The copper era and Morenci leader., 1912-11-01
LIGHT ON ANCIENT
 PANIC ARGUMENT
History DemoIishes Republican Claim That Democrats Make
 Hard Times.
1893 WAS UNDER HIGH TARIFF
Every Panic Since the Civil War Has Been a Republican Panic-Lessons From 1907 Upheaval.

From 1907 UpheaVal.
 The enemies of Democracy are makr ing their anticipated and regularly re- curing howl-they are predicting hard times if Woodrow Wilson is elected president on a Democratic tariff revf sion platform.
 The Republicans are claiming all credit for present prosperity.
 A glance backward will be worth while at this time.
 Every panic since the Civil war originated and developed under Re publican rule.
 The Republican campaign textbook of 1904 devoted much space to the many business disasters occurring from July, 1893, to November, 1894, intend ing the public to attribute them to the inauguration of President Cleveland in March, 1893. But the Republicans fail to refer to the fact that the Re publican tariff law was in force dur ing more than twelve of the sixteen months of greatest business disasters This fact must be remembered-th Mckinley tariff bill became law Oct. 6, 1890, and the first indications of the 1893 panic were seen Nov. Il, 1890, scarcely more than thirty days after the Mckinley law was passed, and the panic reached it's worse stage in 1893 and early in 1894, during which time the Mckinley law was in full force.
 Millions Lose Their Jobe. %
 1t may be recalled, too, that the panic of 1873 under Republican rule and in a period of twelve years of high tariff taxation, was most disastrous. It continued five years. 3.000.000 work. ingmen were thrown out of employ, ment and bankruptcy ran riot.
 In 1890 the Mckinley high tariff bill was passed, and there were 10,678 failures. followed by 12.394 in 1891. The tarfff was raised to nearly 50 per cent. but wages stood still or de clined while the cost of necessaries advanced.
 The most serious labor troubles in the history of the United States have occurred under Republican high tariff6.
 Some Lessons From 1907.
 The Republican panic of 1907 fur nished another forceful refutation of the Republican claim that Democratic administration and hard times, lower tariffs and panics have been COCK isting.
 In 1907, in the midst of prosperity. thousands of leading banks, with hun dreds of millions on deposit, suspend ed cash payments. The trouble began as a result of a struggle between great New York financial institutions for business.
 The New York post in October, 1907. said:
 Condemn Themselves.
 "The certain and significant thing is that it will be known as a Republican and high tariff panic. Protest as Re- publicans may, they will be held re- sponsible. Out of their own mouths the Republican party and the Dingley- ties will stand condemned They fixed in 1896 the standard by which they cannot escape being judged. In the party platform of that year they re- fered to the panic of 1893, and the hard times following, squarely to charge up the entire accounta bility to the party in control of the national government, and the political infer ence was stated witt. merciless logic
 Every consideration of public safety and individual interest de- 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 go- ing to do when the Democrats hand them back their poisoned chalice? 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 urg- ing us to perpetuate the Republican administration" says the Philadelphia Record. ',.
 Business Depression.
 AS soon as business was checked five years ago the steel corporation, which was encouraged by MT. Roose- vent to swallow the Tennessee con- cern, then its most formidable poten- tial competitor, drew it's fires and threw about half its workmen out of Other industries did much the same thing. There was an extensive stoppage of mills in Philadelphia.
 The Republican candidate for con- gress in the Kensington-Richmond district is using the soup houses of 1S93' as a means of soaring the wage from voting the Democratic ticket. Those soup houses existed un- der the Mckinley tariff. But there nave been more recent ones After