A Brief History of Panics and Their Periodical Occurrence in the United StatesJuglar, Clément
History
A Brief History of Panics and Their Periodical Occurrence in the United States
Juglar, Clément
Depressions
"When asked to give his opinion on some of the questions worthy of
discussion at this gathering Mr. Thorn mentioned the tariff and economy
in the conduct of national affairs.
"In the coming national Democratic celebration," he said, "I hope
suggestions dealing with a rational reformation of the tariff and the
need for national economy of every kind will be duly considered, and
that on these two subjects alone, to be treated thoroughly but
temperately, will this national Democratic gathering advise our party as
to its best course to pursue.
"In three successive Presidential canvasses since the Civil War the
Democratic party has received a majority vote of the people of the
United States, and in my opinion would have gained three thereby,
instead of the alternate two, elections to the Presidency if the tariff
issue, the major one of the two great issues--namely, tariff and
economy--on which they won, had been so sought to be applied as not to
threaten unduly to affect general business."
PROTESTS AGAINST EXTRAVAGANCE
"All will agree with me that a reasonable economy, instead of the actual
wild extravagance of government, is more than ever a national need. Who
will disagree with me, that in addition to the contribution from
internal revenue, the tariff should be used merely to contribute towards
the due expenses of the Government economically administered, but so
applied as not to break down the standard of American citizenship, as
exemplified in the working people of our country; and eked out, if it is
possible, by contributions into the national treasury of sound
inheritance taxes?"
URGES CUT ON NECESSARIES
"Is it not possible to apply that general plan as follows: Divide, say,
all of the articles now upon the tariff list into three classes.
"(_a_) All such as are usually found in the typical American
homes--I mean the homes of those admirably called by Grover Cleveland
the 'plain people,' who are just the same class, I believe, as those
indicated by Abraham Lincoln, when he said, 'God must greatly love the
common people, for he made so many of them'--and put that list of
articles on a free list or a severely tariff-for-revenue-only list.
"(_b_) Create a second division composed of all the articles of
luxury. Put upon them the very highest tariff they will stand and yet
come into the country, except in the case of articles of antique art.
These latter should be admitted free.
"(_c_) Keep upon all other articles now in the tariff list the
actual duties for the period of one year, but after that period and the
actual imposition of the proposed new tariff I am discussing shall have
begun, put all the articles involved in Class _c_ upon a
tariff-for-revenue-only basis, so constructed as not to break down the
standard of the American workingman's living."
YEAR TO MARKET STOCK
Public-domain text, read in full here on John Shaqi.
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