New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-07
TIE PRESIDENTS STATEMENT.


pro.;dent Cleveland has soIcly disappointed
his friends in the business world d! HIS an
nounccment regarding an extra session VI WI.
gross There was strong hope that IN vie" vi
the serious difficulties in money mafko's' 0he
President would bring Congress together at
once and would urge the adoption OF measures
to remove the existing di>trust, Instead ne
s,,tcs that he intends to call an extra session
not carlicr than the 1st nor later than the io'h
g Scrtomber. unless unexpected contingencies
should render necessary an carrier mcc''"s'
Emf he then proceeds to urge the people 10
thinI; about the continued purchase OF SILVER
with an carne>ness which betrays TWO innings
first his convictions that Congress II calieu
together now. would not act as ne WISHES anu,
second. his notion that the mere purchase Oh
4 900 600 ounces of silver each month Is the
only or the main cause OF trouble.
Tho President is either sadly mistaken, or ne
desires for PARTISAN reasons to divert the
tbouohts Of men from the prevailing distrust
Of his party and its possible financial action.
If all the cold which has been paid for silver
bullion since the Presidential election had been
sunl, in the Atlantic Ocean there would not
have resulted from that considerable loss the
enormous contraction of credit which mas &C.
cured. The volume of payments made by
commercial credits is known far to exceed the
aggregate of exchanges, which Is Sixty 'hou-
sand millions year. contraction OF only
tenth in these credits takes six thousand mill
ions from the purchasing or debt-paylng re-
sources of the people, and compared win INA,
change a loss OF thihy-two millions gold PAID
for silver bullion would be insignificant. This
contraction of credits began as soon as 1t was
known that both houses of Congress would be
| controlled by party pledged to treat every
protective duty As unconstitutional. Thousands
Of manufacturing works and firms began 10
restrict their accommodations to others ana
| found their own accommodations restricted, be-
cause there was no longer good reason to en-
pect that they could 60 on doing business As
they had done with profit.
This was a severe blow the effects OF which
| tend to increase from month to month as the
| time for change draws near. But its influence
was less speedy, and has been less serious thus
far than that of dis,rust regarding the monetary
future. At first there was hope that the Pres
ident could and would save the country from
degradation Of its u1ency. But the discovery
that he did not venture to call an extra session
| u
the suggestion that Treasury notes might be
redeemed in silver greatly disturbed confidence
in his purpose Next came the proposal to per-
nit unlimited issues of State bank notes, and
the statement that the President would consent
TO free coinage at the ratio Of 20 to l, and now
| there comes the statement that he was pre-
pared last week to issue moro legal-tender
notes for the purchase of gold. These things
have left the people almost entirely without
confidence in the Presidents ability or purpose
to avert financial disaster, and so distrust has
spread rapidly, and increased day by day, since
these signs Of weakness or incapacity began to
appear.
The President appeals to the people to think
for themselves on this matter, and they are
thinking. One thing they see clearly, that
financial distrust began to take gold abroad
soon after the election resulted in success of
the Presidents party. 1t is equally clear that
the distrust took a new and more acute form
when Secretary Carisle's statement about re-
dcmption of notes in silver was published, and
it has been aggravated ever since. The greater
part OF the contraction of credits thus far has
been due to we'll warranted dstrust of the
Presidents party in Congress, and Of his abil-
ity or willingness to control their action. The
more the people think about the matter the
moro they wonder that the President does not
stop the fear and apprehension in monetary
circles" which he says threatens to bring
suffering to every humble home in our land, -
by a distinct and ringing declaration that he
will resist with all tho powers at his command
every form OF imitation and degradation of tho
currency.