New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-10-31
REPEAL 1T LAST.

The weary war of words in the Senate has
ended, and the Repeal bill has passed in spite
OF determined opposition for two months by
a majority of Senators. The thiry-nine Demo
Gratis who signed Il compromise bill, ana the
ten silver Senator's and the four Popullsts were
a majority large enough to cause delay, as
TIE TRIBUNE long ago anticipated. Thanks to
the firmness of the Republicans and the Presi-
dent. q decision has at last been reached when
ought to help business rot Il little. Only by
the patriotism and stcadfastness of the RepuD-
leans has it been made possible to repeal a
measure which Republicans were compelled III
1890 to pass as the only way to prevent some
thing worse. Had they yielded in the least
when thirty-nine out of forty-fve Democrats
agreed to compromise, it Is plain, as Senator
German declared, that the Repeal bill would
not have passed. The Democratic leader mas
tried TO cast the entire responsibility 1or the
repeal upon the Republicans. The vote last
nights for repeal and - against II, suDs'ah'
tally the same vote by which free coinage was
defeated last weck-proves that they accept the
responsibility. Though the bill has yet to go
through the House again, IL Is believed that
the final vote there will not be delayed more
than 4 day or two
Two sets of prophets have informed the cour'
try what fruit this bill will produce. Optmlsts
I'm speculation ami men whose only political
opinion is worship Of the President, are sure
that the repeal will usher in an era OF the
grandest prosperity ever known; that Stocks
will advance prices rise. failures cease, trade
revive. and The wheels in mills now silent Will
everywhere begin 10 turn. Everybody hopes II
NAV be true. The silver Senators ana their
supporters in the Democratic party make other
predictions They predict that the suffering OF
mankind will surpass all past records OF disas-
ter: that India will shut out silver by duty;
that the price will fall so far as 10 close all
our mines; that this further disqualification OF
silver as money will depress prices OF products
and labor throughout the civilized world ana
that the suffering and loss in this country Will
be so frightful that at the next opportunity the
people will turn to free silver coinage for relief
The truth is probably TO be found between
these extremes The quantity of coin used rs
money in the commercial world no longer makes
prices. Confidence counts for more millions
than coinage. Business makes money for IT,
self. when it has the assurance OF stability
Silver may decline in price, without affecting
to the smallest fraction Of cent the value OF
any dollar exchangcable for gold The silver
States may find, az the wheat States and the
cotton States are now learning, that 1t pays
best to produce no more Of particular product
than the world requires, and that o0OOO0oo
ounces Of silver may bring more money than
60 900, 600 ounces Nor will it be in all respects
a disaster TO most Of the sver-producing States
| IL they are pushed by the progress OF events
to rely more on agriculture and manufactures
| and less upon the hazardous ventures OF
| mining.
| 1t is not likely that all the bright hopes OF
the optimists will be realized The troubles of
trade and industry have been due in part only
| TO uncertainties about coinage and currency.
| and even those uncertainties have not been
| entirely removed There is still the prospect
that some Of those who have voted for repeal
| Of the purchasing act, like Senator Hunton,
will proceed at once to fight for silver" In
scme other form. Limited coinage will next be
| urged and coinage of the silver held on de-
| post as Il trust, and then unlimited issues Of
State bank paper, and all these possibilities OF
evil will tend to lessen the good effects OF the
| vote for repeal. And behind all questions OF
currency there is the question Of duties on im-
ports, which directly threatens thousands OF in
| dlistrial works and the livelihood OF millions.
| Meanwhile, the effects Of past disaster cannot
| be Immediately removed. Overconfdence re-
| gartling the results Of repeal may not end well.
| But the sense Of relief from part Of the ap-
| pretended dangers will be likely TO give a dis
| tinct and most gratifying stimulus to business,
| and thus will help the country greatly TO with
| stand any trials that are TO come. Confidence
| will increase without doubt, and within limits
| confidence creates business and makes prices.
| The optimists will probably be found more
nearly right than the silver men in their csl-
| mates OF the future, and the country will find
| reason for gratitude TO those who have done so
much by passing the Repeal bill, to clear away
uncertainties and pcrs. The President de-
| serves honor, the more because he has been at
| war with a majority OF his own party. The
| Republicans in Congress- and especially those
| who have endured the long strain In the Senate,
deserve honor because they have proved faith
full TO the public interests, though at times par
| tisanship might have prompted n different
course. Their reward will come in the npprecl-
alton Of their fidelity by intelligent business
men Of all parties.