New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-09-04
THE PRESIDENTS PROBLEM

II cannot be that President Cleveland wishes
to see his Administration rendered meino'anie
in history by the worst prostration OF industries
ever witnessed in times OF peace. me Sl"iS
and sncers OF his friends need no attention;
Tur TRInI-Nr does not believe that il he I'M
der.t,o1 the situation exactly as il is he would
snffer tariff agitation to follow the great
danrcss;on of industries which has been vat
messed He conceiveS that this depression
has been entirely caused by monetary uhcer-
,a;ntics But he can surely see that while
assurance of repeal of the purchasing act ana
= sudden and vast addition to the money Ill
circulation, have kindled new hope III every
speculative market. so that astonishing ad-
vanca. in price have gaddened the hearts OF
oncrator.. there is NJ such glad recovery III
+ls, industries. Money has become more
,Lnn6on; than il ever was in the tunes oil
cre,tosH prospeli;v and some establishments
which st,pped onlY because currency was nara
70 ger or for merely temporary reasons nave re-
sumcd work. But the number OF manu-
featuring establishments stopping work IS eacn
vec, greater than the number resI'lnIng
No doubt it is true Of some manufacturers
as they state that having first stopped ior
other reasons they now prefer to wall Wl'hou.
further risl: until the question about the Gii'
has been decided 1t does not matter lor 'l'e
present purpose how many closed Tor one reason
or aupthcr if thci: continued inac,On i u"e
+, thp expectation of radical changes N'''ncr
does if matter for the present purpose Whe'her
Mr. Cleveland is night in thinking that his par'!
con somehow so reduce duties as 10 geo Hu
MUGS y.
Tbn orca4 BODY of manufacturers THINK olher-
wise. and their opinion controls thelr ac"o"'
Neither is it necessary to Judge Whether manly
establishments now closed may not be eli
outraged TO activity by abundance OF money
and prevailing hopefulneSS IT only part I'll
h,sa NOW Idle remain 50 until Congress has
,c,od an the tariff question, the proStratdon ana
disaster are likely by that time to have be
.,u,o 90 GREAT that President Cleveland VIII
view the consequences with intense regret
The expenditures for ten months to come
have been determined by appropriations OF the
lost Congress. If the revenue had continued
60 increase ~ il has increased under existing
laws if would have barely suhccd. But the
decrease i'm revenue was S9JSS,l'5 III inc
u,pth of August alone. or 2S.G per CEN. NC
| orpatnr decrease LOT the tltiic .'H' "''' -"
| or Sl1O.O55.G46 of The revenue, leaving az
enormous deficit If great number
ncrsons are to be ont of work. or 50 REDUCED
:, ,boir wages that they feel forced to tn
utmost economy. Suoh shrnlsagc OF revenue
i NOT improbable But what revision Of tarii
could then lie made with safety?
In some way about sos, 100000 must ~
reoliz,d from duties on imports for the crhren
yeag in order to meet appropriations alieau'
made In two months less than So 600, OO'
hove Lecn realized. and if uncertainty con
,nues only two months longer the decreaN
Of the rat, of Angus would be about Slo'ooo'
ooo 81 that less than so 100000 would b
realized in the fist third Of the year. How
are duties to he radically reduced 50 that 9i'''
600 900 may be yielded in the remaining TWO
thirds OF the year against only Sl3o.ooo'oo
Yielded from the present talilf in the sam
months last year? More than half the I'm
,o,ts are now free Either these must b
made dntiable or higher duties than cow eN
ist ON the remainder will be required to avoi
deficit this year, even if imports should b
Is large as they were last year. BIT VIII
the probable decrease Of quarter or mn
! in imports it would be simply implactIcabl
70 make new duties on reduced scale yIcl
the required revenue.
The President does not wish to begin h
first year by issuing bends to meet a dehci
But unless he speedily restores confidence
industries by assurance that they shall have
chance 10 recover from their depression b'
fore any change of tariff is made, he may
forced to issue bonds for a large amount an
to sec in all cities families By the thousan'
fed. as they are now in Chicago, at public O.
pcnSe.