St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-07-06
DECLINED WITH THANKS.

The Pioneer Press thinks that the
GLOBE had Better Keep Quiet" We
are willing to go the full length of our
cable-tow to accommodate our ever
obiiging and disinterested neighbor,
but, really, we can't do this. If we
were anything else but a downright,
outright and upright Democratic paper;
If. for instance, we were 6 Pop, we
would want to keep silent all the time;
and if we were Republican there are
many things on which we would con-
slider speech too golden to be INDUCED in,
such as Republican fiscal policy, for
one instance.
Nor do we consider the reasons given
for our proposed quietude as sufficient.
1t is true that the Republican policies
have been permitted to remain in con-
troll of this administration great deal
longer than the GLOBE liked, and the
GLOBE hasn't hesitated to say so. But
it is Just possible that President CLEvE-
LAND considers that it is one of the
amenities of political warfare that a de-
centinterval should elapse between the
battles royal for the interment of the
dead, and TO let time partially assuage
the frantic grief of the mourners. If
this is so, surely rebuke of it i'll becomes
one Of the mourners. Anyhow, Mr..
CLEYELAND's is sin of omission,
which is venial as compared with these
Republican sins of commission.
But We should keep silence because
Secretary CARLISLE has trenened ON
fhn tNaaiy NNnn hof
ponds. There are worse things than
cutting into that fund ten or twelve mill
ions, or even fifty millions, for that mat
ter. Secretary CARLISLE used the
money because he wouldn't do worse
things. Secretary FARCHILD turned
over hundred million of clean surplus
to his successor. By dint of holding up
authorized contracts and scraping-
"cheeSe pairing" Our Republican friends
call it when Democrat does it-Secre-
tarY FOSTER just escaped turning over
a deficit to his successor. In fact, Com
missioner LoCHREN in his bureau saved
enough to more than make up the beg
carly two million surplus which the
treasury had at the close of the fiscal
year. The free gold had about van
ished, and the SHERMAN notes given for
silver bullion were coming round to
the cashiers window for redemption
about as fast as issued.
Now, candidly, what would our con-
temporary have done if it had been in
tue secretary's place? There are three
things he could do. He might redeem
the notes offered in silver dollars.
He might issue bonds and sell them
for gold. He might use the gold
reserve. He had to do one or
the other Of these three things.
There was one thing he could
not do. He could not refuse TO redeem
any of the notes of the government as
long as there was dollar to redeem
them with. Now, candidly, which of
the three courses would our somewhat
captious neighbor have taken?
If he paid out silver dollars in pay
meut of any note it would have been
the spark to the powder magazine.
The explosion would have sent gold
out of sight. If he had issued bonds,
using the plates Secretary FOSTER had
had engraved for that purpose. he
would have only entered on a vicious
circle in which bonds would have
been chasing gold, and silver notes
in turn chasing gold round and
round, like a dog hunting fieas on
his tail. He chose the best, and, as re-
suits show, the widest course. When it
was seen that the secretary was using
every means in his power to keep the
paper money at par it steadied conf
dence in the governments ability to do
it. That confidence has been the one
thing that has remained mistaken. Its
bonds have not fallen; gold has not
gone TO premium: every note is good
for a dollar. If trenching on the reserve
had been regarded as dangerous, there
would have been a mad rush of bill
holders to the treasury to get gold.
There was no rush at all. This alone
shows that the secretary did what the
business world deemed the best thing to
do. 1t was an evll,of course, but it was
the least of them.