The Green Forest tribune., 1893-04-27
Cieyeland's Financial Policy.

OhiN'N''S
regarding the financial policy Of the
Administration:
"The inclination of the public to ac-
cept newspaper reports concerning the
inten tions of those charged with the
management of our National finances
seems to justify my emphatic contra
diction of the statement that the re-
demption Of any kind of Treasury notes
except in gold has at any time been de-
| termined upon as contemplated by the
Secretary of the Treasury or any other
member of the present Administration.
The President and his Cabinet are en-
tirely harmonious in the determination
to exercise every power conferred upon
them to maintain the public credit, to
keep the public faith, and to preserve
the parity between gold and silver and
between all financial obligations of the
Government. While the law of 1890,
forcing the purchase of fixed amount
of silver every month, provides that
the Secretary of the Treasury, in his
discretion, may redeem in either gold
or silver the Treasury notes given in
payment of silver purchases, yet the
declaration of the policy of the govern
ment to maintain the parity between
the two metals seems SO clearly to reg
ulate this discretion as to dictate their
redemption in gold OF course perplex-
tiles and difficulties have grown out of
an unfortunate financial policy which
we found in vogue, and embarrasments
have arisen from ill-adYised financial
. legislation confronting us at every turn;
SbIxswith every cheerful evidence among
the people and patriotic disposition to
cooperate, threatened danger will be
averted pending legislative return to
better and sounder financial plan.
The strong credit of the country still
unimpaired and the good sense of our
people, which has never failed in time
of need, are at hand to save us from
disaster"
Senator Chandler, of New York has
other questions of the day.
81 can state the position | take" the
Senator has said, Sin single PROPOSE
ton, and that is that the Secretary of
the Treasury ought to use the 500 00O,-
600 of the reserve if it becomes neces-
sary and not issue any bonds until he
is obliged to. That large fund was
made to be used; that is what it is
there for, and it should be called upon
before any other steps are taken. The
law requires National Banks to retain
10 per cent Of their earnings for sur
plus to be used in an emergency, and
why should not the Government resort
to the same policy? | am afraid that
gold will soon 60 to a premium and the
country be forced to a silver basis
When asked what effect the financial
situation would have upon calling an
extra session Of Congress, Mr.. Chan
dler replied that the question could be
best answered by the party now in
power.
"The question Of an extra session,
he continued, "depends entirely upon
the present Administration; whether it
is broad and large in its contemplation
of public affairs, or small aud mad
equate; whether it shall prove strong
and courageous. If it is strong and has
the courage for which some men give 1T
credit, MIR. Cleveland will call an extra
session and seek to repeal the law of
1890. Whether Congress will or will
not follow the President in this matter,
he can at least place the responsibility
upon Congress. In my opinion Mr..
Cleveland will surely go to ruin if he
permits gold to go to a premium rather
than call an extra session of Congress.
| Financial problems are not the only
ones we have to face, however. If the
proposed programme of tariff smashing
| is to be conducted, the people who have
money invested in protected and their
allied industries will be exceedingly shy
about investing heir capital. times will,
as anatural sequence, become hard, and
American wages will fall. This will be
! tn inevitable RESULT of an assault upon
| the tariff 1t looks to me as Ii the pol
lev of Mr.. Cleveland was to encourage
foreign immigration and especially that
of a Jewish character. Certain recenr
acts of his surely point in this dlrec ION
,n1 +ha rarnlt of SIlcb a policy can but