New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-04-05
7gr ryTPI SESSION PROPOSED.

Able writer's arc giving Mr.. Cleveland much
advice about the extra session. which Is APP
rarcntly based on the idea that he VIII nave
cn,i.c direction of its ordtr OF business ana 1T
action. Probably he is well aware tha'
he will have no such power. lie has announced
that the session will be called for September,
in order t. get caily action on the tariff. But
bv that time he will have made a great many
thousand officials, and ten times Is many enc
me. BY that time, too. events VIII prcbapiy
have given the money question peculiar piomi
nCncc
Goods exported in three months appear to
have been about sixty millions less than I'M
ports in value. This implies a large balance
vet 10 be settled by shipments Of gold or OF
securities from this country and the outlook for
sales of securities abroad can hardly he con-
sidercd encouraging. - long as the silver q'Ics-
ton is about 10 come up for action. Last year
net exports of g2Jd in the months Aprll-AuGust
inclusive were nearly Si3,000,OO0, and the
wear before about S64 100000. Any such
movement this year would so far reduce the
reserves held by the Treasury and by the banks
that money would be more stringent than usual
and operations TO maintain prices OF products
more difficult.
Other reasons may cause low prices for the
great staples unless unfIy0rablc weather bling
a disastrcusly small yield to farmers. The
stock of cotton in sight is enormous, and the
decrease from April to September last year
was but 200, 900 bales, which, if repeated this
year would leave on hand september stocks
nearly three times the minimum, ard twice n
large as the ordinary quantity carried over.
During nine previous years the decrease III
stocks from April to September was 40 5000
bales in five years | 100000 in three years
and 800. 900 in one year But any such de
crease this year will leave nearly 1000, 900
bales of cotton IN hand. All accounts indi
cate an increase Of acreage but IL the yield
last year had been fair for the acreage planted
it would have been almost sufficient for the
worlds supply. 1t is therefore not improb-
able that, if weather favors the planter, he
will find cotton declining 80 much from the
price Of the last few months that his feeling
about the "gold bugs and the money sharks"
Of Wall Street will be much intensified.
Western spectators have fixed things so that
sad disappointment in wheat seems to be in
store for Northern farmers. The quantity in
the country exceeds requirements for the rest
VI IHt tIpP ''"i ~ IdI 'ha', hH''N INV NNh'HNi
brings disaster, great speculation must col
lapse and prices about the lowest ever known
may be realized. TO open the year at such
prices. with great stock Of old wheat in sight.
does not help the farmer and when he is dis
satisfied he is extremely apt to believe that
more silver and more money would bring relief
The pork speculation has also prepared the
way for serious decline in hog products, and
these affect the price Of cattle to some extent.
If there should be monetary siringency, the
natural effects of these conditions may be cx
aggerated. There are thousands of Western
demagogues who will in that case teach the
farmers North and South that the money sharks
have aititicially made money tight in order 10
make artlficially farm products cheap. Appeals
TO a Democratic majority largely elected by
Western and Southern farmers will mean pOliti
cal death if Congressman do not respond with
zeal. The demand will be made in that event:
to take up the money question without de,a,
and give the people immediate relief.
President ClevSelaa may prefer. as his re-
ported at mcntss iRante that Congress should
first take up the tariff question on which his
party is supposed TO be most nearly agreed in
purpose. But advocates of free silver coinage
will certainly demand action on the money
question first. For sound public reasons the
Republican, may be inclined to prefer early
action on that question instead of delay, and it
would not be natural for them to be in haste
TO have radical changes made in tariff which
is helping industry every day. Thus it is quite
likely that the silver men, whether able to
get any bills passed or NOT. may at least be
able to have that question taken up first. and
considered until some definite action has been
reached. In all probability President Cleveland
will have to rely in the end upon the Republi-
can minority in Congress W get any good thing