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1869, we had the famous gold panic which gave to history the infamous "Black Friday." The Republican party was in power at that time. During the month of September, 1873, we had the tremendous panic marked by the failure of Jay Cooke & Co. The Republican party was in power at that time. Now, let us look at the more recent our friends panic attribute which to Democratic Republican Administration and to Democratic legislation. They call this "the panic of 1893." The record will show that this panic began under a Republican Administration, and developed to its worst extent under Republican legislation and before Democratic legislation was in operation. Benjamin Harrison was inaugurated President March 4, 1889. The McKinley Tariff bill became a law October 6, 1890. November II, 1890, the reports showed financial distress apparent in New York. The New York Clearing House Association voted its certificates to banks in need ot assistance. Clearing its House Association The Boston did the same thing November 17. Barker Brothers & Co, big bank ers in Philadelphia, suspended at that time, with liabilities placed at five million dollars. November 19, 1890, there was a run on the Citizens' Savings Bank of a was for appointed New York, and the North receiver River Bank. November 22, 1890, the United Chiat cago, Rolling assigned, Stock Company, with liabilities of $6,851,000. November 28, 1890, B, K. Jamieson & Co., the Philadelphia bankers, failed, with liabilities at two millions of dollars. December 6, 1890, the Oliver Iron and Steel Mills, of Pittsburg, shut down, discharging two thousand employes. On the same date the cotton firm of Myer & Co., of New Orleans, failed, with liabili ties at two million dollars. January 3, 1891, the Scottdale Rolling Mills and Pike Works, and the Scharlotte Furnace and Coke Works, in Pennsylvania, closed, throwing ten thousand employes out of work. January 18, 1891, the America National Bank, at Kansas City, suspended with liabilities at $2,250,000. May 8, 1891, the Spring Garden National Bank, at Philadelphia, closed its doors and the PennsylTrust an vania Company Safe made Deposit assignment. and The Homestead strike, and others, during 1892 are well remembered by the people. In and May, suspended 1893, S. in V. New White others York. The Chemical Bank in Chicago, and its branches, suspended. Other failures followed, and finally the famous raids on the United States Treasury were made. Now, let us bear in mind that the socalled "panic of 1893" is as a because designated panic," the Cleveland "Democratic Ad- it ministration issued bonds. But has been shown that the panic originated under Republican Administration and developed under Republican legislation. It is a matter of record which no intelligent or honest man will deny that President Harrison's Administration had made preparations to issue bonds. Mr. Harrison's Secretary of the Treasury even went so far as to have the plates of these bonds made, but in order to avoid this stigma Mr. Harrison's Secretary of warded off on Z f r bond a is o ally to make that to freistration. istration That the the deemed issue. issue incoming the bond panic in Treasury The issue turn it little is necessary Cleveland Cleveland referred and warded longer, finally unloaded Admin- Admin- but off fin the quently as a "Democratic panic,' because those making the
