New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-10-06
sECRETARY FOSTERS TRIUMPH.

Secretary Foster has reason to feel proud OF
his work thus far in the Treasury Department
and the country has reason to feel gratelul 10
him. Coming into the Department at time
when the business world had been somewhat
anxious whether the improved skill and expert
ence Of the lamented Secretary Window would
have suficed to avert apprehended disasters,
when the money markets of the whole world
were disturbed by the collapse OF Argentine
credit the failure of the Earrings, and the amer
ences between the Rothschilds and Russia ne
had to confront a new Silver Act, the effect OF
which many greatly feared, an outgo OF gola
which began before he was fairly warm In his
seat and continued until S70,000,O0O had gone
abroad. and new tariff which it was claimed
the people had rebuked by tremendous ma
ioritics. and which had reduced the revenue so
far that many thought bankruptcy OF the
Treasury was inevitable. 1t was known that
with greatly diminished revenue and largely
increased appropriations he would yet have TO
nav $50. 100000 of the four-and-a-hat per
cents this year.
In ACCEPTING the task for which President
Harrison had wisely selected him Mr.. Foster
showed not. little courage. The result has
Gold went abroad in amounts quite unprecedent-
ed, and multitudes have believed that any such
outgo would destroy confidence IN goid re-
demption, cause boarding and premium on
cold. and bring the country to silver OASIS.
But the Treasury exhibited no weakness by
resolting to fussy and frivolous expedlents, ana
maintained it's credit and the public confidence
without difficulty. Severe monetary pressure
came and the Treasury found means to tighten
It. at the same time lessening the future drain
unon its resources. The Silver Act was en-
forced SO fairly that no one could object ana
by treating new Treasury notes as redeemaoie
on demand in gold under provisions of the law
all obstacles to their use were removed.
II had been imagined by some that Mr. Foster
was not in entire harmony with the Protective
policy, but had favored sort of RECIPROCITY
with Cuba which would impair that policy. lie
soon made it understood, by his rulings and
public utterances, that he was in complete mar
mony on this question with President HARRISON
whose strong declarations have proved an I'M
pregnable intpnchment for advocates OF the
American policy. Reciprocity was welcome
when. and only when, it would not operate to
lessen the demand for American industries, but
tn increase that demand. Thus enforced and
interpreted the Tariff and the Reciprocity pol
icy have rapidly justified themselves in the
Judgment of the country by practical results.
The payment of bonds in September was by
many journals treated as great peril which
the Treasury could not escape. Elaborate state
ments were published that the Treasury was
really bankrupt some months ago. and the
Secretary took occasion to make public accounts
which Immediately suppressed all misunder-
standing or alarm He declared that the Treas
ury would be able to pay all the maturing bonds
If all should be presented without any embar-
rassment. But he also proposed the extension
of bonds for such holders as desired to avail
themselves of the privilege, and more than half
of them have now been extended at 2 per cent
interest at the request of the owners. All others
that have been presented have been paid to the
amount Of $4,000, O0O and yet the Treasury
reports a cash balance on hand October l OF
S145.OOO, 900, after deducting all cash held
for redemption of certificates. This Judicious
and successful administration serves the coun-
try, promotes business prosperity, and at the
same time furnishes the only refutation that
is needed of the falsehood upon which opponents
so largely rely.