New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-08
4 DEFINITE POLICY NEEDED.

Wall Street has a breathing spell, which
ought to be thinking spell also. When men
are in state of wild excitement or panic ii Is
not quite fair to expect that the remedies they
propose or the measures for which they clamor
will be in all respects the very best which a
cool judgment might suggest 1t should at least
be plain that the OutCry for repeal OF the Sher-
man silver act can bring no present relief.
President Cleveland has indicated that he does
not mean to call an extra session of Congress
before September having no hope that he can
get ANYTHING sensible done by Congress until
the effects of the present state OF things have
been more fully experienced by the people OF
the West and South. Men who appear to repre-
sent the majority in Congress declare that the
act cannot be repealed at all, except in connec-
ton with other legislation which would give the
country a great increase Of currency.
1t is therefore of the highest importance now
that the business world, instead of crying i'll
vague terms for repeal of the Sherman act
should specify more definitely and plainly what
it needs. Only a few days ago some who have
been rciteiating this demand most necessarily.
when reminded by THE TRBrNE that repeal
of the act would expunge from the statute books
the pledge of the public faith which, according
to the President requires redemption Of new
Treasury notes in gold proceeded impatcntly
10 explain that their cutlery for repeal OF the
act meant only repeal Of part of the act. Even
then they failed to specify whether they would
desire or consent to restoration OF the Bland
Allison coinage act or free issues OF currency
by State banks. As matters stand vague ana
loose Outcry for change, without precise den
milton of the kind of change needed, is liable to
do great harm.
Certainly men of sense do not imagine that
the Government and the people are getting into
trouble merely because about one-fortleth part
of the Nations yearly savings is wasted in the
purchase of silver bullion. The trouble comes
from the continued issues of paper, it is urged
which crowd gold out of the country, or at the
.east facilitate large exports of that metal
But this again, does not tell the whole story
Under the very sams law, with the circulation
larger than it is now, gold was coming into the
county, in October A condition of distrust re-
garding the financial conduct of the Govern
ment was necessary before the evil consc-
quenceS, which many now attribute TO the Sher-
man law alone, were 50 felt as to disturb the
general prosperity
II these are facts. and It does not seem that
they can be denied, the controlling cause OF
present trouble is not the waste of a fortcth OF
the Nations savings in silver bullion, nor an
initiation of paper, which is scarcely per cent
yearly, or less than the natural increase in bust
ness and wealth. But it is distlul.t. here and
abroad, of the financial policy of the Govern
ment President Cleveland has wisely removed
part of that apprehension, which he should
never have suffered TO exist at all. But he
could doubtless do much more in the same dircc
ton, and probably very much more than he
realizes, by setting forth Enthusiastically what
financial measures he can be relied upon to re-
Sist with all his institutional power. No small
part of the existing distrust spring, from con
lectures which are constantly made that the
President may consent to this or that measure
Of compromise, in order to avoid diScord in his
party. Had he called an extra session Of Con
gress early not little uncertainty might by
this time have been removed