New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-24
IN IMPROBABLE REPORT

The published statement that the President
had confided the precise plans Of the Admin
istratOn on monetary matters to an undlS-
tinguished gentleman from the West was
received with natural dstrus. That er-
IoIs by the President and Secretary are
not beyond their capacity is now regret
fully admitted for errors have been observed.
But not many people are ready to believe that
the President, on the eve of his struggle with
financial opponents in Congress, would begin
by notification that he was ready to sure ndcr
more than half the battle by compromise.
The sort of settlement suggested as salts
factory to him is not one that would meet any
favor with those whose financial opinions he
is supposed t. consult Free coinage OF silver
on a new ratio. even with tax on imports OF
foreign silver, would be more dangerous and
would do more to impair confidence than con-
tinued purchases of bullion.
Secretary Carlisle and other officials promptly
denied that the report had any foundation
known to them and it is intrinscally too hard
to believe The President might sign some
such bill as the one outlined, or bill for free
State banks at least some business men
would be exceedingly glad to he certain that
he would not But it would imply something
like softening of the brain to 20 before Con-
gress proposing any such haf-snrrendcr in adj
vance. Further, if the President were minded
to suggest any such scheme, he would have
been more likely to commit the idea in con-
fdence to either of many persons than to the
not very distinguished man WHO is said to
have revelcd in his exclusive confidence
The President and his associates have been
putting constant and extraordinary stress upon
the repeal of the Sherman act, a little, II must
be confessed. as if they were inclined 70 send
out that measure into the wilderness rs
scapcgoat. bearing the sins and the woes Of
the Nation. in the hope that with its repeal
almost any financial fooliShncSs would be over
looked. But that is not the temper oil the
people, as will probably appear when Congress
assemblies. Tho more men doubt whether that
act is good, the more they are inclined to IN
sst very watchfuly and obstnately that some
other measure that is altogether bad shall not
he passed in its stead in haste and as "A com
promise Not unfrequenty it is said, "That
was a compromise and il had better be the
last 1t is probable that President Cleveland
will find the whole Republican minority and "A
fraction of the Democratic party ready to re-
sist, to the full extent of their powers under
the rules, any attempt to substitute currency
initiating or Populst- placating measure for the
act as it stands. o."
On the other hand there will be found men
who represent or whose constituents represent
large silver producing interests who will an
grily resent and stubbornly resist any proposal
to treat silver by legislation as worth quar-
ter or third less than the old coinage acts
made it worth. To their minds that would be
an act of National bad faith, and while they
might consent to stop coinage for the present,
in the hope of bringing the nations back to
international agreement on the old ratio, they
would regard it as infinitely worse and less
honest to use the authority OF government to
deprive silver forever of its value. BESIDES,
even the Populsts will see that coinage at a
low ratio to gold would limit the production
of silver, and lessen the amount of paper that
could be issued against each ounce produced.
The President would give away his whole
case, so to speak, if he should start with
scheme antagonizng all these elements. The
general who begins battle by running away
rarely wins any victories 1t may be reckoned
as next door to impossible that Mr.. Cleveland
will start by proposing such backdown or sur
render as would deprive him of great pro-
portion of his supporters His chance of
getting anything done would certainly be much
lessened by any such course, as he must be
aware.
1t is getting to be more doubtful every day
whether the unconditional repeal of the silver
act would accomplish what men expect. Had
it been done in March, no doubt it might have
caused quite an access of confidence. But now
liquidation has gone so far, and credits have
been so much restricted, and the expectation
of change of tariff has become so distinct
and SO near, thatsthe repeal might prove dis
appointment. 1t would neither expand circu-
lation nor admit of its expansion if business
should revive. 1t would not settle tariff I'M
certanties in the least, nor start the wheels,
the spindles and the fires that uncertainty has
stopped.