New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-22
AIR EDNTNDS on THE SITCAHON.


Ex-senator Edmunds stated very clearly inc
cause of the present disturbed hnancia' cohui-
ton in the interview printed YESTERDAY. j.
due almost solely TO the lack OF commence i'll
the financia! policy Of the Democratic patty
II anybcdv believed that the party was sincere
in it's ut:elancn on the silver question, ana Iha'
,ho Srvor Purchase act would be speedily
ronoale3, if the party had the power, the re-
r,sol of tho last Congress in which the Demo
Gratis had an overwhelming majority. to take
any stop in that direction must have undcc, lvod
him. Mr.. Cleveland himself. whom Mr.. Id
munds credits with sound judgment ana non
esty of purpose. was unable to persuade his
suDporters in that Congress 10 make any move
for repcal So soon as i, fairly entered inc
nublic mind that the silver plank in the plat
form was a political dodge, crafty evasion,
which offered the promise of repeal to sound
money men and the hope of free silver coinage
in its Mace t. the innationi>lS the peril was
realized and banks and business men took
alarm. We are still suffering from the shock
which that discovery gave to public confld nee
and the signs of recovery from 1t are yci
far off.
Coincident with this dscouTaging revelation
peoplc began TO think seriously Of the probable
effect upon the currency OF the repeal Of the
tax on State banks and the flooding OF tne
country with the wildcat issues in circua'icn
before the war. With thai, to, came ro1ec-
ton upon the probable consequences to our
manufa cturing industries and business enter
prses of the repeal of the present tariff and the
enactment in its place Of such revenue meas
ure As the Chicago Convention recommended.
The outlook was disheartening. The con'e-
ouenccs which ensued were simply such as
might have been expected. There was sudden
cur,ailment Of credits; the banks began to call
in their loans in all the stocks dealt in on the
Exchange there was a rapid and disastrous iall
in prices; fOrci On holders 81 our securities
alarmed by the possibility OF the establishment
of a silver currency basis, hurried home their
bonds and stocks to make sue OF their gold /;
week after week prices kept tumbling, banks
closed their doors all over the country. and ;he
daily list of business failures KEPT lenGthcnln2.
Whatever minor causes may have been COZ
tributory the fact is patent and undenabc that
the fr.t and most potent was the shock to pub
lie confidence which followed the revelation that
the party coming into power 50 far "a Il had
any financial policy at all beyond deludlng the
peoplc with maieshifs, tricks and temporary
devices, was welded TO certain economic no.
tons which if ever put in operation would be
disastrous to business. The effort in progress
by Mr.. Cleveland and his special ard particular
friends to restore confidence in some degree by
the assurance that the Silver act will be re-
pealed at an early day is prai>cworlhy 50 far
as it goes. But it is TO be borne in mind that
after all that action will remove but one cause
for the prevailing lack of confidence which
occasions such widespread disturbance OF busi-
ness. This party, which has not had for thirty
two years the responsibility Of government, is
| under engagement to its supporters 10 make
| changes in our economic laws which will rcvo-
| utionize business The country is at its mercy.
| and it is idle to talk of any permanent rcsora-
ton Of confidence until i: shows its hand on
other questions than the Silver Purchase act.