New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-15
PANIC NOT IN ORDER.

week ago New-YOIk bankers received
well-mcrited honor for action tending to pre-
vent any unreas0ning dstrust of the Treas
ury. IL cannot be said that their more recent
appeal to the Treasury to issue bonds IN hasoe
has such a tendency, or deserves the same
credit. The gloomy predictions OF impending
disaster. which are attributed to some OF them
distinctly tend to cause unreaSoning distfus''
and even Indicate that it has broken out IN
bank parlors rather than anywhere else. Sec
rotary Foster will report to the President what
has been said to him, but declares that bis
own opinion has not been changed, and he
recently stated that he saw no necessity for
any issue of bonds during the present Admin
istration. The President had the same view a
few days ago, but if the urgent advice OF oniik-
ers should change his mind he would CONFER
with MIR. Carlisle, the coming Secretary OF the
Treasury. in order to ascertain the wishes oil
the coming President in the matter.
H. is not out of place to consider. as having
an important bearing upon the decision OF both
executives, the Interpretation which will be
placed upon this proposed action by. dcha-
gOgues who sway nultitudcs OF western ana
Southern voters The Government ought not
TO subject itself unnecessarily To disrust or
suspicion by millions of honest but Ignorant
voters 1t is not for the good of either Ad-
ministration the present or tho future, nor OF
either party. that the intense prejudiccS OF
Western and Southern voters against banks
and money Lenders and Wall Street influence
should be intensified at this time. Legislation
of the utmost importance, particularly on the
silver question, will be greatly affected by the
temper of the people in those sections regard
ing the acts and recommendations CT tho
Executive. IL is not the part Of statesman
ship but is simply pucre to assert that the
President should think only OF tho nervousness
or the wishes Of some bankers, and not at NIL
of the opinions of millions OF voters who sim
cerey imagine that the bondholders have been
too much favored by the Government.
If there were present necessity for more gold
in the Treasury, if there were reason TO be-
lieve that demands would be Immediately made
to which the Treasury could not respond at
once. the case would be altogether different.
But tho New-York bankers testified by their
action last week that there was no such present
emergency. Nevertheless. some OF them arcuo
that it might come unexpectedly. When tho
question is only whether apprehension about
the 1utUf6 Snuil DC ~ - FOF'' "
notice that an issue of bonds would be public
and formal declaration Of the inability Of the
Treasury, with its present bullion reserve OF
500 600, 900, to protect its note issues. IT
would be declaration of immediate need, for
the specific purpose of redecming notes and
preventing bankruptcy. Such notice would
scarcely tend to lessen apprehension.
An issue of four-per-ccnt bonds, having
many years to run. would be in sharp contrast
with the recent extension Of bonds subject II
the pleasure Of the Government at only
per cent. Should Senator Shcrmnn's bill au
thorizing temporary i.sne Of three percent
bonds be promptly passed by both houses that
might in measure remove one objection, but
the fact would yet remain that the insuflcicncy
of the 81 90. 600, 900 reserve for the purpose
for which it was created need MT be presumed
before there is any manifestation OF public
distrust in tho solvency of tho Government.
II is the nndeniable fact that the notes Of the
United States now pass and are accepted a.
readily as at any previous time Tho knovl-
edge that 81 90, OOO, 900 in gold lies ready for
their redemption has been all that was neccS-
sary thus far. Why should it be assumed that
something else will be necessary within three
weeks?