The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1893-03-25
THE MONETARY UNCER-
TAiNTY.

President Cleveland and his party
are at swords points on the silver
question. There is no longer room to
doubt the fact. The Cabinet is strongly
opposed to free coinage, while the
Finance Committee of the Senate has
Teen framed as if in express intention
to defeat the President wishes. Anita
gonism on this point is likely to 60 far
and deep. Il may even mean dis
ruption of the party before the next
Congressional election. 1t is evident
that the President is willing to defer
action Oh the tariff until the outcome
of the silver controversy is known.
1t Is said that he Is ready to compro-
mise. Statements are published that
he will not veto free coinage act or
any other approved by the majority OF
the peoples representatives, but will let
it become law without his signature.
This is not in accordance with President
Cleveland's custom in other matters.
He usually seeks to control his party,
and rarely if ever fails to use his power
when it seems to him needtll to defeat
the majority. Yet reports of such
nature cannot be lightly passed. 1t is
possible that, in order to secure his
election, pledges were given that he
would not veto any bill which might be
passed by his supporters in both Houses
Of Congress. This course would be in
line with the policy some time ago
foreshadowed in Washington dispatches
These reported that the President was
not unwilling to let the silver fanatics
try the practical effect OF their scheme,
IN confidence that the result would
powerfully increase the opposition to
free coinage. 1t was said then that
this would be dangerous policy. 1t
is clear now that such policy would
be disastrous. The President should
be earnestly advised not to run the risk
of a degradation of the currency to a
silver basls, even though he believes it
to be only for time.
The President must b: aware that
the Treasury reserves are still low, and
there is little reason to expect lasting
increase. The demand for small notes
in the interior cannot be expected to
continue. Receipts Of gold from
Canada will certainly cease whenever
the rates obtalnable for money are not
abnormal, and particularly whenever
doubt arises regarding the maintenance
OF gold payments here. If the PfeSl-
dent and Secretary of the Treasury
It to be inferred that free coinage
bill vii be signed and its results tested,
with view of giving people trial of
the consequences, it is toleraDly sure
that Canadian supplies OF gold will
instantly cease. 1t is scarcely neces
sary 10 say that foreign supplies OF gold
in payment for American securities on
which interest and dividends might be
paid IN silver are not likely to be large.
The situation OF the market for securi
ties is not in any measure encouraging
to foreign investors, for railway earnings
are declining, while strikes threaten
large increase of expenditures. Indus
trial stocks have rapidly advanced for
two days, and yet it is the fact that the
administration is pledged to enforce
the law against all combinations in
restraint of trade, and such course
will be encouraged BY the decision of
the Supreme Court OF Tennessee against
the Wholesale Grocers' Association,
which was he'd liable for damages be-
cause of the refusal OF ordinary facilities
to retail grocers.
If foreigners do not bud stocks, it
may still be supposed that imports OF
merchandise may decline. But this
would be probable only in case OF a
change of the tariff. The decision to
defer an extra session of Congress
means, of course, that no action on
the tariff is likely to be taken until
January or February at the earliest.
In the meantime the exports OF pro.
ducts will be governed by the natural
laws of supply and demand, while i'm
ports are likely to be as large as here
tofore. 1t is not easy to see how a