New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-06-12
cURREyCY AND THE ADMINISTRATION

The man who complains Of the present Ad-
ministration because the amount Of all KINDS Of
money in circulation decreased Sl6'iSO'OOO
during the month Of May belongs TO tho same
family with the one who holds Harrison re-
sponsible for the Johnstown flood and the Seat
tie fire. and is directly descended from him who
voted against the Wings because there were no
cells in his eel pot. The laws governing the
currency have not been changed. They are
exactly what they were before Mr.. Clcvelands
exit and the remedies for financial evils which
are within Executive discretion there has not
yet been time to apply or to enjoy in realized
results.
The power of the Administration over the
circulation depends upon its decisions az to
payments OF claims, bond purchases and classi-
fications OF goods for import The Secretary OF
the Treasury has disburscd with freedom dur
ing the last three months in the payment OF
claims against the Treasury, and no fault will
be found with him on that score. He has taken
bonds in considerable amount at prices rel
atively higher than were paid by his pre-
deceSsor, but with the money markets every
where easy the offerings Of bonds have not been
large. His decisions regarding classifcatons
Of imported goods have been calculated 10 lessen
the exports Of gold, and also to lessen the ac-
emulation Of money in tho Treasury, hut there
has not yet been time for their effect 10 be felt.
The cause Of danger was the importation Of
enormous quantities Of foreign goods, designed
to supplant in use the products Of American in
dustry. which impora ton had been encouraged
by Treasury rulings contrary 10 the intent OF
tho protective tariff, or had been effected by
fraudulent undervaluationS To meet the latter
difficulty, appointments Of officials who arc OK
pected to carry out the wishes OF the Admins
tration and TO enforce the law faithfully. have
been made with reasonable rapldity. But even
where a change of officials has stopped a leak,
il takes some time for foreign manufacturers TO
discover that shipments TO agents here can no
longer evade the law. Decisions in regard TO
claSsifcatons have been made as promptly as
the matters could be investigated, and the ef-
fects of these will be felt in coming months.
Il is not doomed at all improbable by OK.
pertS that imports TO the amount OF 81 600, 600
or more yearly have been made, which would
not have been il the law had been OK
ecuted with fidelity and according to its In
tent II other transactions between this and
other countries were such as TO exactly balance,
these improper imports required exports Of
81 0, 900, 900 in gold, or else created foreign
debt to that amount In the last twelve months
the actual exports Of specie have been over
$50 900, 900, the whole Of which would have
been kept at home il goods had been imported
only in accordance with the intent OF tho law
and its proper construction.
During the last month the amount OF specie
which has gone abroad through the port Of New
York alone has been about 81 8, 900, 900, and
this accounts for almost the entire reduction in
circulating money during the month. These
exports. so far as they are the result Of I'm
ports contrary to the protective policy and hos
tile to the true intent Of the law, the policy Of
the Administration will speedily arrest They
are the direct result of policy which Is dis
tinctly Democratic, for which the Democratic
party cOntcnded in tho last election, and which
the late Democratic Administration favored as
far as possible in it's decisions and rulings
With faithful enforcement of the law, the
amount due abroad in settlements on MGR
chandfse account ought TO be reduced below
| the value of goods exported, 80 that unless
Withdrawals Of foreign capital exceed new in
vestmentS Of foreign capital here, exports Of
| specie will not be required.