The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1893-04-24
SILVER THE ISSUE.
Cleveland Will Call an
Extra Session.
he MAKES A CORRECTION.
The President Objects to Having His
Financial Policy Exploited by
an ignorant Press.
he MAKES A CORRECTION.
Special to THE MORNING CALL.

WASHINGTON, Anrll 23.-Tne earnest
ness with which Mr. Cleveland, in his
Inauguration speech, dwet upon the none
tary question and the necessity Of preserv-
ing unimpaired the credit Of The nation led
many Shrewd men To prophrsy ut that time
that the silver question. and not the tariff.
would be the belle n0ir Of The new admins
tTal!en. There Is 10 question that this has
proved true. TIE issue upan which the
campaign OF 1892 was fought and won has
been relpgatrd to the back ground by the
party hat held it up as the one bugbear of
American roliiics, and TIE financial prob
lem has been given a startling prominence.
There is no denying the fact that the
Treasury Department is IN the breakers.
III Secretary Carlisle and the President
were not worried over the situation they
would not bother themselves about what
the papers have teen saying about their
financial schemes. But they are worried.
To-day the President. fearing perhaps the
influence OF 2 false statement upon the
credit of the country, thought it necessary
TO MAKE the following statement:
The inclination on the part of the public
to accept newspaper reports concerning the
intentions of those charged with the man
agenlsnt Of our national finances seems 10
Justify my emphatic contradiction of the
statement that the redemption of any kind
OF treasury notes except in gold has at any
time been determined upon or contem-
plated by the Secretary of the Treasury or
any ether member OF the present admins
lratlun. The President and Cabinet are
absolutely harmonious in the determination
to exercise every power conferred upon
them 10 maintain the public credit, TO keep
tho pnblic faith and to preserve the parity
between gold and silver ard between all
finfncial obligations OF the Government
while the law of 1890, forcing the pur.
chase OF a fixed amount of silver every
month, provides that the Secretary of the
Treasury, in his discretion, may redeem in
either gold or silver treasury notes given in
payment of silver purchases, yet the decla-
ration Of the policy of the Government to
maintain the parity between the two metals
seems so clearly 10 regulate this discretion
as to dictate their redemption in gold. OF
course perplexity and difficulties have
grown out of the unfortunate financial
policy which we found in vogue aud EN-
baTrassments have arisen from ill-adyised
financial legislation confronting rs at every
turn; but with cheerful confidence among
the people and patriotic disposition to CO.
operate the threatened dangers will. be
averted, pending a legislative return 10
better and solder financial plan. The
strong credit of tie country is still uum-
paired, ard the good sense of our people,
which has never failed in time Of need. is at
hand to save us from disaster"
There is Il strong impression in Washing
ton that one result Of the crisis in affairs in
the Treasury Department viii be the con-
yeniag of Congress in extra session at date
a 20 orlfa . tl,,,,
The general expectation has heretofore been
tha 80 extra session would not be called
before next September, but there is now a
growing belief that Mr.. Cleveland Will
summon the national legislators 10 Wash
ington before the 1st of July.
1t is held that the financial situation has
now assumed an air of such gravity that
nothing short of legislation can effect cure.
With the continued obligation Of the treas
cry under the Sherman act to keep on pur-
chasing silver and tie constant decrease Of
the treasury's receipts from customs, there
is no prospect of relief from the distress in
which the treasury now finds itself Hence
it is held by many Democrats in the city
that Mr.. Cleveland viii not delay until the
fall, but will convene Congress shortly for
the express purpose of urging upon it the
repeal of the Sherman act and the passage
ot a tariff bill.
How successful his efforts to induce the
present Democratic Congress to repeal the
Sherman act Will be is purely matter of
conjecture The House now contains
enough Republicans to make the victory of
sound money probable, hut the Finance
Committee of the Senate. as has been re-
peatedly pointed out in these dispatches, is
organized distinctly on a free-siIyer basis.
However, Mr.. Cleveland has been tery
JudciOu in his treatment OF the leading
members of that committee. Chairman
VOORHEES, has had brother-in-law provided
for as Minister abroad. Senator Vest has
had SOn-in-law taken care OF by good
appointment in one of the Territories SEN
ator Blackburn'S brother, whom Mr. CIeve-
land looked upon askance eight years ago.
has been made Federal office-holde and
there is consequently kindlier feeling on
the part of he Finance Committee toward
the President.
The fight over the silver question will last
long enough probably 20 enable Secretary
Carlisle to finish the administration tariff
bill in time for action by Congress in extra
session. An extra session in the early sum-
mer viii have the added advantage to bus-
ness men of enabling them to adjust them
selves TO the provisions Of the new bill. To
place their foreign orders in time for the
trade of next spring would be impossible if
no taSif bill is passed until next fall.
The possibility that Mr.. Cleveland's
special Commissioner to Hawaii, Mr.,
Bonnt will make report or the condition
of affairs at Honolulu, and that Mr. Cleye-
land will have some recommendation to
make to Congress is another one of the
causes which are mentioned here as being
sufficiently urgent to warrant an early extra
session OF Congress