New-York tribune., 1893-12-29
BOPROUIyG MONEY NOT NECESSARY.


Once more the exhaustion Of the Treasury
reserves attracts much attention Apparently
tho President and Secretary Of the Treasury
feel much anxiety about II. but consoie 'nein-
selves with the reflection that they have done
what was within their power by submitting ~
Congress a full statement of the case. But they
are in error if they suppose that they thus Tree
themselves from responsibility, for at the same
time they recommended Inuch more slonsi!'
os if Il wore a matter of paramount impor-
lance the passing of tarliI Dill which "oui'
ro1uce the revenue from S6O.0OO,O00 to S70,O0O,-
600 Let them stop tariff unkerns ana no
borrowing will be requisite. Each Of the high
officials charged with care Of the Nauohai
finances WAS under obligation 10 realize that
any attempt 10 pass new tarli' anu ai''
word q new internal revenue bill. would In
volve delay of months and would raise uiiii-
cnlties in tbe WAY of providing needed revenue.
If any harm results from this delay or hecessar!
financial legislation. the President and Secre-
tary cannot expect to he held eNcusaple' i"'
policv which they have urged and still urge
has made delay inevitable.
II is entirely natural that congressman should
insist upon knowing how much of dehci'h'!
has to be met by borrowing before they invest
the Executive with power 10 borrow IL Is
tr1le Secretary Carlisle reasons that the Treas
ury ought to have AT I'll times ample power 10
protect its credit by temporary loans Bu' 'hc
fact is he has now exactly the power WHICH
Secretary sherman had when he accomplished
suecic RESUMPTION. and al the power that any
Secretary Of the Treasury from that day TO this
has found necessary. If there had been II"
change of National policy, there would have
l.,rr r,.,.-pt .I. oil o
erpmcnt must borrow. il is only because it has
declared It's purpose 10 give away the Ail'rl-
can market 10 foreigners With that startling
change expected. il is no wonder that Industries
shrank and imports declined 50 that the rcvc-
nue proved Inadequate. 1t is often said that the
revenue vas also insufficient prior TO the last
election. But the disturbance ana the outflow
of gold and the withdrawal Of foreign capital
from the country. began directly after the
overwhelming success Of Democrats and Pop
uliSts in 1891. when the election of Il House
more than 1wo-thirds Democratic was regarded
as in-uring repeal of the new tariff.
The Irrsidcn, can hardly expect Republican
CongrcSslncn to look with great favor upon
proposal to borrow many millions. when the
need Of borrowing springs solely from the de-
termination 10 break down The defrnccS Of
.
to uphold the public credit would be 10 refrain
from reckless cur,lilmont Of thc revenue. Even
at this hour. several weeks after ii WAS an
! nourccd that the Committee on Ways aud
Means bad decided upon lis tariff bill. ihc
clerks Of that committee are working on Tn"
! official estimate intended 10 show how largely
/ that hill will reduce The revenue. 80 that the
! committee actually decided without knowing
or trying to know how greatly the r"vcnu"
would bc diminished. It's paramount idea was
10 break down Protection first. and aftcrward
TO raise what money might be found necessary
by borrowing or by direct taxes II is neither
strange nor unpatriotic if Republican Congress
men fail 10 approve such performance.
The cash reserve in he Treasury is lower
than il WAS when Secretary sherman was pre-
pairing for resumption. Bccaus" he achieved
that glorious work. in spite Of Democratic OPP
position anl rryilng. the credit Of the Nation
! is so strong that Secretary Carlisle has little
fear. Yct II would br wise for him to rcmcm-
Der that public confidence can he shaken. aS
II was most severely by the proposal Ia redeem
Treasury notes in silver, which ushcrcd in the
panic. He should be aware that the business
world does not look with much favor upon the
idea Of borrowing SJO0OOO00 or S1OO,O0O,OOO
in order to get rid of duties levied by differ
cnt party. Ii Government needs the money,
those III power ought first to show how they
propose 10 raise the amount needed, before
cutting off sources Of revenue which have been
tried for years, and have met expectations
completely.