New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-21
CHIEF CAUSE OF THE CRISIS
EX. SENATOR EDMUNDS TALKS ABOUT THE
BUSINESS DEPRESSION.
FEAR OF DEMOCRATIC EXPERIMENTS At The
BOTTOM OF THE FINANCIAL PARALYSIS
THE HAWAIIAN QUESTION AND
THE RUSSIAN TREATY.

THE HAWAIIAN QUESTION AND
THE RUssI,N TREATY.
The responsibility OF the Democratic party for the
present hard times ana business depression which
pcrvades all branches Of trade and Affects all Classes
Of peOp,e clearly and distinctly stated BY ex-
senator George F. Etmunds. Of Vermont. In an In
terview at the Holland Iiouse yesterday. lie said
that It was bccau,c tho people believed that the
Democratic party would. because they feared that
II might carry out the harmful policies for which u
declared year ago that they were not Wiling 10
embark In new ventures 10 maintain those
which they Ind begun. II was because there was
lack OF confidence In the Democratic Administrator
he said that money tight and BUSINESS poor ms
state Of affairs predicted BY The Tribune ana
other Republican newspapers during the last conf
paign the Logical result Of Democratic victory.
The prediction has true hard times have come
and many people who wanted change last ran
havr had reason TO regret their wish.
The Democratic party said Mr.. Eimunds IN
response to question to the cause OF the pres
ent financial depression "in It's platform during the
last campaign declared Tor tariff for revenue only.
That was undeTs TODD by ninstenths Of the people 70
mean that the Government should raise its revenue
hy assessing a tax Without regard 10 the effect u
would have upon the industry the products OF which
taxed. such taxation would result In changed
nd lions. great hardships to certain industries. un-
certsiniy In all. with the natural result Of cessation
Of effort smaller for the wOrlunen and fewer
hands employed.
The Democratic party also declared for what the
silver and OF the gold men believed to be
free coinage. and 1t declared also for state banks.
Now, that the smoke of the battle has passed away
and the people are brought face to face with the
Democratic party In power. pledged to change ex-
is ing conditions. pledged to experiment with new
and TO reenact Others that have been tres
and found wanting. they realize their Insecure po-
,ton. The people lack confidence In those prin-
ciples which are proess"d by the Democratic party
"whaf do You think will help to settle the pres
ent diffcuies'' asked
Il have no legislation to propose beyond the r.
peal OF the sherman law and the return to the
monetary laws which existed before 1873. have
doubt that the operation OF the sherman law naS
helped to bring about the present crisis. There U
also great truth of history illustrated by II. that
a great prosperity comes In waves. When the wave
comes times good. money is easy. the Govern
ment is In good hrnds. and everybody Is prosperous
In degree. But there + crest Of the wave soon
formed there Is wild speculation. Ovcrpro1ucon ana
cxtravagance At last the crest OF the wave VIII
break and carry destruction with It.
when passed the Sin rman act we were D.
tween the devil and the deep sea: something had to
De done. 4 crisis impending. voted for the
measure and am willing 10 take my share OF the re-
sponsbility, although was not personally In iavS
Of II. canvass showed that N We did not Dss
the act the silver mru would pass free silver bin.
OF the Republicans would have voted for free
coinage bill | voted for the sherman law TO gre
financial cr,is or a free silver BILL Inc
Senators from New-York New England. N"wJersey
ard Maryland voted for the bill for the same reason
| urged in the caucusses that the operation Of the
act be limited five and then 10 ten years. but the
amendment not accepted.
Il believe that II We had Lot the crash come.
the country to-day. even with the Thermometer ut
80 degrees in the shade, would have been more CON-
Portable. The crash would have come AMI We should
have recovered.
Il think II would be- well TO go back 70 the cur
rency law which existed before the Bland law.
Gold was coined at the mint free OF charge silver
also coined upon the payment of s'isnorage by
the owner Of the bullion. and If not enough FIR the
needs of the currency presented the secretary OF
the Treasury authorized 10 bay In SUFFICIENT
quantities In th, way the demand and supply
regulated itself and silver not driven out OF use.
| do believe In dispensing with silver. III such
arrang, mcnt cannot be made. why not nN new
ratio between gold and silver based on the present
market value No such ratio would be permanent.
II would have To b., changed from time Ia tine as
the production Of gold or silver Increased. But I
think fair ratio EAed now would last for twenty
years.
Il have not much faith in the settlement Of the
currency question 10y international congresses. The
European idea OF III" USE of silver Is different from
ours. ~, A., .,
What 1, your opinion on the Hawaiian question ],
E" am not IaNor OF ani-Aing Hawaii, but
think We should take good that no other nation
set> the Islands. II W. should annex the islands. Il
would De- only a question Of tim" wh'n we -h)u0
admit them IL state. They would then have
Two senators and b. powerful IN the Senate as
the STATE Of N.w-Y York. This l. ony one Of the
MANY good objections which have been Offered.
think tnd states ought To make close treaty.
uactc NV aDIismng Il pretnrlte over the sl1nds.
keeping American influence predominant and making
thor interests Identical with the Interests OF the
t'nf.d States.
what do YOU think Of the Russian treaty. You
Aav. read II Of course
Yes. | read II when was senator II Is q
good treaty. There i no danger that political
criminals as known In this country. will suffer.
A. 10 those who put poison In the Cars tea throw
bombs into hi. bedroom or How up the trains on
which ne travels. think that there l. no objection
To turning over such political criminals for punish
ment. The Russian people are not In Il condition for
any form OF government except an autocracy. The
cClOed population OF the south at the close OF the
iiyi WI were better able to rule than are the
Russian people to-day"
Ex-senator Edmund, t. on his way TO his homo
In Vermont from California whore he has sp'nt the
winter. lie looks well. and says he Is feeling much
better han when he In active political life.
lie Will reman In this city for about week.