New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-09

REMEDIES UORSE THAN THE DISE1SE.
All now admit that the finances are in
trouble. But it is not clear whether the
disorder. or the socalled remedies proposed for
it. are doing the more harm. The country had
been getting on comfortably, with all business
wonderfully large and prosperous, until it be-
came known that Democratic remedies were to
he applied. Since that day there has been in
creasing trouble, and every new notion that
Democratic statesmen suggest seems TO make
the trouble worse.
The Ncw-Yorll Times is right in claiming
that the Presidents latest declaration about re-
demption of legaltendcr notes tended TO re-
assme fnanciers at home and abroad. 80 much
The TRIBUNE has repeatedly stated. But FAR
ness and Candor require the admission That ne
only removed special dread which he had
unwalrantabIy permitted TO exist for nearly
week. with very strong evidence to warrant II.
No one will seriously pretend that Secretary
Carlisle was not strongly inclined 10 redcmp-
ton OF new Treasury notes i'll silver only. rs
one remedy for the depletion of gold His own
published statement virtually declared this, and
the President himself revised that statement
extensively and with care before it was issued.
This remedy proposed by the Secretary did in
calculable HARM and shock business confidence
more than ANYTHING else had done, and the
President permitted the suggestion and did not
stop the alarm until ii had produced serious
consequences here and abroad. In this case
the remedy proposed by the Secretary plainly
did more harm than the difficulties previously
existing had caused.
1t looks very much as if the trying expert
ence was to be repeated. Last week Senator
Vest of Missouri had long interview with the
President on financial matters. Subsequently
he gave out statement for publication which
look ed exactly like another "feeler'-an at
tempt to find out how much public opinion
would stand. In this statement it was declared
that the President would not sign free COIN
age bill on the present ratio nor would a Dem
ocratic Congress repeal the silver law without
some substantial change in the direction OF
"more money" but that the restoration of the
Bland Allison coinage bill would be tried, and
also free coinage at the ratio of 20 TO /, and
the Senator believed something Of the latter
nature would be adopted. This was clearly
equivalent to an assertion that the President
would permit some such bill to become law,
since it certainly could not become a law
against his veto.
If this was another effort to find out how
much the business world would stand it has
not resulted we'll The publication Of this
statement was quickly followed by the acute
crisis in Wall Street, and a collapse Of stocks
not equalled in any previous week in twenty
years. if ever Obviously, in this as in the
other case, many causes OF alarm existed prior
TO the latest suggestion about Democratic set
Element of the money question. But that latest
suggestion undoubtedly revived in the minds
Of many an apprehension which the Presidents
notice had aayeG. it was one more indica-
ton of the sort of remedy which the Demo
Gratis proposed, and the business world at once
perceived that it woald mean disaster. How
many were influenced in their financial action
last week by the new phase of apprehension
thus excited it is of course impossible to say.
1t would surely be well for business interests
if the President would again publish a plain
contradiction of this latest suggestion, put forth
with the appearance Of having resulted from
conference with him. If he should now de-
clare that he would not approve free coinage
bill on the ratio Of 20 to l. nor a return to
| the Bland Allison coinage BILL which the whole
business community was glad to see swept away
| by the act of 1890, he would only undo the
mischief, or part Of the mischief, which another
| Democratic suggestion has been doing in the
world of finance.
CHAOS ~ GERMANY