New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-09-02
BOREO WING AGAIN.

The proposal to empower the Government
to borrow money. by an issue OF nted states
bonds is one which Senator sherman would
hardly have made without sufficient reason
Further, it is one which the right thinking men
CT both parties will feel themselves compelled
to support 1t is great pity that the Ma
tional Government should be obliged to raise
money in this way so soon after the advent
Of q Democratic Administration. But there is
nothing astonishing in it, and whether one
party or the other is in power, good citizens
will feel that the obligations of the Govern
ment must be met without hesitation or delay
Its credit is precious to every American what
ever his political preferences. What its law
makers have voted it must be enabled 10 pay
on the nail, without embarrassment 10 those
who may have rislled their means oi property
on the faith that It's laws will be sacrtdl! OBJ
served.
1t is too late TO urge that the last Demo
cratic House was wildly eXtravagan'. The
people elected that body, and have since elect
cd another of the same party, and il is their
light to elect representatives. who will vote
away their money by the thousand millions. if
they please To large extent the appropria-
iustifiable, and if some others were not cX-
cusable. the people who elected Democratic
Congress will find satisfaction i'll footing the
bill 1t is also undoubtedly true that a deficit
might have been avoided and the dsciodit Of
borrowing money within the first year OF 4
new Administration if business had not been
Frustrated by grave uncertainty in regard TO
the action of Democratic Congress about
money and the tariff. j., this time sensible
men understand that the fear of cldz! action
to come had far more u do with the monetary
disturbance than an! act now in force. II Is
coming ID be more clearly understood every
DAY, moreover, that the remarkable decline III
imports, amounting 10 about 30 per cent III
comparison with last year, is t. a grea; eAtent
the result of uncertainty regarding the tariff
| Manufacturers do not know what goods they
can afford to manufacture and therefore do
not venture their money in the purchase of
mat rails. Millions OF workingmen and women
do not know from week TO week whether their
employment will last. and multltudeS are now
idle and waiting for work, and the purchases
OF these great classes are naturally restricted.
Because imports fall off 30 per cent, and the
internal revenue which results from purchases
of liquors and tobacco also dimin.shcS, the
Government receipts fall far below the Official
estimates. II the business Of the connti, had
continued active and pros ferrous. if its millions
Of aboreis had continued 10 earn good wages
in honorable employment, the revenue would
naturally have increased. Il il has increased
| with every year Of prosperity under Repnb-
| lican laws. But the belief that change was
inevitable began to affect purchases by con
| sumeIS several months ago. Some deferred
pnrcha.ing because they were promised cheaper
| goods by Democrats. Others found a rigid
econom, neces,ar! because the, knew that a
change of duties would close their shops or
sharply reduce their wages. Last week alone.
| it is said the wages of more than 20. 900
people in the Eastern States were cut down.
nearly the same.
| But the people voted for Il change. They
decided TO disturb the foundations upon which
their greatest industries had becn carefully and
laborouSly reared during twenty Years OF Ma
tiona defence The obvious consequence is Il
shrinkage Of revenue. which has already gone
80 far, according to Washington dispatches.
that the expenditures exceed the receipts by
| $500 900 daily. In ;hi> state Of things. Dor
rowing by the Government appears 10 be
inevitable and those whose experience reaches
bacl, to earlier days will remember that when
Democratic theories have controlled the GOV
trnmcnt it generally ha, been compelled ii
borrow, and has moi always found borrowing
as easy as it is now after thirty years Of pros
perity under Republican laws