New-York tribune., 1886-07-22
TILE PURLIC SAFETY.


bsfors il masses the Senate if it passes at ALL
is TO be expected Dispatches indicate that
there will be an effort. not only to embody
t,c nrinciples of the amendment offered In
the House by Mr. Mckinley providing that
the RESUMPTION fund shall not be impaired,
hut also to raise the limit Of surplus allowed
from $lOO,OOO,OOO to $l4O,oOo,ooV. lha'
would be a great change for the better, Out II
would by no means render the leSolu'ioh uii
Objectionable.
Let it first be observed that criticism OF the
resolution is entirely independent OF It's erect
upon the national banks. The TRIBUNE uoe'
not believe that the national banking system
should be destroyed. But 1t Is not no" pro-
posed to pay OF purchase any or the lour oI
four and one-half per cent bonds which VIII
net mature for some years to come. lhe oihh
circulation which is or can prohtaDly DO o"s,u
on those bonds will continue, whether tne
Morrison resolution be passed or not li"'
resolution affects only the extended uliee PEI
cents. aud it is certain that these Will III auy
case all be retired within two or ullee years
tn the country 1t makes not the slightest amer
once whether a few of the banks cease 10 nave
circulation in 1887 or in 1883. lie preoence
that a desire to secure one years longer use
of circulation based on three per cents 10 these
few banks is the cause of opposition TO ulc
resolution is evidently false and deceptive
Those who set up that pretence, In order to
break the force of public cen>ure OF their re-
pudiating schemes, pay but poor coinlii'ii'n'
to the intelligence OF their hearers
The zeal question is whether 1t Is wise Vi
safe to deprive the Treasury Department oi
a discretionary power which has never ye'
been denied to any Secretary OF tho treasury
and which, it has always been hold, must oe
lodced with the officer i'll charge oi thc
finances. in order to secure the maintenance OF
tbe public faith. Congress cannot foresee pos
siblc emergencies. The pending leso,unO on
does not attempt to provide for these. IL
maEes no exception in case OF possible war;
or industrial prostraton, or financial panic.
Either of these emergencies may come "iulih
th. next twelve months, and then The hohol oi
the Nation and the prosperity OF the wloie peo'
ple may depend upon the power OF the oecie-
tary to guard against an exhaustion vi tho
| Treasury reserve. If the resolution should u
passed without amendment, the power "ouiu
be taken away entirely; il it should oe passeo
with a mere change in the amount Of reserve
allowed it would be taken away almost as com
nlctelv after a little time. Possibly 1t mSh'
nrove that the power would be taken fIom the
Secretary at the very time it might he most
needed THE TRIBUNE did not desro 10 nave
this bower intrllsted to Mr.. Cleveland Or to a
Socretarv of his appointment But tho Dem
ocatic party elected him, and so made IL netes-
sary that the public credit and prosperity
should be guarded by him. or by nobody. Now
| it would be great wrong to the people II U'i'
| Democratic patty should deprive the country
of safety, because it will not Icpose IN the rles-
ident it has elected the confidence never yet
refused to any President by any party.
The surplus, as Senators well know, is COM
posed in part of gold and in part Of silver. III
either Of many emergencies which may ai1se,
| tho silver part cannot be forced upon creditors
without precptating disaster. Neither Sen
ator Allison. nor any other Senator who has a
knowledge of business Affairs. would think /
proper for the Treasury. in amy time OF pane
about possible suspension of gold payments
| to force creditors to accept silver dOil"Is In
stead of gold Everybody knows that such Il
step would instantly turn panic into disaster
| Now Congress cannot foIesee low much th'
| silver part of the reserve may increase, or tilt
gold part decrease, within the next three
months. 1t may easily happen that the silver
owned by the Treasury may increase many
millions through the indlSposition Of the people
to Use silver certificates and that the gold re-
serve may be decreased by the desire of mer
chants engaged in foreign trade to protect
themselves In that Gaze, the reserve avail
able for payment of bonds might remain a
large as it is now, and yet, without forclns
holders TO take silver for bonds, no payment
could be made that would not dangerously re-
duce the gold available for redemption OF notes
| Hence it is believed that the Senate ought no.
to take away the power of the Administration
to protect the public credit and the prosperity
of the country. if such All emergency should
| alise.