Show PANICS OF 1893 AND 1907 Our uJ esteemed contemporary the Times has a communication tion from Representative Champ Clark of i in which he combats the st staf statement ment 4 that t the he panic paule of 1907 1893 was caused cause caused by by- Demo Dem declares t that at the t panic era era ti tic tinkering And e. e b began gan in 1892 and to charge that it was due duc to a n t riff bill which never became a law until 1894 1891 would be just as reasonable as to say that T Tafts Taft's ft ira inauguration in March arch 1909 was what cau caused el Czolgosz to shoot McKinley in 1901 for Hon Now we have a most profound respect Champ Clark He lIe is an honest man and very gifted When he sp speaks ks he tells the truth as he does above but he does docs not always Ice feel called upon to tell all the truth He lIe refuted the statement state state- ment of the editor who charged that the panic of ot 1907 was due to Democratic tariff tinkering but did not feel called upon to give the real reasons rea rca sops sops sons for that panic He Tie is mistaken when he says the panic b began gan Jn in 1892 There was a fearful depression depression depression de de- de- de in all the manufacturing districts of the country when the election of Mr Cleveland was as assured which came of natural causes Manufacturers Manufacturers did pot dare re reinforce their stocks of raw material because of the threat that there should be a wholesale reduction in the tariff and so the mills that ran that winter ran merely to clean up But the panic came in May or June 1893 and came directly from notices sent out by the interest gatherers of New York to every banker outside of that city eity t to close closedown down credits and call in debt debt- I edness This was done to give Mr 1 Cleveland a form of justification for calling congress in extraordinary extraordinary extraordinary session to destroy silver as primary money No one understands that fact better than the Hon HOll Champ Clark and if he lie would in his picturesque y make a statement of it the story would thrill tn he could truthfully add th that t the ther r reason ison son recovery from it was so sl slow w was because the volume of money in the country was so low that there was nothing to start business upon until until un un- un- un til Lii the nations whose crops had failed came canie to us with gold to buy bread But Mr 11 rr Clark continues and asks how about the Republican panic of 1907 which is a pertinent inquiry It was a Republican panic so far that it happened hap hap- pc paned ned under a Republican administration but the causes that led up to it are a matter of extreme solicitude to men of all parties Does Mr lr Clark charge that the tariff had bad aught to do with it ex cx- to to postpone its coming 1 The rhe immedi immediate te cause was the action of two or three merciless syndicates in New York the first one to beat down own copper which the same crowd had caused to be inflated and had bad made macIc millions by that inflation and again made millions by oy bearing it down The second crowd wanted the Tennessee Coal and Iron prope property tp jumped upon it and smashed the trust that was behind it it p Then when that trust went under the people said ad If that t is not sound then nothing is They rushed to withdraw their deposits and lock them up and the panic was on But then came the appalling discovery that the country was again drained of money that instead of having had hada a balance in favor of tl the e United I States of J a year for the ten previous years ears as the books showed we had been paying out to foreign powers annually L In Interest and dividends In fares and freights to foreign ships f in money spent by br tourists abroad d A total of 1 That instead of growing rich by per annum we had been been- running behind In addition because of that legislation of 1893 our export trade with half the tile worlds world's 8 people had been destroyed Gal Cannot not our contemporary p induce Mr Ir Clark to discuss these questions How can we regain that lost trade 1 How Ron can the drain urain of money to foreign ship be owners be stopped 1 Cannot there be a n financial system devised that will vilI enable us to call home American securities and t the fearful foreign interest drain 1 |