over-banking, and the tariff of the same year was really passed to help
avert the panic threatening. It had the contrary effect, it is believed,
for it still further, of course, unsettled rates for goods, when prices
were already unstable. But the point is to be noted that in reality
tariff change followed practical panic in this instance rather than
practical panic tariff change. The high protective war tariffs,
beginning in 1860, and increased for war purposes and granted largely as
an offset for those internal revenue taxes laid to carry on the war,
have been continued as a body ever since, as is well known, despite the
internal revenue taxes having been abolished except on whiskey and
tobacco. It is equally well known that farming has grown less and less
remunerative since 1860, and that the panics of 1864, 1873, and 1884
have been unfortunate culminations of almost unceasing financial
discomfort, which has been most forcibly exemplified during the last two
months. Even now the financial fabric is in unstable equilibrium, and
this latest monstrosity--the McKinley Bill--imposing the highest tariff
we have ever exacted--an average duty of 60 per cent., and coming when a
panic was due, bids fair to hurry us into another and a terrible
financial panic. If it does not do so, it will be because our crops are
too bountiful to allow it, but it will at least have made the
agriculturists and all buyers of other commodities than agricultural
produce pay more for all purchases. It will bring no more money into
their pockets, but it must take out considerably more. The people
appreciate this. The nation's pocket nerve has been touched. This is the
meaning of the recent election, it seems to the writer. But whether the
impending danger can be averted even if a prompt, though wise and slow
reversal of tariff policy can be forced by the next Congress is
doubtful, for unrest and timidity have been evoked and require time to
be allayed before easy and orderly business operations will in general
be resumed, unless indeed bountiful crops here and demand abroad once