New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-29
THE MONETARY TROUBLE.

1t is admitted by Democrats who are in the
closest relations with President Cleveland that
he would undoubtedly have called an extra
session Of Congress to act upon the silver q'leS-
ton and other phases of the monetary prob
lem if he had expected that the result would
have been in any degree beneficial to the
country Whatever difficulty at present cx-
lists because of the failure of Congress to act
must therefore be attributed to the PreSi-
dents appreciation OF The foolshnc>S OF his
own party.
The country is low losing gold at the rate
Of S4.OOO.0O0 to 100000 each week
Everybody knows that the reason Is because
there is no confidence that the next Congress
will do anything sensible in regard 10 the
money question. The President himself con-
fesses that this is his own expectation because
he does not call Congress to meet in extra
session. Is it therefore in any degree I'M
reasonable to charge the failures which are
constantly occurring. and the many business
disasters which crowd the columns of daily
newspapers, to a Democratic victory last fall
1t may perhaps be said that Il Democratic
Congress, when it assemblies. will realize bet
ter results for the country. But the Prc>l-
dent himself does not expect wiser action, or
he would call Congress 10 meet without de-
Law. All agree that financial disaster is net
likely to be aycrtcd by any action of Con
gress at the next session. Many Democrats
frankly confess that they have great apprc-
hension in regard to the action of a Demo
cratic Congress. notwithstanding the veto
power of the President They admit thai
while he might be able to arrest the most dan
gerous measures there is At lea>; a possibility
that his disposition to avoid controversy within
the party may lead him TO assent TO measures
which are by no means wise.
The Nations experience Of Democratic
Congress and Democratic President has not
been altogether success thus far The re-
suits which business men experience have not
been in any high degree satisfactory. Failures
have been far more numerous and more i'm
pOrant than they were year ago. 1t is yet
an open question whether the disasters may be
Of such character as to involve legitimate trade
and the industries Of the country in serious
disaster The money markets in nearly all Of
the interior cities are comparatively close, and
collections arc backward. There many who
urge that the banks of Ncw-Yorb ought TO
loosen their purse-strngS, and lend the funds
at their command more freely. But banking
is MT an eleemoSynary business. If the situa
ton is not wholesome or sound, in the judg-
ment of bankers, it is out Of place 70
urge them to lend more freely or to encourage
doubtful speculations. The fact is that during
the last six months the banks of the country
have expanded their bushes, more than they
should have done, and many speculations have
been extended or prolonged which really ought
to have been closed up by sharp contraction of
banking loans months ago.
The situation at present is by no means cal
culated to impress the minds Of business men
with a sense of the wisdom Of elecing a Dem
ocratic Congress and Democratic President
Nevertheless, the decision Of the people has
been made, and we all have to abide by it,
whether il results well or i'll.