New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-04-07

SECRETARY MANNING AND THE 1AhIfr'
II il undeniable that Secretary Manning
financial statements have been met wltlih .iio
Democratic party by a great deal OF criticism
and censure. The true reason for this mas no'
been publicly discussed. Those who have eX-
pressed most irritation at this course have peen
careful to mt it on other than the true ground.
But it is beginning to be apparent that those
who dissent most sharply are Democrats "no
are united in hostility to the suspension VI
silver coinage and in hostility to tue protecl'o
tariff. The statement of the Secretary was
recognized as a powerful blow against those
Democrats who have opposed the general poiicy
Of Mr.. Randall.
II has been shown already that the new state-
ment was calculated to avert the dangers aris-
ing from continued coinage of silver, to enaple
the Treasury to keep the silver that may here
after be coined in its vaults without depietioh
of its gold reserve, and to put as lar OH rs pos
sible the necessity of using silver in settlements
with public creditors. The meaning OF inc
statement, in this respect, was instantly seen
by the advocates of silver coinage. The savage
feeling which they brought to the contest wneh
Mr.. Randall asked that discretionary power
should be given to the President to suspend the
c,ipage. is now shown in their comments upon
Secretary Manning's course. But the eject as
respects the tariff question, though less OBVIOUS
will be found not less important
For some years past it has been the perpetual
argument of Democrats OF all sorts thae 'ne
country has been unnecessarily taxed and out
rageously burdened by the Republican policy
The existence of large surplus, 1t was allegeu'
was in itself abundant reason Tor sweeping
change in the revenue laws, and differences as
to the method of change led to the sharp
division within the Democratic party when
now exists. Mr.. Randall formulated his
doctrine in the words, "A tariff only for rev.
enue u" that is to say, abolition OF all other rev.
enue save that derived from the tarIfi. Mr'
Morrison adhered to the ancient Democratic
formula, A tariff for revenue only" ana In
sisted that the duties on imports should be so
largely cut down that the protective element
sbould be cut ont of the tariff, and the aggre-
gate revenue reduced to the needs OF Govern
ment
Now comes Secretary Manning and shows
that there is no surplus revenue. The Treasury
not ONLY has at this time no surplus available
for any purpose, although the redemption OF
nublic debt during the last twelve months has
been unusually small and scarcely more than
the requirements of the sinking fund, but OF the
surplu us actually held nearly half is in standard
silver dollars which cannot be used without
shaking the public credit. The new statement
makes it clear that for some time to come the
Treasury will be obliged to use all the revenue
it can get in replenishing the gold reserve even
if if is not Obliged to sell bonds in order to get
more gold for the same purpose. For the law
reouires that reserve of $l00,0OOOOO shall
be held in gold coin and bullion exclusively,
and devoted exclusively to the redemption OF
United States notes. But after deductlng other
gold obligations which are specified IN MI.
Manning's statement, there remains nomlnally
reserve of only 1922, 100000, OF which, III
point of fact. $40, 100000 consists OF legal
| tender notes, and over 5000, 900 OF standard
silver dollars. Under these circumstances, any
outcry for a reduction of the taxes will be met
next wear with the unanswerable argument that
lower revenue would involve National BANK