New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-09-13

peal H. II IL fair TO assume therefore that what
the so-called Sherman law has TO DO with Inc
present condition of finances 1t must now CO.
unless Mr. Clevelands party in the Senate prevents
Il. The rreat majority Of Republicans IN congress
are openly committed to it's repeal, as shown by
their votes I'm the House on the Wilson bull and in
the Senate by the debate which has already taken
place: and If IL fail II will be because the Demo
cratic Representatives and Democratic senators
who constitute the majority in both branches or
Congress stand in the way of its repeal II II Is
repealed il will be the joint work of Republicans
and Democrats If 1t is not repealed the respon-
sibility will rest upon the Democratic party which
is chargeable with public legislation, having been
intrusted with control of every branch OF the Gov
eminent
THE BEST MONEY Is THE SAFEST MONEY.
On the subject Of money the Republican party
stands where 1t has always stood. In the language
of the Ohio platform this year 1--WE favor honest
money composed of gold. silver and paper. main
tanned at equal value and under National ana not
State regulation" The best money obtainaDle Is
the safest money for all the people. Whatever un-
certainty may exist to other things, there SHOULD
be no uncertainty TO the value of the money
with which we measure the exchanges of the peo-
pie their products and their labor. That should De
as fixed and unvarying in value as human ingenuity
can make il. We do not want to strike do"h
either gold or silver. We want to use both metals
but we insist now, we have always INSISTED
that the one shall be at parity with the other TO
the end that may have the use OF both; ina,
each shall be the equal of the other intrinsicaiy
as we'll in legal-tender and In debt-payng power
The silver product of the country. one of the most
important we have, should not be Disseminated
against but some plan should be devised Tor us
utilization as a money which will insure. not the
displacement of gold, but the safe and full use Oh
both, as exchanges among the people. All .he
money have to-day is good. When the us
turbances in business began this year the out
in
largest in volume per capita ever known IN
our own history. The volume OF currency OUT
side the Treasury August i, 1879, was more IMAM
H,6OOOn0OO or S24 81 per inhabitanI against
$40 % In 1862 SIS in 1872, SO In lSai and sZS 10 III
1891 So that the trouble cannot have been want OF
currency but has resulted from want OF confluence
Not a contraction of currency by the Government
but a want of confidence in the proposed policy OF
the Government We never. in all our history
had so much money per capita as OASIS lor
business as we have to-day. But the money mas
gone out of circulation much of 1t has been
boarded through fear of the future ON August
G 1900 the bankers of New-York city had de-
posted with them $2S 49, 800 and their loans were
siSS 777,l00 On August this year THESE ueposi's
had been reduced TO sS729b, 2D-Sl55.5OOVoo had
been taken from these banks because OF the lack
of confidence which had seized depositors This
large decrease in deposits compelled reduction
Of loans to customers of the banks in the sum OF
$50 100000 The withdrawal Of sl5o,WO'oW by our
citizens to be boarded away and taken out OF me
active channels of business. compelled on the
mart of the bankers a reduction of more than
$50 100000 of their loans outstanding. and to that
extent $50 900 900 were taken from the acliFe
industries and enterprises OF the country.
With confidence in the future once restored win
an abandonment of the declared purpose 10 ihuOu"'e
a revenue tariff policy in this country with reso-
luton adopted by Congress announcing a pohcy
which shall be genuinely American. confidence VIII
con,e hack and this vast sum Of money VIII ma
its way into the banks and in due course into the
channels Of trade. The suggestion Tot STATE p'h
money, coming from any quarter shoulu oe
promptly rejected and the party proposing II
should be deprived of the power TO promote such
a scheme. The experience through which we nave
passed during the last three months should adnoh-
ish us that whatever other KIM OF money We may
employ State bank money should not De thoueht
Of Had our 100 suspended National banks been
State banks following their suspension would have
come dscredit to their notes, whicn wouu nave
been nowhere received and a monetary disturb
ance would have ensued that must have caused
universal bankruptcy and ruin Even as IL was
and bad as 1t was to have these National banks
suspend it is to be noted the credit OF the sys-
tenn that the bills of every suspended National
bank were as good as gold and pass as freely as
though the banks had never closed.
THE FEAR OF EVILS YET TO COME
The President in his recent message makes
statement he says:
II NAV be true that the embarrassment from which the
business Of the country suffering arises ss much from
evils apprehended a. from those actually existing
believe that in this sentence the President has
uttered a great truth, one which Will ma III the
mind of every thoughtful man quick anu ap-
proving response. Whatever other things may nave
contributed 10 our present condition, every man
knows as the President puts it. that the great un
derlying cause is from evils apprehended evils
which are yet to come-evils which are threatened
evils which 1t is believed will follow the executed
decree of the last Democratic National PLATFORM
He announces in his message the real evil 10 I've
unprecedented. He emphasizes the menace In almost
the last paragraph of the message, from "hich
quote in the following language:
1t was my purpose to summon Congress in special seS
sion early in coming september that we might enter
pofopy upon the OF tariff reform, which the true
interests country clearly demand which 80 large
majority Of the people shown by their suhrags, desire
and expect and to accomplishment Of which every
effort Of the present Administration is pledged.
This is the note of warning. This is the alarm
bell. This the evil to be ap2rehended. and the
most of all others which the country fears. and
because of which it Is In large part, suffering to-
day lie renews the threat Of his platform and
declares that every effort OF the Administration
shall be employed to carry it into execution. Re
move that threat, and confidence would at once
come bach business would resume its old cond-
ton: mills would start and idle men find Work ana
wages. 1t is the anticipation of tariff reform
free trade a tariff which has set the
country where It is. Who can doubt IL? That
revolution in our tariff policy is to be expected
admits of no doubt
The Democratic candidate for Governor this year
Mr. Neal. proclaims the purpose and policy Of the
Democratic party in the pending campaign in these
words:
Tariff reform must be battle cry Make the fight
active aggressive. from finish Success
will I'm such case assured The victory will be
q decisive one 1t will forever the foul blot
protecton from fair escutcheon OF grand and
mighty Republic The result will be finally received by
the members all parties the full and hna judgment
and decree of the people Of the entire country upon this