New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-21
DEMOCRATIC PANIC OF '93.
THIS Is S. D. .ELKINS'S NAME FOR THE
PRESENT FINANCIAL TROUBLES.

TIE RESULT OF THE ELECTION LAT
FALL AND NOT TIE SILVER LAW HAS
TEEN THE CHIEF CAUSE OF
TIE PREVAILING NONE
TARY DISTURBANCE.
s,onhon r. Elklns formerly secretary OF war,
who has been living at his West virginia nom" since
the Democrats took possession Of the "oNc''l"'"'' "'
I'm town for n few minutes yesterda! ''''"'a.'s W
some business matters. lie was s'r' ~ ~ ="
the Washington Building by Tribune 'ep''''' I">'
before leaving The city and was ">h'" ~ H' D
xnresson TO his views on the extra session OF con-
grcss the Gnancial question and Inc pusi'ess ''"a
tion He was dsincllned to talk at hrst' saying mat
no had kent ont OF the newspapers since Narfh a.
hut finally he consented 10 answer 1e" 1uesuohs'
eff the extra session Of Congress no" '"h'd,
said he, as 10 afford the reilei eAP''e"' '"'''u
have been called earlier so that the dsas'eI' io's Nv"
srInkaue OF values which have fallen on the country
might have been avoided. II is TACT 'ha' Vaues
have shrunkin four months thousand miioh uo'arS'
This Is almost beyond comprehension. lh' reaSoh
set forth for calling the extra session oi No's''' -
that the Silver bill is the Of the present hhahciai
troubles and distr,lst and should be repealed
"Do Won think the silver bill Is the cause OF me
present disturbed financial stuation7' was ASKED
ain nv Judgment II Is not the sole or the main
cause" was the reply. although / am aware 'i.a'
President Cleveland and many leading men vi MS
party have laborcd TO make the country pe'f'' .na
It is and regret some Republicans nave '"''" '"'o
this error"
"Why do you think that the President ana 'he
Democratic party have tried TO make this impression
"Bccausc by placing the responsibility Tor Inc
nresent situation upon the silver bl MI cleveland
and his party hope Ia avoid some OF the results
following the election OF Demc0rauc fie''n'h' ana
Congress on a platform pledged 10 do away WIN pro
lection. The purpose or threat TO brhs 'i' country
10 a free trade or tariff for revenue ONLY bhS's IL
soon as the election over shocked inc nhSh'ss
interests and liza, contributed largely 10 bring abont
present troubles
THE SILVER LAW AND THE BALANCE OF TRADE.
What are the reasons for saying The silver bill Is
not the causr of the present troubles =
"Thc silver bill did not turn the balance Of 'radc
against MS, nor did It have anything to do with the
policy OF contraction. reduction IN mahniactur'hs
adopted by business men following th@ election ncr
was II the cause OF the financial troubles IN fngana
south America Australia and elsewhere III" hhiahc"
OF trade being against the United states largely 'HNe'
the outflow Of gold TO Europe. This was loel'al'
Europ. wanted geld Austria had been boarding goa
and paying a premium for 1t. il was naturai i'F
Europe after selling rs more goods than she bought TO
demand payment, not In OuF s"curl'irs' Du' III u"
best money we had which was gold. European bank
ers made a premium on the god they sold 10 Austria
and Russia. There WAS no other country from whl'h
gold ooud be- drawn. England could not sell III"
securities Of other counties which her pope hcl1
and supply gold. b"cansc there was no MARKET i"r
these securities. In the made on silver The pro
pie in Europc ami the United state, have been lct
10 believe there Is danger OF orr coming 10 silver
basis Nobody has helped 10 swell the volume of
ds,rlst about silver more ihnn tho President AMI III"
present Administration. Mr.. Carlisle. Sror"tar" ~
the Treasury. according 70 The p,Irrs gave ont that
the United STATES might p,y it, Obligations in silver.
This did rs much anything else to depTccnie I'"r
and destroy Confd rncc.'
WHAT Mr. CLEVELAND SHOULD HAVE DONE.
WHAT could Mr.. Cleveland have done. and what
can he do now ,"
"If instead Of adding 10 the disriist abou silver.
Mr. Cleveland early in April. had boldly declared II
was tie established policy OF the United states by
the terms 0f The silver hll 10 maintain th" Two metals
at parity. aud that he Hould DO 20 under any ana
all circumstances 1t wonld have helped to prevent
the silver scare. The President l. sworn 10 cNeoni"
the laws thr entire silver hI one part ~ much a.
The other lie executes that part which requires the
purchase or T. 90 600 - silver monhly. Why
not have declared In SEASON and early that he would
execute the other part and H." all the power OF the
Government 10 keep these two metals at parity
This would to a great extent. have arrested the dis
content and disiruet that have nown up about the
plcy to pursue
zone Of the creates, reasons for repeating th" silver
hill f. that the people have been educated by the
President aud a large element Of his party 10 believe
that this Is the source 81 all orr troubles. hr.
Cleveland has not huildcd wiser than h" krew, hut
he has built n fire which he cannot very well pat ont
II Congress being called together for the purpose OF
repeating the silver h should moi do 50. then our
condition would he worse than II Is now. II the Pre'
In nsta n h.r
why. should assure the people that there would he no
great or radical changes in The ian and the principle
Of Protection would not he destroyed. this would
largely help TO restore confidence"
SILVER SHOULD HAVE \ PLACE ~ THE NONE
TARY System.
ADO you think It wise to discard silver al'oc"her''
NO ! do not. II ought to and will hsvc a place
I'm DIR monetary system. IT Is grave question. AM
should careful Consideration, ~h"th"r the United
states can afford TO allow The commerce ard business
m tho country 70 depend upon the viclssitudcs and
Of fielding gold enough IN the mines 0it
NJ which TO coin money and Join the nations of
Enrcpc I'm the fierce now being waecd 10 get her
part Of the worlds supply II must not b. forgotten
hat gold is relatively. IN proportion To the Increasing
populntion and the demand. diminishing In III" world.
md Is harder to find than formerly This being The
.a=c would II be sound polly IN measure values BY
mo Al that Is dminshng This policy would lead TO
, contraction Of the volume Of money. shrrkagc
~ values everywhere, certain reduction Of vtgrs and
IN Increasing the burdens OF The debtor classes. n
yo,d were abundant and could be easily found there
rouIl 10 no objection N making all money out OF
,old Within twenty years silver has sold Al a Drc-
m,un in New-York CITY. and this NAV he the cas-"
within ten yrars again.
"Then You think there Is some underlying causc FOR
he present trouble outside Of the silver question -
81 do In The last campaign the tariff and pro
ccilon formed the paramount issue. Silver has been
made an issuc since the election and largely by the
President The Democratic platform at Chicago con
,emns protection. During the campaign Mr. Cleveland
md Democratic speakers made persistent war On pro
ecton some Of the Democratic speakers sought to
rrav labor against capital innnmc the popular mind
against manufacturers by pcrsuadng the people 20 be
,eye TINT they robbinG the Government charging
s a result 81 Which that the rich were growing |