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, 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
Furope's pauper labor is a CHASTITY
lie, They know that when they
buy a 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
bullying pockets of the manufacturer.
The people are thinking a 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
orable to President Taft's campaign,
this high cost of living offsets it, and
, more. With food supplies at prices
that are we'll nigh prohbitory even
for those of good incomes, it is hard
to persuade the common man, the
average man, that there is any good
reason for maintaining duties on the
articles he needs for the nourishmeat
of his body.
, Deception Not Now Possible.
The tariff argument works steadily
and effectively against Republicans
in the campaign of this year. The
abuses and extortions of the tariff
! law. which was continued in force, al
most unchanged, by an act of Repub
llican 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
been felt before, The panic cry is
heard with derision, not only be
l cause the people are used to it, but
because of its hollow insincerity.
The people were cheated of theil
d homes when the Republicans revised
the tariff in 1899. They are now il
;. mood to insist upon downward re
r vision in good faith They clearly
T see that that kind Of revision will bc
| undertaken only by the Democrats
d The Republican party is committed
protection, its attitude is practical
t " that of the standpatter, A vot'
e for Wilson is the only vote that will
count for tariff reduction.
n rnn LITTLE HONESTY