Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1893-07-13


would respectfully invite the attention
of our somewhat cratic neighbor to the
financial editorial Of to.day's New York
Tribune whose authority to speak for
the Republican party no one will chal-
lenge, II is not every day that we can
quote with approval from the Tribune,
so that we are the more gratitied to find
1t pretty straight at time when the
health of the body polite demands that
partisanship shall be subordinated to
patriotism. Were the crisis less grave
we should look for the Tribune, as here
tofore, to play the role Of obstructionist
and cndeavor to asperse, embarrass, i'm
pugn and decry remedial action by a
Democratic Congress and administra-
ton, but the Tribune sees that such
policy would be hazardous now and
that it is vitality important for all
friends of honest money to pull together.
The Tribune says:
The financial course proposed by the
Chamber of Commerce Is eminently wise,
and commends itself to the judgment of
other commercial bodies, so that many of
them are contemplating the same action.
II is especially wise because, after the dis
continuance of silver purchases the
market is liable to be seriously affected for
a time, and some interval for adjustment
to the new conditions is essential in order
that Congress may see clearly what ought
| to be done. Furthermore, nothing will
tend more strongly to restore confidence at
home and abroad that the naked repeal of
the silver purchasing clause, with a deci-
| sion to defer all other monetary action
until the regular session. With few
months for recovery of confidence and
restoration of credits and revival of bust
ness, the improvement might easily be
! such as to assist powerfully to bring about
| judlcious action next winter.
| IL will not be overlooked that silver
bullion would, in that event, for the first
| time in 10 years, attain its natural price in
free markets without the stimulus of any
forced or arbitrary purchases. Opinions diff
fer widely as TO what that price may be, with
the mints Of India and substantially of the
whole world closed against the white metal.
Some men of large knowledge and expert
ence believe that, with the cessation OF ar
bitrary purchases and the closing of many
mines which have been opened or kent
open by this artificial demand alone, silver
will soon command higher price than il
does now, while others think that 1t must
fall much below the present price to one
more closely approximating the cost OF
production at the best mines. But where
there is so wide difference in Judgment,
in matter about which it is exceedingly
important not to make mistake, the sen.
sble thing is to wait until the free action
OF the market itself removes all uncer.
tainty.
1t is plain that there will be no use in
considering new ratio of coinage, either
for this or other countries, until it is de
termined about what silver is now worth
without the arbitrary interference of any
government with the market. y
The obviously sensible thing may prove
quite too sensible for the coming Congress
But it is within the power of commercial
bodies, by concurrent action throughou
the country and by direct appeals to mem
bers OF Congress, to influence the votes Of
some. No proper effort ought to be ne
elected which may increase the probability
OF speedy and judicipus decision whei
Congress assemblies. 1t would be splendlC
triumph of American good sense anC
American honesty if unconditional repea
OF the silver purchasing clause could b,
sent across the ocean as the only answer O
Congress to the action of the Indian gov
ernment,
The Tribune, it will DO seen, yields t.
the temptation TO indulge in little flinl
at the Indian government at the end
as If to insinuate that its suspension o
silver coinage was dictated by unfriend
illness to the United States rather thai
by considerations of the best domesti
policy towards India's 100000 900 peopl
but the advice is in the right vein. not
withstanding, and it makes no referenc
whatever to the tariff reduction bugaboo