Daily Kennebec journal., 1893-06-09
VOICES or TINE PRESS.
The Psesideats Statement.
(Nex York Tribun,

President Cleveland has soreiy disap-
pointed bis friends in the business world
by his announcement regarding an extra
session of Congress. There was stropg
hope that, in view of the serious difficulties
in money markets, the President would
bring Congress together at once, and would
urge the adoption of measures to remove
the existing ,iistrus, Instead he states that
| he intends to call an extra session not earlier
than the / st nor later than the 10Th of Sep
tembcr. unless unexpected contingencies
should render necessary an earlier meeting
But he then proceeds to urge the people to
think about the continued purchase Of sill
yer with esrnestpcss which betrays two
things, first his convictions that Congress,
If called together now would not act as he
| wishes; and, second his notion that the
mere purchase Of 4 800 900 ounces of sill
yer each month is the only or the m.in
| cause of trouble.
The President is either sadly mistaken
or he desires for partisan reasons Ia divert
the thoughts of men from the prevailing
di-trust of his party and its possible finan
cial action. IL all the gold which has been
paid for silver bullion since the presiden-
t,al election had been sunk in the
Atlantic ocean there would not hav.
resulted ,. from that considerable loss
the enormous contraction of credit which
has occurred The volume of payments
ms.ic by commercial credits is known far to
exceed the aggregate of exchanges, which
Is sixty thousand millions a year. 4 con-
traction Of only tenth in these credits
takes six thousand millions from the pur-
cliasing or debt paying resources of the peo-
nj ~, hat ,,bannr I,s.
of thirt, two millions gold paid for silver
bullion would be Insignificant. This con-
trsction of credits began as soon as it WAS
known that both Houses of Congress would
ie controlled by party pledged to treat
very protective duty as unconstitutional
Thousand. of manufacturing works and
| firms to restrict their accommodation to
others. and found their own
| accommodations restricted. because
| there was no longer good reason To
| expect that they could 90 on doing business
| as they had done with profit.
This was a severe blow, the effects of
which tend to increase from month to montl,
az the time for change draws near. But its
| influence was less speedy and has been less
serious thus far than that of histrust regard
ing the monetary future. At first there
was hope that the President could and woul
save the country from degradation of it.
currency. But the discovery that he dill
not venture to call an extra session of Con
gress was revelation of danger. Then
the suggestion that treasury notes
might be redeemed in silver
greatly disturbed confidence in his
purpose. Next came the proposal to per
init unlimited issues of state bank notes,
l IsI,. .tI,. Al. II
| consent to free coinage at the ratio of 20 to
one and now there comes the statement that
he was prepared last week to issue more
iegal-tenler notes for the purchase of gold.
These things have left the people almost
entirely without confidence in the fresi-
dents ability or purpose to avert financial
disaster. and so di-trust has spread rapidly
anil increased day hy day, since these signs
of weakness or incapacity began to appear.
| The President appeals to the people 10
| thiuk for themselves on this matter, an!
hey are thinking. ono thing they see clear
", that financial distrnst began to take gold
abroad soon after the election resulted in
success of the Presidents party. 1t is equal
" clear that the distrust took new and mo c
acute form when Secretary Carlisle's state
ment about redemption of notes in silver was
| published, and il has been aggravated eveI
since. The greater part of the contraction
Of credits thus far has been due to well
warranted tlistrust of the Presidents party
in Congress, and of his ability or willing
ess to control their action. The more the
people think about the matter the more
they wonder that the President does moi
stop the fear and apprehension in none
tary circles" which he says threatens to
bring suffering to every humble home in
our land, by distinct and rigging declsr-
alton that he will resist with all the powers
at his command every form of inf ,tion and
| legrn!ation of the currency.