Jasper County Democrat, Volume 11, Number 34, Rensselaer, Jasper County, 26 August 1908 — THE TARIFF AND REPUBLICAN PANICS. [ARTICLE]

THE TARIFF AND REPUBLICAN PANICS.

In his speech accepting the prealden tial nomination Mr Taft, speaking oi the proposal of the Democrats to 'gradually substitute a revenue tarlfl for the present protective tariff, wai foolish enough to make the following statement: *>■';* “The introdnetion in power of 8 party with this avowed purpose cannot but halt the gradual recovery cat recent financial depression and produce business disaster, compared with which our recent panic and depression will seem small indeed.” Mr. Bryan in his tariff speech at Des Moines, Aug. 21st, showed the absurdity of Taft’s statement. Mr,. Bryan said: Here is a threat of a panic if the Republican party is not retained in power. This panic argument was worked overtime in 1896, but I am surprised that a Republican refers to it in the present campaign. We have had three panics since the Republican party was born: the panic of 1873, the panic of 1893 and the panic of 1907. The panic of 1873 came after the Republican party had been in complete control of the federal government for twelve years, and eleven years before our party succeeded in securing control of the executive branch of the government. The startling "panic and depression” of 1873 occurred in the very midst of Republican rule, just after a Republican victory, and under a high tariff. Is it not strange that Secretary Taft should forget this panic, when he warns us to beware of any departure from the protective system?

The panic of 1907 came after the Republicans had been in complete control of the federal government for more than ten years. They had had an opportunity to do everything that they wanted to do and to undo everything that needed to be undone, and we were under such a high tariff that even Secretary Taft admitted the necessity of revision. This panic was so bad that banks felt it necessary to do something that they had never done before, namely, arbitrarily limit the amount of money that depositors Could draw on their own account. Ex-Sec-retary Shaw says that the stringency of 1907 was “the severest the world has ever witnessed.’’ "With this panic fresh in his mind, is 'ft not strange that he should argue that his election is necessary to prevent a panic?

I have referred to two of the three panics, both of these coming under conditions which compel the Republican party to accept the responsibility for them. Now, let us consider the panic of j 893. If that could be properly charged to the Democratic party. It would only be one Democratic panic to two Republican panics. But can it be fairly charged to the Democrats? It came, it is true, a few months after the inauguration of a Democratic president, but it came while the McKinley high tariff was still in effect and before a single Republican law had been repealed, and it came from causes that were in operation before the election. In fact, it was the failure of the Republican party to do its duty and satisfy the people that brought about a Democratic victory, and these causes would have brought on a panic, even if the Republican party had remained in power. Now. this is the record, and yet, in spite of this record, the Republican candidate presumes to threaten a panic in case of Democratic success.

Protection does not make good wages. Our better wages are due to 4he greater intelligence and skill of workmen, to the greater hope which free institutions give them, to improved machinery, to the better conditions that surround them. ahd to the organizations which have been formed among the wage-earners. A revenue tariff will not bring a panic: it will not inaugurate industrial depression: it will not reduce wages; on the contrary, it will stimulate business and give more employment, and a larger demand for labor will be a guaranty against the reduction cf wages. A reduction of the tariff will reduce the extortion that is now practiced because of the high schedules; a reduction in priced will enable more people to buy, and this larger demand for the goods will put’ more people to work and increase the number of industries. A lower price will greatly stimulate exportation, and manufacturers who are now crippled by a tariff upon what they use will be better prepared to enter the contest for supremacy in the world’s trade.