New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-10-11
MORE PJNIC NOT TAINTED.

Some measure Of anxiety regarding 'he pro-
cecdincs in the Senate Is right. IL "ou'u oc
of real service to the country, ana pio'"o's y.
como service TO immediate business ih'crcS'S' Il
tbo Senate would put an end TO agitation OIL
tbc silver question by passing WITHOUT any
conditions the bill to stop purchases OF silver
and tho issue of silver notes nominally Dascd
ON such purchases. The effect upon present
business might prove disappointing to those
who are most ardcntly urging repeal because
the time has gone by when results cou'n W pio'
duccd such as were confidently expected months
ago The losses sustained during the summer
could hardly be cleared away, WIN III 'heir
evil consequences in Il single week OF ihoh'h'
Rut some present good might be done, ana
great permanent good, because the circuit vi
the United States in other countries would DC
decidedly strengthened.
Yet il is neither sensible nor safe to talk as
If frightful disaster would bcfall the country
unless the Senate should act rightly and prompt
". To expect q panic TO be repeated IS Ike
fearing that burned powder will go OH again
The disasters came, and the business world
has met them as best it could, on the whole
with most credltablc judgment, forbearance and
v.
new conditions that the same cause could not
now produce Il repetition or the results but
further it is most important to bear III nina
that the danger of free coinage ended WIN
the vote in the House That danger WAS the
one cause OF monetary apprehension, not only
throughout this country, but with foreigners
who lad invested money here, and OF enormous
Withdrawals Of deposits from banking institu-
tons The trouble began when the election OF
n Democratic House and Senate became known.
1t was increased by the illjudsed hesitation
about the redemption Of new Treasury notes
in silver. II was easily kindcd into Il flame
OF panic when the Governor of Colorado and
other wdcycd silver fanatics OF the Far West
began To threaten what should be done III Con-
grcss. The Presidents delay in calling Congress
together. Notwithstanding the urgent need OF
action strengthened the belief that lie re-
Trained because h. could not expect 10 prevent
disastrous legislation. That this is the correct
Interpretation of events may be better realized
when it is remembered how quickly the yari-
Gus markets improved when he did call an
extra session Of Congress- and when his mes
sage early In August made 1t plain that he
would not approve Il frcecoinage oil. Inc
vote In the House for repeal Of the silver pur-
chase clause put IN end TO anxiety about free
coinage and from that hour the banking dis
turljancc has abLtcd and business has grad
ually improved. though it has been known all
the time that the action of the Senate on the
Repeal bill was decidedly uncertain.
Should the senate fail 10 do anything. or
should IL vote for some improper "compro-
mise" there would be no such fcac Of free
coinage MS there was In July. A measure dis
iinctly more dangerous than the mere continu-
ancc OF silver purchases might indeed cause
further trouble, but the business Of the coun-
try is now in 10 such condition rs TO be- thrown
again into sudden and extreme disorder. The
with silver purchases in progress ut the rate
of l.JDOOOO ounces month, all trade and in
dustry prospcrcd wonderfully a year ago. III
dustrics are indeed much depressed because
change of tariff is threatened but for that rc;l-
son manufacturers. and merchants who are
connected with tho distribution of manufact-
ured products, have been restricting their risks
10 the utmost, so that they could not now he
caught rs before with the large risks arising
from the heavy business OF last winter and
sprinS. II will not be an easy or pleasant
matter to get along with the other consequences
Of Democratic victory last fall. What these may
be- or how long they may last 1t is not now
easy 10 Judge But for that very reason it is
by no means right To- foster panic. or 10 forget
that the danger Of free coinage has been cleared
away since the banking disasters Of July and
August.