New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-27

The markets often show a plentiful lack OF
reason. On Thursday, for instance, there was
an Improvement in the prices Of stocks for
time because il had been stated that morning
in a newspaper usually worthy Of confidence
that the President was thinking seriously OF
calling an extra session OF Congress III August.
Il was not even asserted that he had decided
the matter. On the strength OF the bare pos
.iblity that he might anticipate 10y one month
the date generally accepted for an extra Sos
sion. Tie street rushed 10 the conclusion that
Compress. ~ soon a it met would repeal the
sherman act and make everything lovely in
finance.
II i not good sense TO indulge these over
bopcful expectations. IL is by 10 means GER
tain that Congress will repeal the sherman act
at all. unless with a provision for unlimited
coinage of silver on some ratio. According to
Influential friends Of the President. he has been
convinced that he will be compelled to break
away from his party, and antagonlzc 1t on
matter OF the first importance, or else consent
Ia such a measure Is compromise, and they
affirm that he will consent But If the bus
na,, world gets its mind set upon The repeal
Of the sherman act and the stoppaGe OF silver
purchases and coinage as the one thing need
ful which the President will surely secure from
Congress. there would follow a particularly bad
disappointment ip the markets II he should
fail or should consent to a dangerous com
promise II i, rs well b. bear in mind that, IL
Congress were I, assemble in extra session to-
morrow. there would be nothing Of Importance
done for some months. The election OF
Speaker is usually followed by delay of
several weeks to enable him to arrange the
committees. When the committees have been
appointed, they have to spend much time in
investigation and discussion on matters of i'm
portancc. Then the routine Of business, in the
House makes it improbable that any measure
affecting the monetary question can be brought
10 a final vote in that body alone within less
than month after it has been reported. In
the Senate. where there is no provision for re-
stric,ing d,batp the delay is apt 10 be even
greater Thus it is in a high degree improbable
that the coming Congress can be brought to
final action on the financial issue within three
months after the session begins. unless such an
extraordinary state Of business exists rs to
overturn all customs and set aside all rules
IL would be wise if business men. instead of
from difficulties, would make up their minds
that the assembling of Congress and all its
early proceedings regarding the finances arc
likely to increase distrust and apprehension,
and further, that the financial action of Con-
gress will probably be both disheartening and
dangerous. Men are most fooshly assuming
that failures and financial strngency will con-
vince the silver fanatics of their error. 1t is
often assumed that the Presidents influence
will be irresistible in Democratic Congress-
These are ideas which may lead to serious
disappointment. Financial disturbance and
trouble may not improbably intensity tho
clamor for free coinage. The President is not
unlikely to be treated with indifference and
hostility, as he by the last Democratic
House 1t is rather more probable on tho
whole, that some miscbicvous measure will be
passed and signed by the President than that
any useful and helpful measure wiIlSbtain a
majority in both houses.