Daily Kennebec journal., 1894-12-19
Fishing for Forgetfu!ness.
On. Y. Tribune.)

Much credit Is given TO PRESIDENT CleNe-
land by some admirers for his shrewd-
ness in divcrting attention to the state
bank scheme, when he saw that the tariff
and other issues had brought defeat upon
his Darty. Doubtless the President him
self, and many of his admirers, consider
it particularly cute thing. If the good
people would only forget an earlier and
gross offence in their Indignation at
later, it might be shrcwd for the Tam
many rascals to give the Lcxow com
mittee some new infamy to disclose every
day. But as the crimes of Tammany
have accumulativc force, each new ex-
posurc deepening the impression made by
those which have preceded, 50 the follles
of Democratic administration do not
drive each other from memory, but each in
succession intensifies the wish of voters
to kick themselves for having intrusted
power % such a party.
How far the monetary agitation which
the Pres Gent has begun will make trouble
no one can judge just yet. Gold exports
began quite appropriately so soon as his
policy was announced, and the cOntinu-
ing distrust of foreigners in the financial
future OF this country is likely to cause
large selling of stocks and 0utgOes OF
gold for some time to come. The admin
istration will be properly held respon-
siblc for the consequences of this agitation
also, whether it ends in any disastrous
change of law, or only in prolonged and
depressing uncertainty 1t was very
unfit thing for any statesman to attempt
n general reconstruction of the monetary
system, mt a time when the business of
the nation was SO severely tried, but it was
thing particularly unfit and almost in
decent. for the leaders of a party which
had lust been overwhelmingly condemned
in the election, to seize the three remain
ing months of power for an attepnt to
defeat the peoples will by such a change
All this the voters are quite able to
comprehend, and il is not with great pa
tience that they witness a new attempt to
| force obsolete Democratic theories upon
the country after the voters have entered
their verdict against them. In a moral
sense ii is an impudent usurpation of
power, after such defeat, to use trust
which the people have withdrawn for
the purpose of carrying out objects they
have cmphatically condemned. The
effect will not be to revive confidence in
the party thus defying public opinion.
| President Cleveland will discover, it is
safe to predict, that his endeavor TO bring
bacl, wildcat state banks to curse the
country again will prove not moro popu-
lar than his income tax or his prostration
of home industries
The bill submitted by the secretary of
the treasury differs in no essential from
| the outline which has already been criti-
ciscl. IL does not limit issues of state
banks, but does limit issues of national
banks, TO denominations of $40 or more,
depriving national but not state banks
of the most profitable kind of circulation.
| 1t does not tax state, as it does national
banks. TO the extent of one per cent on
| their outstanding circulation, and this
also would be fatal difference 1t does
not require state banks to keep their de
posits Of legal tender notes in the treasury,
where i5 is pretended that such deposits
| would be great help to government, but
I allows them to be made with any official
the several states may designate. It does
not subject state banks, but does subject
national banks, to assessment by the gov
crnment in case the failure of one of their
number involves liabilities greater than
its fund ON deposit.
If the President fancies that this or any
other subject will lead the workingmen
to forget that large share of them have
lost employment for year or more, and
that nearly all have had their wages re-
duccd, when greater prosperity was prom
ised to them as a result of Democratic vic
tory, he will learn better. Every wage
Garner is reminded every time he draws
his wages that the Democratic party stole
success in 1882 by lying to him, and has
inflicted upon him the most serious in
dustrial reverse the country has seen for
fifty wears