New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-12
THE NEEDS OF THE CRISIS.
DISCUSSED BY SENATOR CHANDLER.
A COMMERCIAL AND FINANCIAL PANIC NO TINE
MEDICINE, NOT POI;ON; RELIEF
NOT MORE AGONY.
Called For

! MEDICINE, NOT POIyoN; RELIEF.
NOT MORE AGONY.
CALLED FOR
TO the Editor fThe Tribune.
Sir: Allow me further space in which to pro-
test against any movement at the present time
for the absolute and final decentralization Of silver
and the adoption Of the single gold standard. L
had supposed that nine-tenths of our people were
bmetallists, determined TO insist upon the use
of both metals the measures OF value, ana as
currency and the basis of currency ana to main
tain upon proper ratio the parity OF DOM metals
in making exchanges. We are TO stop the pur-
chase Of 1900. 600 ounces of silver per month
solely in order to help maintain tine parity with
gold of our present coined silver, and that which
NAV be coined from the bullion which the Treasury
now holds, and we are to relax no efforts 10
the reconciliation of silver BY other nations
and TO prevent the adoption by the nations of the
| single gold standard. If this is not cur purpose.
| and if the repeal oil the purchase law is to be
advocated as "a movement toward the permanent
decentralization of silver, it will be impossible 70
carry the, repeal through Congress. This 10 no
time to advocate gold monometallism. The de-
mand tends to aggravate all the evils of the pres
crisis.
Noreton Proven well says in The Sum- of
July :. writing from London, June %
If you demonetize silver entirely yon lore"
France to call in her livefranc currency also, and
such a contraction would leave not a bank mr.
mortgage company standing IN the entTe
western hemisphere.
Although the stoppage of the purchase OF silver
NAV be advisable in order to prevent gold from
I going TO a premium and to thus maintain the
parity Of the two metals until "a new ratio for
coinage can be agreed upon. the present Outcry
that the existing panic is due to the monthly
silver purchases s utterly senselcss.
! The New-York Chamber Of Commerce joins in
the binder. II says the purchases of silver have
this result: Money is withdrawn from circnla
ton. business is greatly depressed, many mills
and manufactures are closing preparing TO
close. and thousands of laboring men are about
| TO no thrown ont Of employment
The Chamber describes, quite as accurately AMI
vvdly ms President Cleveland did the actual
condition. But the Chamber may be mistaken
about the cause The President says it Is TN
wise laws of Congress. Nowhere does he say
it is the Silver act. Logically he means the pro
trctive tariff laws OF which he and his party are
| the proclaimed enemies On August :, snlulta
ncously with the attempted repeal of the Silver
! Purchasing clause an onslaught is 10 be male
upon all the protected industries of tue country,
| and tariff for revenue only, uniform, al
| valorem rate Of duties on all imports, adopted
There will result undoubtedly the closing of many
mills and manufactures, and the discharges OF
thousands of laboring men. Why does not the
! Chamber of Commerce ever allude TO the prlnci-
pal and true cause?
| Ii il no time now Cor creditors, cl1mo-
! rous for gold payments. 10 press that issue
| know the banks of New-lorlS City demanded
| that interest bearing bonds should I've issued IN
order 10 keep tire gold reserve in the Treasury up
! 10 500. 600 900, and that Secretary Charles
! Foster had agreed 10 issue the bonds, but irsl-
dent Harrison arrested the compact. As soon as
the uses arose for which the reserve had been
kept up it was claimed by the banks that 1t
should not be used Moreover, now that money
! is scarce. il is TO he made even scarcer Dy III.
complete dcmonctization OF silver. Is this tho
| appropriate time? Is this the true remedy?
Judging from my imperfect observations for
the last thirty five years. in times Of commercial
distress and fnarcal stringcncy the bankers and
| IN. merchants of New-YOrk have uniformly asked
for IN re m II AMI Mt TO- loss for expansion ana
| not for contraction. The bank owners have rushed
| 70 Washington and demanded from the Treas
| ury Department all possible initiate of the money
! in circulation. Why do they now demand con-
| traction Of the government issues while they
| are themselves putting forth millions OF Clearing
| House certificates 10 terminate panic causei
! by a scarcity Of money? These certificates are
| rothinp bur a rcd scount by the associated banks
Of commercial paper already once discounted BY
the several banks They are mutations, pure ana
simple, justfable only in a great crisis. Is thar
crisis 10 De stayed by stopping the purchase monthly
of $500 900 ounces Of silver bullion upon when
three or four millions Of United States Treasury
notes are added TO the circulation of money
! Is that crisis 10 be terminated by dccldlhs
hero and now 10 wholly demonetize silver ard
adopt cold as the single standard OF the world
! II that did not seem to be the opinion of some
honest and wise men should call the plan non
sensicnl and suicidal. II seems 10 bc NOR" than
| that II looks like cold-bloOded attempt ot
the creditor classes 10 take advantag" OF Crisis
in order 10 Cypress the debtor classes by eXactlg
| a pound OF flesh not nominated in the bond.
| The movement will not be- submitted 10 by the
representatives of the people, and it will not be
| successful.
WHY should not the banks, the Chamber
| Of Commerce and the newspapers recpg-
nizc and state the exact truth: That the present
distressed condition of the business of the country
il due TO the approaching assault upon tho Ne
Kinley bill in particular and upon the American
protective system III general?
Why should Republicans, Of all men sce! IN, i1r
any other cause? President Cleveland naturally
looks for different reason. or course he cannot
admit that the principles and proposed measures
of himself and his party-thc repeal of the nnwise
laws" for which lie has called Congress to meet
August ARE Gripping the merchant, distressing
the farmer, stopping the wheels OF the factories
and reducing the wages of labor. Necessarily he
must proclaim some other reason for the distress
and ruin which have attended his election and III,
auguraton. But it is false proclamation, ana
cannot understand why Republicans should JON
therein If Cleveland and his party VIII rercnt
of and rccant their declarations that the tarh Is
unconstitutional and is 10 be destroyed oni proS-
pcrtv will return. II they do not so declare the
people will destroy them, unless Republicans run
oil into wicked and suicidal movement to d,-
monctizr silver and make gold the sole standard
With money thus made scarce and dear, mere
will come such a fall in prices and such whie
srrcad insolvency and poverty as this country mas
revcr Vet sc"n. No denies that " rs money
ri,es from a low valuation to a higher one wages
are depressed, prices fall, trade staenat.s ana
hankrliptccs become numerous This is Our