New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-04-23
THE PRESIDENTS POSITION

Disnatcbes from sources suppo>eu 10 pc Wo>I
prouptly informed by a Democratic AdmihlS-
rattan ron,c,ont shat the President himself
n,oventcd \ refusal on Friday Afternoon to le'
deem new Treasury notes III goiu' Much Sf'"'
God that thl. dangerous step was IN any way
,',o,on,od tho bu.,ress world began to regard
,ho situation with decidedly greater confidence
and tho change was 50 marked that the Pre>i-
Jor, NAV ,udco how serious would have been
,ho consequences !! gold payments had then
been refused. and also how prooao'e II IS '""O
,eyjyjng confidence. if strengthened by posi-.
five assurance that the entire go.d reserve anu
thc resource, of tho Government VIII DC use"
rrhos;totincly 10 maintain gold payments on
all tho ,ooaI.tender notes, will diminish fur
,hor cxnorts of gold and bring TO the aid OF
,ho T,casurv the reserves Of gold in this
country.
As vet no such positive assurance mas been
given. The best that can be sad Is that the
President decided not TO suspend Sold pay
mont, for Treasury notes in the state OF lactS
which existed on Friday or Saturday. In eX-
nlanat-on il is SAID that the impairment OF the
bullion fund was REGARDED as only temporary
and that the future policy of the Government
in rho matter would bc determined in Cabinet
meeting on Tuesday If this is correct, the
uncertainty still remains, because further en-
po,;S of cold or other changes In the clrcum-
stances. or possibly the alternative OF chahge
IN his Cabinet might lead the President ch
Tuesday 10 agree with Secretary Carlisle VINO
has evidently been disposed TO pay Treasury
notes in silver only. However strong ma! De
the reason for hoping that Mr.. Cleveland VIII
!. consent t. that step, Tho division OF opil-
ion among hi, advisers and IN his party places
the business world in doubt. and exposes II 10
all the evil, of uncertainty until the question
has been definitely settled.
II will not be sufficient 10 remove that I'M
certainty If i. Is merely announced that the
Administration docs not regard modeiat" ana
po,>ihv temporary reduction Of the reserve -
reason for 4 change of policy. The entire goa
rc,orvc is held for the protection of gold notes,
and il would amazingly weaken the Govern
mcnt = allow it - be understood that only
-. coo. 600, or $40. 100000, or S2O.0oc'0oo
o, that reserve could be used, without bring
INC failure ~ redeem no,cS in gold. TN tbI'
poiat especially definite and positive assurance
+. nccicd. b cause Of The absurd uttoranc'S OF
foolish friends and advisers Of the AdmlaiStra-
ton. some Of thcm have been anxious 70 fore"
silver payments, and some Of them have been
anxious +, force sales of bonds but with differ
cni motives beth have given most pernlciouS
advice. The strength Or the Treasury lies IN it>
wh.lo reserve, and not III some small ir@tltn
If II.
Nor should the rrc.dcn; stop short of
declaration Oi HI, intentions an regard t. al
issue Of bonds. THE tribune does not be-
licve that such a step j. now necessary, ana
has great doubt whether 1t would do much
good. But the business world with singular
unanimiry suppose that this last resort would
surely be effective. The President may there
foic feel IT has duty 20 thy that measure thor
oueh.v, whenever there i necessity, before con
GLIDING that his power FIR the protection OF
the public credit has been exhausted II Is
plainly host for him and for the country that
his beliefs and intentions on that matter should
he made known without reserve, and in such
positive form that the business world can know
what 10 expect, and need no longer he dis
tuIbcd by contradictory rumorS about the opln-
ion, Of TIN, on that subordinate official Of TIE
Government.