New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-17
generous enthusiasm which inspires them and
which they inspire.
MIXING 4 SCAPEGOAT.

Senator Carlislc's statement of the conse-
oucnccs of the silver law, and "The New-io erik
Ucrads, statement of the same nature have
ono fatal defe,t They attribute t. this enact
mont results which are fairly attributable to
many other causes. For instance, IN the long
a. orco,tc of lo.ses sustained which "The Her
aid, prints, the largest item, nearly $4,000
600. results from the decline in the market
valuc Of Reading stock. Over S33, OOO,O 600 OF
the shrinkage in value Of bonds, or nearly
ouortcr. wa, also in the securities CT this one
c,mn,nv. Yet NJ man of fair intelligence will
rr,tcnd that the failure Of the Mcleod specula
tior,. the collapse of Reading stocks and bonds,
was due to monetary difficulties. This failure
came because of specuationS so reckless, ard
to stock and bond holders 50 unjust, that it
might have occurred and ought to have been
cypcct9d by those who knew the facts since
officially disclosed, quite irrespective CT any
change in the condition OF the money market.
NO doubt 1.-THE Herald would be among the
first 10 admit that the collapse of the Reading
combination was in no way caused by the sill
yer law. 1t was the outcome OF bold con-
spiracy which that journal has conspicuously
assailcd Yet the entire decline in the stocks
ard bonds Of that Company is included rs palt
of the consequences f The silver law
The collapse of the Wh.skey Trust supplies
another OF the Target items included in 1.-The
IIelalds" statement Yet tho failure of the
speculation in whiskcy resulted from the re-
fusal to make the expected addition to the tax
on that product, and the reports of the com
ranv have made it clear that nothing in the
G. ndition Ct the money market caused lis mis-
fortune. Tnc E,ccric Company, the Sugar,
and Cotton Oil and Lead companies, and others
If the same class. have met heavy declines in
their securities, MT berausc Of a silver law, but
because they were in essence consplraclcs
against the publ. which had broken down by
roas II OF public hostility and distrlst. These
facts arc well known t. ALL and as we'll known
TO The Herald" Is to anybody else and yet
the clire decrease in the market value Of such
securities is rcludCd in the losses reported us
resulting from the silver law.
Tbs cam t be considered fair or honest rca-
scnng, and il will MT impress the mind Il
those who observe events without prejudice.
Nor DIS Secretary Car'lc's statement in any
way support the pTctcnsion. He shows it is
true. that Government has lost b. It's purchases
9 Id fox bullion which is really not Sallblc, or
capable Of being u.ed - an asset Of the Treas
ury. and that this constant outgo Of gold for
silver weaken, the Treasury reserve. These are
all facts, and yet the whole Of the loss from
this SouIce might have been bone without the
slightest difficulty if there had not been dis
trus, regarding the financial action Of the Gov
ornm Mt Oh tie silver question. The one error
which makes all these statements unfair, AMI
really dishonest in effect, is that they ignore
the pr found dis;mst which resulted from Il
transfer Of power q a party which has for
fifteen years constantly supported the most
dlnccrou, financial measures. II there hal
been ~ fer Of Fl @ cpicagc as possible con
scqucIc, Of the Dem cratic victory last fall,
neither the ;il-tion Of credit nor the shrink
age IN value e stocks which has since been
with sci would have occurred.