New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-12-02
LIE TREISTRY REPORT

THE TRElSURY REPORT
Secretary McCulloch has rendered such con
snicuous and valuable services To the country
in times INST and has 40 patriotically met III
Gcnli emergencies, that the people VIII listeh
with attention to whatever he may sny ana
when thev dissent from him will do 90 win re-
prpt Ills present position. however ~ one W
tempnrniv sprvire. and ~ the eau ~ party
vhirb Dies not now control the House IN
,yhjrh revenue bills must originate anu Is
surrlil, ~ surrender The Executive bfanrh ~
the Dntrinmuni alsi. Hence u might ppihhps
ha,n spnuni appropriate w refrain lipih plaN-
,,.,i,t ,i,..fnstitns go Tho thiiI question
,rt, ISSUE ,iiin which Tho recent contest MAIN
~ inmed. II 10 harmony win Republican
thouaht, surh so lsn-tions miisi have seemed ~
dnuhtful utility, comm! frnn an nTlriil at the
defeated marty 10 The representatives "f me
successful marty. Aud under such eirnn'-
st,ncrs a tennnrary secretary would naturally
have found some reason Tor RETAINING from
suggestions not in harmony with the opIn-
ion of the pariy which he represented. idt
thr oninions Of Secretary McCulloch, though MOI
in harmony with those Of either party, must al
WAYS be received with most kindly and respect
full consideration.
In urging a. an essential condition OF acton
on the tariff question, that our manufactures
should not be put in jeopardy by radical ana
syvprnin- changes" and that all reductions OF
imnort duties should BE- made with view TO
the ultimate advantage OF orr industries, the
Secretary offers unwelcome advice to four
ffths of the Democrat, in the present House
In urging thlt the Republican party which
created a Tariff Commission very recently, anu
upon its report revised the tariff should now
create another Commission at once and proceed
70 revise its own 50 recent revision, the Secre-
tary offers advice which it is hardly likely the
Republican Senate will take. But the general
tenor of the suggestion. as of the Secretary OBJ
servotions. is not in harmony with the policy
through which Che Republican party has pro-
noted int TINS country marvellous growth ana
unexamplcd prosperity. with great re-
spect for him, it must yet be sald
that il does not seem very attractive
time to be relyiny upon foreign markets Tor the
support OF our manufactures, Whcn all the
markets are crowded and unnaturally de
pressed and when the prostration OF Industries
i'm other countries is greater than 1t Is here.
The advantage this country now enjoys, more
over great as it is, would b. incompmably
a1ca,er had not the overthrow OF the Rcpub-
lean policy been threatened by a Democratic
victory.
1t is more pleasant to pass from the tariff
question. upon which the Secretary says much
that invites dissent, to the uc,tion of coinage,
upon which nc is altogether sound. His very
strong statement of the evil consequences to he
feared from continuance OF the coinage al
silver and the issue of silver certificates de
serves s.ch hearty support that, IN justice to
himself and the cause of sound currency which
he has long aud 50 honoraby defended. We wish
the Secretary had not impaired the influence ol
his report by arguing for tariff theories which
the Democrats themselves do not dare to
net upon The recommendations made
ON the silver question. nevertheless,
the Republicans ought to press upon the
attention of the House with all possible earnest
ness Neither secretary McCuiiorh nor any
body else can determine how far the existing
depression in business is due to the alarm which
continued silver coinage causes. business
prostraton. il is generally agreed is mainly
due TO lack of confidence" There are two
points on which confidence is lacking. the
tariff and the currency. II conservative
business men could be- surc that the basis
Of all industry would not be- again disturbed by
wanlon and pcnsclcss mcddling with the
tnrll. nnd II they could be- sure that the very
bn,s Of All values would not be destroyed by
virtual decentralization Of gold, there would
be- II mcu,utc of confidence Ia shy the least.
that has not been seen since 1881.
The elaborate presentation of the revenues
and expenditures. and of The state of the public
debt which the Sccrctary's report contains, is
~ clear and full that II needs no cucidaion.
All will hope, with the Secretary, that the pres
cnt depression III business viii not long cause n
>hrnkagc III the revenues Of the Government,
| but it may be prudent to notice that, If
| that depression goes further, the
| estimated surplus revenue for the next fiscal
year will be only about $50, 900, 900. 1t is a
| question whether, under such circumstances,
| the most urgent necessity is 10 reduce revenue.
Nor is il clear that Chcrcvenuc from customs for
the current year will reach the estimated
| $50, 100000. The recent decline in imports
| points To a different conclusion.
Many of the minor points considered by Sec
rotary McCulloch will deserve attention here
after. Iis report is able, crowded with nfor-
nation, and IN most respects deserving of high
praise But the existing lack of confidence is
so great that we see with sincere regret those
portions of the Secrctarys report which may
be regarded as threatening a new disturbance
of values by tariff agitation.
|