New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-04-10
a DANG EROCS PARTY.

President Cleveland undoubtedly desires to
settle the monetary question in a manner con-
sistont with public safety and public prosperity
| His most earnest opponents may fairly con-
ccde to him sincere purpose to benefit the
country, if he can, by his use of power. But
by this time he is undoubtedly aware that he
is going to have great difficulty in getting any
measure passed which he considers safe or
desirable. His power to prevent by veto
| measures which he considers dangerous or
wrong may be adequate, and yet he may be
quite unable to obtain any affirmative egiSla-
| ton.
1t is supposed that he relies much upon the
coercive force of events and of the public
opinion which events will excite. Exports Of
gold, which have now begun again, are likely
to continue until the fall, except as they may
be interrupted by seasons of monetary strin-
gency. Both the exports and the Strngency
will tend to cnlghten the public, it is believed.
regarding the injurious effects of silver agita-
ton, and of the present silver law. IL much
gold goes out, both the Treasury ard the banks
will have their reserves greatly reduced by mid
summon, when there comes the greatest de-
mand of the whole year. for money to be used
are tied mp and crippled by lack of gold
reserve, it is conceivable that they may have
to choose between i great embarrassment of
business and silver payments. Apparently
President Cleveland reckons that either will
prepare the public to insist upon sound finan-
cial legislation at the session he intends to
have begin in September.
1t was even reported some time ago by
Democratic journal that Mr. Cleveland, in de-
scribing the course which he meant to pursue.
said that if good legislation could be secured
in no other way, it might be necessary - LEI
the country have a short trial of silver pay
ments, which would certainly educate them
very rapidly to demand sound money. It might
not be proper to attribute to him the intention
which appeared to undere these remarks but
delay in calling an extra session until the sea-
son which is usually that of greatest pressure
in the money market Is quite in harmony with
such a calculation.
1t is net at all sure that even the utmost
financial pressure will operate to set Demo
cratic opinion right on this question. The peo
pie who clamor for free coinage, for more paper
issues and for fiat money, are OF two classes.
The honest believe that all financial woes arc
narrowing of the metallic basis. The dishonest
want to plumber creditors or others by change
in the purchasing power of the currency. Both
classes, though for widely different reasons,
will be likely to demand "monetary relief all
the more loudly if trouble comes and money
grows tight. Both will be apt to insist that
it would be surprisingly cruel and inhuman
to force or keep the country on a gold basis
when more money and cheaper money is SOrely
needed.
No doubt reaction will come after a time,
when the people have experienced the evils
of an unsound currency. But the first effect |
of financial intoXicatiOn is not headache. |
Suffering and reaction may come only after a
season of unreal but exhilarating excitement |
1t is possible that the immediate and APP
parent effect of monetary intoxication may be
highly pleasing to those who clamor for what |
they call I" relief 1t was not until many years
of bitter experience had taught the people the |
evils Of a deprecated currency that resump- |
ton act could be passed, and even then it was |
savagely denounced by Democrats of all sorts,
and a, late as the summer and fall of 1873 |
conventions in Ohio and other
States demanded its "absolute repeal"
Further, at the elections Of that fall Demo
cratic House Of Representatives was chosen
which would have repealed the resumption
act the very month it went into operation but
for a Republican Senate and the veto power
Of Republican President.
1t is to be hoped that the President will not
forget the risk he takes in supposng that such
a party can lie educated to financial sense or
honesty with case or iapidity. The country
cannot afford to have another monetary de-
bauch in order to lift the Democratic party
out Of the mire of its hereSies