Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-09-06
SAYS REPUBLICAN CLAIMS
ARE WITHOUT FOUNDATION
Senator Smith Declares Hard
Times Will Not Follow
Tariff Bill Passage.

Senator Hoke Smith of Georgia today
decr1ed the statements made so often by
the republicans during the tariff debate
to the effect that the enactment Of the
democratic tariff bill would be followed
by hard times.
1.-The republicans have appealed to the
history OF tariff legislation to sustain
their claims" said Senator Smith. "They
have cited the panic during the last ad-
ministration OF President Cleveland to
support their suggestions Of hard times.
The historical references made by them.
however, are inaccurate, and their fears
utterly without foundation
Senator Smith said one of the severest
panics the country has known was in
1873.
AT that time we had high protective
of rates." he added.
Prosperity During Last Year.
He declared that the reduction Of the
tariff in 1846 under the Walker act
had been followed by unprecedented
prosperity. Taking up the panic OF
1893. under the Cleveland administra-
ton. Senator Smith denied absolutely
that 1t was brought about because the
country knew there was to be tarin
reduction the following year. He point
ed out that for many months tins
country has known that there would be
tariff reduction before the adjourn
but that the business record OF the
country during the last twelve months
has been one Of prosperity.
The panic OF 1893 was due to s e num-
Smith "The large failure OF Barring
Brothers took place November 20. 1890.
and was followed by worldwide f1nan-
cial disturbance. The disturbance was
SO great that the New York banks
were forced to issue fifteen millions in
clearing house loan certificates. and loan
rates rose to over 100 per cent.
1.-The assaults upon the Treasury DUR
ing the Harrison administration. when
Window was Secretary OF the Treasury:
the large increase in appropriations. the
passage Of the act providing for the
purchase by the government OF q vast
amount of silver bullion and the issue
Of Treasury notes in payment for the
bullion were all contributing factors to
the panic OF 1893.
Stage Set for Panic.
Senator Smith pointed out that huge
amount of gold was shipped out OF the
country in 1892, which still further
tended to bring about financial trouble.
He declared that when President Cleve-
land came into Office the stage had been
set already by the republicans for the
panic of 1893, and that the enactment OF
the Wilson-Gorman tariff act was not
a contributing factor.
In conclusion. Senator Smith said:
I'VE believe in this BILL the passage
of which we are pressing. 1t Is an
honest revision Of the tariff downward
free from all favoritism. The bill Is
framed primarily to procure revenue
but at the same time we seek TO at.
tain this end in a way that will not
fnjure legitimate industries 1t is con-
structed not only to free the consumer
from unjust burdens. but to place the
manufacturing Industries where they
will not be confined to American mar
kets. 1t is built upon the competitive
theory to the end that revenue may be
raised and no concern be able to feel
that it has monopoly of the home
market gained other than through the
fact that 1t is able to furnish better
goods at lower prices than others
"It is true that some of our manu-
featuring industries will feel the spur
Of competition where heretofore they
have been without it. but there is no
reason why they should fail to con-
tinue in lines of prosperity with
broader trade