New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-12-29
SrSpENDTNG SITTER PURCHASES


notice that as soon as the Senate assemblies, he
will endcavor TO have that body take mp the
resolution offered by him. giving the Secretary
of the Treasury power to suspend at MS as
erection all purchases of silver bullion under the
act of 1890. This resolution the Senator VIII
advocate in a speech, and hopes to have passed
by the senate. 1t is said to be the measure
which Mr. Cleveland especially fayols, and
which his friends in Congress will be urged TO
supnort in order t. relieve his Administration
from embarrassment. His Administration VIII
be the Executive Government OF this Nation
II would therefore be the wish OF every patriotic
citizen Of either party to relieve II aS lar as
possible from embarrassment in financial mat
te,s. If that could be done consistently with the
public welfare But surely the Presidents re-
slonsbility and embarrassment would only be
increa,ed if during his whole term OF Office he
should have to interposc his personal will
against the vociferouS demands Of his party for
the use of silver in expanding the circulation
If the power of choice were taken from him by
law so that he could not be asked every hour
10 "eiye the people relief by pouring ont
millions of paper notes for silver bullion, ne
would have far less trouble. lie could then
point to the law. and state that his duty Is 10
execute that until the representatives OF the
people change IT.
There are far more serious objections 10 the
form of resolution proposed by the senator from
\cv-Jorscv. The measure would give no So
curity for the future. The business world could
not know. the inanciorS and rulers OF Euopc
could not know, what position the United states
might determine 10 occupy from day to day
ANY Secretary of the Treasury might with en-
tire integrity change his mind, or be requested
bv the President 70 resume silver purchases.
TO either or 10 both there might at any time
appear sufficient reasons for a change OF course
The business world would have nothing definite
or certain 10 count upon II is now hoped by
many that the approximations OF debaSement
Of the currency may be removed by stopping
the purchases Of silver But II can scarcely be
imagined that a mere suspension, subject to the
will of a Secretary or Il President. would have
aS much influence as repeal by law OF the
power t. make such purchases. The other rea-
son urged for repeal and much the stronger
one is that foreign Powers would then have
definite and certain notice that the nlted states
would no longer endeavor to support the price
of silver by purchases or otherwise. unless those
Powers or enough Of them would consent 10
bear their paIt in the work Of silver rcsto1-
ton. The resolution SuSpcnding purchases tenn
pGIarily would have a different and il is pos
sible a contrary effect. 1t might easily be con-
strucd As an American game of buff-an at
tempt T. crowd or bully foreign Powers into
doing something by temporarily SuSpendlng
purchases which the United States has no in
tenton of stopping permanently. II so con-
>trued. the measure would hardly influence for
eign Powers favorably.
If the United States is really determined that
purchases of silver or coinage OF silver by tins
country alone can no longer be expected to do
any good but in justice to our own interests
must he stopped the Straightforward and man
" WAY 10 deal with the matter seems the natu-
raj and probably the most effective one. An
act Of repeal. so positive and definite that 1t
cannot be misunderstood or revoked the next
day by a decision of the President or Secretary
of the Treasury, would mean something. For
eign Powers would be compelled to take it into
account Men in every department of trade
and industry in this county would be able 10
base their calculations for the future upon il.
In every respect such bill As the one offered
by Senator Sherman appears preferable 10 the
resolution ntuSting to the Secretary OF the
Treasury Discretionary power IN a matter Of
such vital Importance TO the people and their
business interests.