New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-14
A.N EXTRA SESSION.

II begins to look as if Mr.. Cleveland would
be compelled 10 call an extra session OF Con-
giesS almost Immediately after his inaug urailon
Perhaps the statement attributed to him. that
he would certainly call an extra session al once
unless the silver Purchase at should be re-
pcalcd during tn present session. may have
been misunderstood or exaggerated in rcpctl-
ton. but whether he made such a statement or
not. il probably indicates with sufficient accu-
racy his own Judgment Of the necessity. Pre-
sumably he did not intend tho statement as a
threat. nOI was IT meant TO be construed a a
pledge in any sense, but simply as declaration
of his belief that il would not be possible for the
Administration to conduct the finances success
fully and crcditably unless Congress should at
once be summoned to make nccdful provisions
The SILVER Purchase law is not by any means
the only obstacle which the coming Administra-
ton has % face. Responsibility for all the
dstrlSt which has existed within the last three
months and for the Withdrawals Of foreign
capital from this country. has by some been
carefully cast upon this one enactment u if
nothing else contributed 10 bring about the
undesirable state Of things which the business
world has realized. But practical men are well
al
potent. ID is not the fact. az every daily state
ment Of the Treasury makes apparent, that
the Government is yet in any emergency as
regards its supply of gold. The Treasury holds
more gold than il needs at present, or is likely
10 need for months TO come. Unless the aDprc-
tensions Of foreign holders Of securities or of
notc-holdcrs in this country should suddenly
become much more acute, it may be reasonably
anticipated that the Treasury would be able 10
meet all the demands upon its gold reserve for
la considerable period. Nor was there any apprc-
hension that the Treasury would fail to pay
gold when the OutgO Of the precious metal
began in the latter part Of November. II was
known at that time, rs it is now that bonds to
almost any desired amount could readily be
placed by the United States Government, and
its stock of gold could be Indefinitely increased.
Yet gold began to go out because foreign
holders of securities began TO diStrlst the
financial future of this country
1t is plain enough except to those who do
not wish to see. that the chief cause of this
disruSt, and Of the return Of securities and the
outgo Of gold, was the radical change in the
policy Of the Government as to the currency
and as to the tariff. which the results Of the
Presidential election fcrcshadowcd. 1t became
clear that the Democratic party. by an open
alliance with the monetary fanatics called POpu-
lists had secured control OF all branches of
the Government. 1t was well known that this
party insisted upon radical changes of the
tariff which could not fail to PROSTATE the most
important industries. Its platform openly de-
clarcd in favor Of the revival of State banks of
issue and the repeating of all restrictions. Even
stronger than the desire for Free Trade, with
the great body of Democrats and POpulsts. was
the desire for free silver coinage. which it was
plainly understood the coalition intended to
carry through. Anxiety about these changes.
and their probable consequences to the indus
tries and business of the country could not fail
to affect the minds of foreign investors. and un-