New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-12-17
THE NEU' SILDER BILL.

Mr. Voorhees, protests that his Silver bill Is
not that Of the Administration. But 1t Is plain
Is that OF the Democratic party, being In the
main the compromise upon which all the Dem
ocra,ic Senators except five agreed when the
silver bill was pending There is no certainty
that the President himself may not have given
private assurances that he would approve such
a measure after the repeal bill had first been
passed and had shown It's fruits. He had most
unwisely committed himself 10 the theory that
business disturbance was caused solely by the
sherman Silver act. and that It's repeal would
quickly restore business prosperity and remove
from the Democratic party the stigma Of pros
truting all industry and trade by the radical
tariff and other changes II threatened. This
theory he wanted 10 have supported by prac-
teal test before anything else was done, and
beyond doubt he gave some assurances that
other legislation on the money question would
subsequently be approved.
The test was made. Every practical man In
the country. Of either party. now knows for a
certainty that tile Silver bill was not the main
or the chief cause Of the depression which, near
Is two months after the passage OF the Silver
Repeal bill. remains on the whole nearly as
great as ever. Monetary troubles have been
out of the way. and money is so abundant that
IL has actually chokcd the channels Of bust
ness In the financial centres for more than
three months. Yet failures continue nearly as
numerous and important rs they were at
any time The rates for commercial loans have
declined to low fg,Ircs, but n host of concerns
are in difficulty because the millions Of people
cannot do not purchase rs much as they
ordinarily do. that the merchants and the
manufacturers are unable to meet their current
obligations. Thus half the woollcn manufact-
uring machinery stands idle, the production OF
pig iron is only 81 per cent Of Il full output,
and in the cotton and boot and shoe mannfact-
IRE the production. though larger than it was In
the height Of the panic, Is far below the ortli-
nary quantity while in great number OF other
Industries, such the manufactures OF gloves,
hats, silk LAGOS. felt. thread, pottery and glass.
the proportion OF works closed since the final
passage of the repeal bill is larger than 1t was
at any time before that event.
In short the whole country now knows that
ihe relief expected from the repeal bill has not
come. The President relied upon that measure
10 save him and his party from the odium OF
causing an unprecedented disaster and has been
utterly disappointed. The people showed by
their votes in November that they held the party
in power responsible for the unprecedented de-
preston and events since the election
have only intensified that feeling Hence il Is
not surprising that the Presidents Democratic
supporters in Western and Southern States. If
not the President himself, are anxious as quick
" as possible to recover some part Of what has
been lost and therefore they turn In sort Of
dcsper;,tion TO the Populist and inflationist
sentiment Mr.. voorhees, In this only repre-
scnts a strong tendency Of Democratic opinion
nj Washington toward abandonment OF Eastern
States, in which the prosratiou OF manufactures
would In any event. Democrats reason. cause
them disaster, in the hope Of holding whatever
districts and States they can where the soft
money idea prevails
sThe bill offered has no real merit 1t Is not
even as reasonable as the compromise pro-
posed during the extra session. which was
smashed by the refusal Of Republicans TO give II
n single vote. The Democrats could not pass II
alone The President found he would be beaten
and dsgraced also II he assented TO 1t. ana
therefore came out with his unqualified dec
laration against any compromise Mr.. voorhees,
has embodied the same notions. with some
changes which are much the reverse Of amend