Huntsville gazette., 1893-05-06
A DANGEROUS PARTY
Cnsound Monetary Methods OF the CIeve
land Crowd.


land Crowd.
President Cleveland undoubtedly de-
sires to settle the monetary question in
q manner consistent with public safety
and public prosperity. His most earn
est opponents may fairly concede to
him sincere purpose to benefit the
country, if he can, by his use of power
But by this time he is undoubtedly
aware that he is going to have great
difficulty in getting any measure
passed which he considers safe or de-
sirable. His power to prevent by
veto measures which he considers dan
gerous or wrong may be adequate, and
yet he may be quite unable to obtain
any affirmative legislation.
1t is supposed that he relies much up
on the coercive force of events and of
the public opinion which events will
| excite. Exports of gold, which have
now begun again, are likely to con-
tinue until the fall, except as they may
be interrupted by seasons of monetary
stringency. Both the exports and the
stringency will tend to enlighten the
public, it is believed, regarding the in
furious effects of silver agitation, and
of the present silver law If much
gold goes out, both the treasury and
the banks viii have their reserves
| greatly reduced by midsummer, when
| there comes the greatest demand of the
whole year, for money to be used in
moving the crops. If the banks at that
| time are tied up and crippled by lack
of gold reserve, it is conceivable that
| they may have to choose between
| great embarrassment of business and
silver payments. Apparently Presi-
dent Cleveland reclzons that either viii
prepare the public to insist upon sound
| financial legislation at the session he
| intends to have begin in September.
1t was even reported some time ago
by democratic journal that Mr.. Cleve-
land. in describing the course which he
meant to pursue, said that if good legis-
lation could be secured in no other way
| it might be necessary to let the country
have a short trial Of silver payments,
which would certainly educate them
very rapidly to demand sound money.
1T might not be proper to attribute to
him the intention which appeared to
underlie these remarks but delay in
calling an extra session until the season
| which is usually that of greatest
pressure in the money market is quite
| in harmony with such a calculation.
| 1t is not at all sure that even the ut
| most financial pressure will operate
| to set democratic opinion right on this
question. The people who clamor for
free coinage, for more paper issues and
| for fat money, are Of two classes. The
honest believe that all financial woes
are caused by the restriction of the
| currency and narrowing of the metallic
| basis. The dishonest want to plunder
creditors or others by a change in
the purchasing power Of the currency.
Both classes, though for widely differ
ent reasons, will be likely to demand
monetary relief" all the more loudly
| if trouble comes and money grows
tight. Both will be apt to insist that
| it would be surprisingly cruel and in
human to force or keep the country on
a gold basis when more money and
cheaper money is sorely needed.
No doubt reaction will come after
time, when the people have experienced
the evils of an unsound currency. But
the first effect of financial intoXica-
ton is not headache. Suffering and
reaction may come only after a season
of unreal but exhilarating excitement.
| 1t is possible that the immediate and
apparent effect of a monetary intoXica-
| tion may be highly pleasing to those
who clamor for what they call ''relief. ;"
| 1t was not until many years OF bitter
experience had taught the people the
evils of deprecated currency that a
resumption act could be passed, and
even then it was savagely denounced by
| democrats Of all sorts, and as late as
| the summer and fall OF 1878 democratic
conventions in Ohio and other states de-
| manded its absolute repeal" Further,
at the elections of that fall a demo
| cratic house of representatives was
chosen which would have repealed tie
resumption act the very month it went
into operation but for a republican SEN
ate and the veto power of republican
president
| 1t is 70 be hoped that the president
will not forget the risk he takes in sup
posing that such a party can be edu-
Gated to financial sense or honesty with
ease or rapidity The country cannot
afford to have another monetary de-
| bauch in order to lift the democratic
party out OF the mire OF its heresies.- -