The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1893-04-28
THE DANGEROUS DEMOCRACY.
Unsound Monetary Methods of the CIeye-
Land Crowd.

/ u
Cnsound Monetary Methods of the CIsye-
Land Crowd.
President Cleveland undoubtedly de-
sires to settle the monetary question IN
a manner consistent with public safety
and public prosperity. His most earn
est opponents may fairly eoncede to
him sincere purpose to benefit the
country, if he can, by his use of power.
But by this time he is undoubtedly
aware that he is going to have great
difficulty in getting any measure
passed which he considers safe or de-
sirable- HIS power to prevent by a
veto measures which he considers dan
gerous or wrong may be adequate, and
yet he may be quite unable to obtain
any affirmative legislation
1t is supposed that he relies much up
on the cOercive force of events and of
the public opinion which events will
excite Exports of gold. which have
now begun again, are likely to con-
tinue until the fall. except as they NAV
be interrupted by seasons of monetary
/ stringency. Both the exports and the
public, it is believed. regarding the in
furious effects of silver agitation, and
of the present silver law. II much
gold goes out. both the treasury and
the banks will have their reserves
greatly reduced by midsummer. when
there comes the greatest demand of the
whole year, for money to BE- used in
moving the crops. If the banks at that
time are tied up and crippled by lack
Of gold reserve, it is conceivable that
they may have to choose between a
great embarrassment of business and
silver payments. Apparently Presi-
dent Cleveland reckOns that either will
prepare the public to insist upon sound
financial legislation at the session he
intends to have begin in September
1t was even reported some time ago
by democratic journal that Mr. Cleve-
land. in describing the course which he
meant to pursue. said that if good legis-
latiOn could be secured in no other way
it might be necessary to let the country
have a short trial of silver payments,
which would certainly educate them
very rapidly to demand sound money
II might not be proper to attribute to
him the intention which appeared to
underlie these remarks. but delay in
calling an extra session until the season
which is usually that of greatest I
pressure in the money market Is quite /
N harmony with such a calculation.
1t is not at all sure that even the ut I
most financial pressure will operate /
10 set democratic opinion right on this 4
question. The people who clamOr for /
free coinage, for more paper issues and .
for fat money, are of two classes. The
1OneS believe that all financial woes
are caused by the restriction of the
currency and narrowing of the metallic
basis. The dishonest want To plumber
,reditOrs or others by n change in
the purchasing power Of the currency.
Both classes, though for widely differ
snt reasons. will be likely to demand
monetary relief" all the more loudly
# trouble comes and money grows
tight Both will be apt 70 insist that
It would be surprisingly cruel and in
human TO force or keep the country on
4 gold basis when more money and
y
No doubt reaction will come after a
time. when the people have experienced
the evils of an unsound currency But
the first effect of n financial intoxica-
ton IS not a headache Suffering and
reaction may come only after season
If unreal but exhilarating excitement.
It i, possible that the immediate and
apparent effect of monetary intoxica-
ton may be highly pleasing to those
who clanOr for what they call relief
Il was not until many years OF bitter
experience had taught the people the I
wills of deprecated currency that
act could be passed. and
wen then it was savagely denounced by
democrats of all sorts. and as late as
he summer and fall of 1s7s democratic
in Ohio and other states de-
handed its absolute repeal Further. ,
t the elections of that fall a demo- ,
ratio house Of representatives was
hOsen which would have repealed the
act the very month it went
ntO operation but for a republican SEN ;
te and the veto power Of a republican !
resident
1t is TO be hoped that the president ,
Flll not forget the risk he takes in sup
osing that such a party can be edu-
ated 20 financial sense or honesty with
ase or rapidity. The country cannot
ford to have another monetary de-
auch in order to lift the democratic !
arty ont of the mire Of its heresies.- /.
!. Y. Tribune.