New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-03
THE CLEVELAND PANIC.
SENATOR CHANDLER DISCUSSES THE SITUA.
TON
THE SILVER LAW NOT THE CAUsE-ANXIETY
ABOUT THE TARIFF-THE TROUBLE CAN
ONLY BE STAYED BY THE PEEsI-
DENTS DISAvOwAL OF TILE

ABOUT THE TARIFF-THE TROUBLE CAN
ONLY BE STAYED BY THE PEEsI-
DENTS DISAvOwAL OF TILE
CHICAGO PLATFORM.
Tothe Editor Tho Tribune
Sir Emerging from the Maine WOODS few DAYS
ago, found awaiting me various urgent inquiries
from Democratic and Mugwump newspapers as l"
my vote on rcrealing the silver law oil lo"o ana
have been able TO answer that VIII No'e Tor
its repeal. Four-ffths of the Democrats Dcln@ IN
favor Of the free and unlimited coinage oil silver
and four-fftls Of the Republicans being against
such coinage. and a free coinage law l'NlhS "eh
forced by the Democrats through the Senate. n
compromise was effected by which the nl'"d
States. instead of coming 100000 silver dollars
a month. decided to buy 4,jO0,o0o ounces OF Sill
vcr at the market rate and Issue silver n'tci
thereon as a part of tic National currency. 10
was wise experiment. i, Ia, satisfied many oliver
advocates that the United States cannot carry The
silver Of the whole world the best policy for
bimetalists and the quickest road to the in
,crnational reconciliation Of silver is now seen
TO be the characterization of silver for the pres
Ont time by the United States: and the law
should I've repealed with substantial unanimity
But what has this question 10 do with the
pending commercial and financial crisis which
will pass into history as the Cleveland panic OF
1893" The Government will nomnally lose
something for the time being by its purchase OF sill
vcr but the price will undoubtedly rise again be-
fore il disposcs of the metal. Meantime. the cur
rcncy Of live or six millions Of dollars month.
which the Treasury issues. increases the volln"
of currency in circulation and tends TO prevent a
stripgcncv in the money market ana 10 avert. ana
not to cause. commercial and financial distress
NOT DUE TO THE SILVER LAW
II is a folly and an absurdty 10 aScribc tho
present suffering in manufacturing circles TO the
silver law of 1890 and TO camor for its repeal
as if that would have the slightest effect IN re-
moving the troubles which even now upon
the country. and will continue TO multiply as the
months roll on.
The distrlst and misrepresentation which. indeed.
truly have already caused great loss and daimag"
to our people, and threaten to cripple our merchants
stop the wheels of manufacture bring distress
and privation TO our farmers and withhold from
our workinqlncn the wages Of labor. exist not al
all because the Treasury buys each month 4.j0O,-
600 ounces Of silver bullion instead of coming
1000. 200 silver dollars; but they come solely
and entirely from the election of Grover Clcv"-
land and majority of the two houses Of Con
gross upon platform and pledge that the Me
Kinley act shall be repealed. and that all laws
for the protection Of American industries against
foreign competition shall bc deemed unconstitu-
tiona and revoked and annullcd
Mr.. Cleveland and his party have brought on
the panic and will not be allowed 70 cscap, the
wcghty responsibility. No manufacturer Cares
look forward a year 10 the continuous revolution
of his factory wheels, but widespread stoppaS'
of manufactures is sure TO take place. The mer-
Ill IL q
facturcr; while the wages Of all kinds of labor
are beginning TO 20 steadily downward; all ne
Republicans predicted would be tho result if
Grover Cleveland and a majority of both houses
Of Congress should bc elected upon the Chicago
platform Of 1892. AS men SOW so shall they also
reap Verify the rctrbution has come quickly.
ONLY ONE WAY IT, RELIEVE THE TROUBLE.
There is but ono safe and sure way for r,lcv-
ing our present commercial and financial troubles
and for avcriing the worst calamtics which aIc
threatening us, and that is the frank, open, pub
lie and unconditional rccantaton bv President
Cleveland and the leaders Of the Democratic
PARTY Of their destructive and damnabl" dcclari-
ton OF warfare against the American tariff sys-
tom. The New-York Sun" says the platform
must he carried ont or the party viii be dls-
honorcd unless, indeed. a National convention
Of tho Democracy is called 10 reconsider and re-
pudiate the anti-protccton plank deliberately
adopted by majority OF 222 in th" convention
which nominated Mr. Cleveland. Bat there IA
no need nor indeed is there time, for new
National convention. let President Cleveland
and the Democratic leaders speak, and th" panic
may he avcrtcd and terminated The President
is a bold man In December. 1857, a. Senator
Vest expressed il. he declared a war of cNf"rrnl-
nation against the protected interests OF the
country 20 be carried on 10 the death. II" lost
his reelection in 1857, but was again elected IN
ls02 upon n tariff determination plank which
rumor says he did not wish adopted. The FreSl-
dents career has been n remarkable one; he can
afford 10 act up 10 his convictions. ii" has called
Congress 10 assemble and save the merchants and
the farmers the wheels Of manufacture and the
wages Of the laborcr let the formal procldma-
ton be supplemented by political pronunca-
mcnto signed by Grover Cleveland, Walter q
Gresham lwho as a Cleveland Republican doubt
less always di,approycd the tariff determination
plank. John g. Carlisle and the rest rcpudatns
in behalf Of the National Democracy the announced
tariff policy of the nominating convention. There
will be no murmur from the tariff smashcrs. The
Offices are vet largely undistribntcd. Senator
voorhees, and Senator MILF, have weakly an
nonnccd their willingness to vote for repeal of
the Silver law They viii also acquirScr in tllc
disayowal Of the anti-tarG policy Of their party.
THE PRESIDENT sHorLD SPEAK.
Thus and only thus cal the Presidents announcer
purpose that the people shall bc relieved " from
present and impending danger and distress b.
achieved The Silver lazy ana the currency which
il odds, however unwi~cly, 10 III" circulation tend
70 relieve that danger and distress. and BE- no
means 10 cripple the merchants stop the wh"c'-
Of manufacture. distress the farmer and reduce
fine worlman's wages The danger comes from
this Chicago plank We dcnounc" the R"pnbl
can policy of Protection - It fraud We DE-
clare it to bc a fundamental principle Of the Demo
cratic party that the Federal Government has no
mower 10 impose and collect tariff duties. cNc"p;
for the purposes Of revenue only. We d.
nouncc the Mckinley Tariff law . ~ the cul-
.f1l u.s l.-ri- lItiun IL