The Republican., 1893-08-03
A TALK WITH Mr.. ELKINS.
He Calls the Financial Crisis the Dem
ocratic Panic of S93.

New York Tribune
Stephen B. Elkins, formerly Sec.
retary of War, who has been living
at his West Virginia home since the
Democrats took possession of the
government, was in town for few
minutes yesterday attending to
some business matters. He was
seen at his Office in the Washing
ton building BY Tribune reporter
just before leaving the city, and
was asked to give some expression
to his views on the extra session of
Congress, the financial question and
the business situation. He was dis
inclined to talk at first, saying that
he had kept out of the newspapers
since March 4, but finally he con-
sented to answer a few questions.
"If the extra session of Congress
now called" said he, sis to afford
the relief expected, it should have
been called earlier so that the dis
aster, loss and shrnkage of values
which have fallen on the country
might have been avoided. 1t is n
fact that values have shrunk in four
months thousand million dollars.
This is almost beyond comprehen-
sion. The reason set forth for call
ing the extra session of Congress is
that the silver bill is the cause of
the present financial troubles and
distrust, and should be repealed. 5"
"Do you think the silver bill is
the cause of the present disturbed
financial situation?" was asked.
"ln my judgment it is not the
sole or the main cause" was the
reply, although 1 am aware that
President Cleveland and many lead
lug men OF the party have labored
to make the country believe that it
is, and regret some Republicans
have fallen into this error"
"Why do you think that the
President and the Democratic party
have tried to make this IMPRESSION"
Because by placing the respon-
sibility for the present situation
upon the silver bill, Mr.. Cleveland
and his party hope to avoid some
of the results following the election
of a Democratic President and Con
gress on a platform pledged to do
away with protection. The pur-
pose or threat to bring the country
to free trade or tariff for revenue
only basis as soon as the election
was over shocked the business in
terests and has contributed largely
to bring about present troubles"
WHAT MR.. CLEVELAND SHOULD
HAVE DONE.
What should Mr.. Cleveland
have done, and what can he dc
now"
If. instead of adding to the dis
trust about silver, Mr.. Cleveland
early in April, had boldly declared
it was the established policy of the
United States, by the terms of the
silver bill, to maintain the two
metals at parity, and that he
would do so under any and all cir
cumstances, it would have helped
to prevent the silver scare. The
President is sworn to execute the
laws, the entire silver bill, one part
as we'll as the other. lie executes
that part which requires the pur-
chase of 4, 500, 600 ounces Of silver
monthly. Why not have declared
in season, and early, that he would
execute the other part, and use all
the power of the government to
keep these two metals at a parity!
This would to great extent, have
arrested the discomfort and dis
trust that have grown up about the
silver bill, and it seems to me this
was the better policy to pursue.
cone of the greatest reasons for
repeating the silver bill is that the
people have been educated 10y
the President ana a large eie-
meut OF his party to believe that
this Is the source Of all cur trout-
les. Mr.. Cleveland has not builded
wis-r than he knew, but he has
built Il FIRE which he cannot very
well pat out. Ii Congress, being
called together for the purpose of
repeating the silver bill. should
not do so, then our condition would
be worse than it is now. If the
President, IN his forthco ming mes
sage or in some other way, should
assure the people that there would
be no great or radical changes in
the tariff, and the principle of pro-
tectlOn would not be destroyed, g,
this would largely help to restore
confidence"
Then YOU think there is some
underlying cause for the present
trouble outside Of the silver ques-
tom"
Il do. IN the last campaign the