New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-09-14
TIE APPEALS TO THE TREASURY.

TIE APPEALS TO THE JREANChI.
Once more the usual appeal is made to the
Government to save importers and spectators
from the natural consequences OF their mis-
takes. Secretary Window, called by multi
tudc Of kilograms from the brief season OF rest
which he so greatly needs. but is M permitted
to enjoy has come to this city to listen to the
passionate appeals Of bankers and business
men. In vain he tolls them most truly that
The doors of the Treasury are wide open al
ready that he has already provided for the
disbursement of thirty millions or more il the
real needs Of the money market arc such that
anybody is disposed to deliver four-and-a- half
per cent bonds, or to accept prepayment OF IN
forest for nine months on the four per cents
or to sell silver bullion at any reasonable
price, and that he does not sec what more can
bc done unless Congress approprlates money
for him to deliver into the Street with SCOOP
shovel. for anybody to take who plcases. Just
as if it were the rlghtful and sole business OF
Government to help any man who has under
taken obligations which he finds it hard to
meet The Secretary is importuned to do
something. anything. to put more money at
once into the Street
The situation is exceedingly simple. There
scarcity of money. is called upon with some
reason to remove it. But in this case the Gov
eminent has not been accnmulating money,
hut has poured it out freely. Millions have
been sent to tho West and South Tor the pur-
chase Of products because the buyers believe
that Shortness Of crops or the Silver bill VIII
certainly advance prices. sums 80 paid are
scattered all over millions OF farms. and do not
get back into commercial channels mt once
But the products bought are deliberately held
at prices too high for free sale to European
or domestic consumers. With prices relatively
higher at Chicago than at Ncw-lork. and at
Ncw.Yori than at Liverpool. the products stick
on the way and do not move naturally. The
buyers and the bankers who have loaned free
~ to help them. do not want prices to settle
to the level at which consumers will take free
~, and TO prevent that they implorc Govern
ment for more money, sd that more millions
of bushels may be bought and held on spec
ulation as they come forward.
SO about 100000 ounces OF silver have
been bought. in the expectation OF good adj
vance, and are held on speculation. The
Treasury could take 4.500.000 at single
purchase for the month just begun if the Offers
were at satisfactory figures. But the holders
of most of this bullion prefer to hold just a.
long as the banks will enable them.
Much worse is the case as to tho imports.
For nine months Government has been ma
turing a Tariff bill intended to give better de-
fence to American industries. In order to de-
feat the Government as far as possible. i'm
nrtcrs and their agents have crowded the
warehouses and loaded the wharvcS with for
cicn goods in anticipation of the change Of
duties, without any regard whatever 70 the
presen. demand for those goods. Now they
find it not easy or profitable to dispose OF the
enormous quantities they have Drought over
and SO beg Congress to defer. for thei: especial
benefit the operation OF its laws TO cnan'e
,nem to compete more effectively and de-
structively with the industries which Congress
aims to defend surely it is not too much to
say that more impudent demand was never
made.
The Secretary has done all that bio has power
to do, within reason and with due regard 10
the interests OF the Government to prevent
any monetary pressure arising from legitimate
trade. If this or that class OF spectators or
il importers undertake too much and get into
trouble, what right has he to use the public
funds to avert the consequences OF their errors:
No other branch Of business, no other indus
try in this entire country comes to the Treas
ury to Le lifted out Of trouble when it under
takes too much. If the millions of farmers
produce more than there is market for the!
have to stand tho loss. SO Of the cotton. and
woolen, and iron. and boot and shoe manu-
facturcrs. and the whole host OF industries
upon which the livelihood Of tho whole people
and the comfort of millions Of homes depend.
With what reason can Government be asked
to help bankers who have loaned too much TO
spectators, or spectators who have bought
more than they can carry or SELL or importers
| who have gone beyond their ability in trying
| to defeat the efforts Of tho Nation to defend
| home industries?
| Secretary Window can be relied upon to do
all that is within his power and right to avert
commercial disorder, and to protect all lcgti-
mate business from disturbance But he is not
TO be blamed by reasonable and right minded
men if he declines to make the Treasury OF
this great Nation merely the reservoir upon
which gamblers or agents OF foreign manu-
facturers can draw at their pleasure, whenever
they get into difficulty and arc in danger Of
! loss.