New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-04-24
COST or DEMOCRACY.

COST or DEuOt raw.
The country was reminded last week of one
excellent reason for It's exclusion of the Demo
cratic party from power for thirty years.
About money that party was not trusted, and
does not Yet behave Us if it ought to be trusted.
The heavy loss of gold, the alarm last week
which might have run into panic, the severe
decline in stocks and the failure OF some great
manufacturing works. were proofs of doubt
whether the public faith will be or can be
sacredly preserved with Democrats in power
1t is true that President Cleveland would not
have been elected if it had not been believed
that he was better than his party. But when
the question came whether part Of the legal
tender notes should be redeemed in silver only,
the President allowed four or five days to pass
without correcting the belief which declarations
by the Secretary Of the Treasury and other
prominent Democrats at Washington were pro-
ducng As early as last Monday, dispatches
were sent from Washington to Democratic
journals asserting that new Treasury notes
would be redeemed in silver only Immediately
after the Cabinet meeting Oh Tuesday such
dispat hes became more frequent and positive.
and editorials bazcd ont which were obviously
designed TO defend Il policy supposed 10 have
been decided upon Prominent Democratic
Senators rushed into print passonately Ia sus-
tain this step. and if Democratic dispatches are
net in error some of them went TO the Pre>-
dent with strong talk in favor of it. But for
four or five days Precedent Cleveland saw these
statements published, and learned that the
money markets were anxious. and that stocks
were thrown overheard in great amount, and
,1tJ net fn /
afternoon, when it is asserted that he acted
upon statements made to him by Assistant
Treasurer jordan.
In the light of all these things il can hardly
be believed that Secretary Carlisle did mol sup
pose he had the full approval Of the Pre,i-
dent for the step of which he spoke so freely.
But further. "a late as Thursday evening the
President revised and altered the financial
statement sent out by Secretary Carlisle, and,
though he altered il much. he Yet left enough
10 convey 10 almost every mind the belief that
silver payments IN new Treasury notes were
likely to be ordered. II can hardly be unjust
% Mr. Cleveland 10 assume that this WAS his
own expectation When that document left him
lac Thursday night. Now the business world
is very thankful indeed that the President came
to light decision the next day. But it would
have been worth many millions 10 the country
if he had arrived al ii some days sooner.
The point of largest importance is that an
overwhelming prejudice within The Democratic
party faNorS silver payments. and opposes sales
Of bonds 10 obtain gold. Senator Vest warned
the President that any sale would settle the
chances of the Democratic party even i'll Ms
souri, 1t is not strange that Secretary Car
Isle from Kentucky inclined toward paying
silver on Treasury notes. The fact 10 be
noticed is that the pressure cf Democratic
opinion was 50 strong that the President him
self appears 70 have been al first disposed -
Weld 10 it. Nor does it yet appear to be posi-
lively settled how far the depletion Of the gold
reserve can 60 without leading the President
10 assent to the refusal Of gold for Treasury
notes.
This is a costly state Of things for the country.
Yet il is perfectly natural. and even almost in
eyitable, because of the intense prejudice which
| sways Il great proportion of Western and
Southern Democrats against Wall Street con-
splatprS." and gold bugs" and money lend
ing sharks Of the East The language Of
many prominent Democrats a. Washington
within the past week has been revelation to
some Eastern supporters Of President Cleve
land, and they begin 10 Wonder how he can
ever expect TO do any good with such party.
lie has lifted il into power, however through
the confidence of some people in himself, and
like the fisherman who set loose the afrit so
long confined in the bottle. would possibly be
glad if he could get it back into confinement
again.
The trouble has It's origin in the fact that
the business world does not know how far it
can put any trust in the financial action Of
the Democratic party, even with such Il man
as President Cleveland TO stop it sometimes.
All last week there was doubt whether he would
stop the mischief. and when Congress gets
toge,her there will be doubt whether he can
stop il. The men who began 10 sell stocks in
November, 50 that gold began to 60 abroad
that very month, had doubts which other pco-
| pie are now sharing, and which make the last
| election somewhat expensive to the country.