St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-03-09
SILVER LAW REPEAL.
Much Deliberation Being Given
the Subject by the President
and the Cabinet.
Earliest Possible Repeal Of the
Law Necessary for the Party's
Welfare.

New YORK, March S.-The Posts
Washington correspondent telegraphs
his paper that during the few days the
president has had the opportunity to
consult with his cabinet advisers the
question of cal ing an extra session
of congress has formed the subject Of
much deliberation, in view of the threat
ening condition of the public finances.
The result has been the conclusion that
it would not be wise TO call the new
congress together Immediately. The
president and the entire cabinet agree
that the power exists to issue bonds for
the purpose of strengthening the treas
ury gold reserve. and it may be con-
tidently assumed that this mode of
meeting the requirements of the situa-
ton will be adopted whenever neces-
sary.
THE president and the cabinet are
agreed that the earliest possible repeal
of the Sherman act is both desirable and
necessary for the party'S welfare. They
fear, however, that majority for the
repeal could not be secured at present
in either house of congress, and a failure
might have a disastrous effect. Hence
tits thought the better course to delay
the assembling of congress till early in
the fall in order that public opinion,
which is evidently turning, may
exercise its influence i'll the mean
time upon senators and represent
atives. The president and his. cabinet
are fully alive to the dangers Involved
in the delay in consequence of the APP
prehensiOnS regarding the Immediate
future among business men throughout
Nftxy
against them by early action in accord
ance with the assurance in the inaugu-
raj address that, SO far as the executive
branch of the government can inter
vene, none of the powers with which 1t
is invested will be withheld when their
exercise is deemed necessary to main
tain our national credit, or avert finan-
cial disaster.
This is the view which some of the
best friends of the new administration
are presenting where it is likely to have
influence. Spectators, therefore, who
may be counting on riot of bond sales,
because all the signs point to the neces-
sity for some kind of an issue before
long. are likely TO be deeply disap-
pointed. Mr.. Carlisle is thoughtful
man and very deliberate in
his movements, and there Is
no Danger Lnat MI. OI6Velduu
would, in any event, override the secre-
tarys judgment on such matter as
this. 1t is thought that the belief of
Mr.. Cleveland and his secretary OF the
treasury in their right to issue bonds in
certain emergencies without further
legislation was at the bottom of their
consenting to cessation OF hOStilities
over the Sherman amendment. 1t is not
probable, however. that either of them
would feel justified in making such issue
a large one. 1t would probably be So
100000, or S1O,00O,000 at the outside
a sufficient amount for an experiment.
If it should be found that the effect of
this issue was going to be nullitied by a
panicky feeling in the money market or
by the operations of spectators who
would draw gold out at one door of the
treasury as fast as they shoyeled it i'll
at the other, they would consider it bet
ter policy to suspend bond selling and
let the people have taste or business
conducted everywhere in the country on
Il silver basis. Of course, gold would
in that event go to premium.