New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-02-06
SOME MORE REFORM.

Mr. Scott of PENNSYLVANIA, saved his party
from the last extreme of suicidal folly in one re-
spect. Its Committee on Ways and Means, with
out a dissenting voice among the Democratic
members present, voted last week to authorize
purchases of bonds with the surplus In the
Treasury, and to use in the same way hall the
trust funds deposited for redemption Oh oank
notes. If any private banker. having been en-
trusted with large deposits by valuable Gus
toner, should proceed ostentatiously TO empty
his bank by paying his own debts previously
contracted, thus leaving himself no money for
depositors if they should want payment. his
prompt bankruptcy would surprise nobody. ex-
cept perhaps Mr.. Mills. After the committee
had voted thus conclusivey to justify public
apprehension regarding the common sense and
common honesty of the Democratic party, Mr.
Scott came in and took the party by the nape
oftbe neck. so to speak. II was hoisted out OF
that blunder in few moments not without
some strong words But what would happen
if the cratic creature should escape its guar
dian and keeper for whole week heavens;
Mr. Scott might be sick
The object of this proposition was to put ont
| "morc money" Exactly what the Democratic
rcpudiators of Ohio wanted when they solemn
" voted that resumption could never take
place, less than three months before 1t was
ryandly accomplished the bcnighted persons
who at present rattle around in the shoes OF
statesmen now ardently desire. Their natural
proclivity is precisely that of the party which
socmny resolved that resumption was I'm
possible, and that the resumption act should
be repealed in 1876. Even after the thing has
been done nine full years and has brought to
the country. in connection with other features
OF Republican policy, such magnificent growth
as has never been witnessed at any other period
in this land the Democratic mules can think
of nothing except backing the cart into the
same old ditch from which Republicans
dragged it nine years ago.
"More money is their cry now, just as it
was in 1879, when the country had in actual
Use outside the Treasury SS4 millions OF
money of all sorts. Now there arc In actual
Use more than 1889 millions, and yet the
same parrots cry for more. with the same meas
IRE of intelligence. Then sudden and wonder
/ full prosperity came with less than S1S IN
circulation for each inhabitant; now, with
over S22 for each inhabitant outside the Treas
urv. the same men think that ruin must come
unless We have more money. The argument
| is the same; more money will make prices
| higher and so lift business into new activity
| There has been no shrinkagc in the circula-
| ton during the month Of January though
| scarcely any increase Business has been
moderate, though in volume about as large as
| in any previous year, and money has dniled
| back to tho Treasury, more than 2,2OO,OOO
standard silver dollars returning thithcr. be-
! sides all the standard dollars coined during the
| month. Even the effort to prevent accumu-
| lations by making deposits has been attended
with difficulty, because some banks, having
no use for borrowed money, have returned
over 81 100000. Still the Secretary has con-
! triycd to increase the circulation little, and
meanwhile prices have declined. In spite of
| scarcity Of important farm products, OF which
| CROPS partially failed last fall, in spite of great
! coal strikes and the work of powerful syndl-
Gates in copper ard other markets. the average
| rricc of all commodities was about a quarter
| of per cent lower February than January l..
As for stocks the closing on Saturday was
shade below the opening at the beginning of
the year. Over S62OO0,00O has been added
to the circulation outside the Treasury since
| last July, and yet the prices OF STOCKS average
| 81 per share lower than July /.
The Treasury does not need, and except by
lending it or paying big premiums to bond
holders cannot lawfully use, over $50 100000
collected in the past seven months. This ex-
cess of revenue is mischievous. All parties
| agree that it should be stopped. But Demo-
cratic incompetence is so absolute that the
committee, anticipating inability TO reduce
taxes at all. proposes as its only resource to
authorize the buying Of 100000 bonds
pcr month. at the extravapant premiums which
such corner in the market would cause. and
the expenditure of trust funds in the same way
| This is "Reform'' craftsmanship.
IRE THE INDEPENDENT INDEPENDENT
Senator Hale lately demonstrated that Prcsi-
u - ..L.1. -