New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-11-19
THE PRESIDENTS POSITION.

THE PRESIDENTS POSIIION.
D;spatchcs show that the President is 10
no attacked AS soon as Congress meets by the
Democrats of the West and South ana by the
Populiss on the ground that his Issue OF p"hoS
was in fiat defiance of Congress. was without
proper authority of law because the goa IL
required for current expenses ana not lor IT,
dcmpton of notes. and that 1t was unnecessary
and a wanton gift Of the peoples money l" Il
few bankers. While such an agitation Is To DC
regretted. it was pointed out TO the fr'Sld'h'
rs an inevitable result Of the course he mas
taken 1t was not pleasant thing Tor D'in"-
cratic Congressman TO have their shaih'lui
failure to provide for the necessities "i me
Government thus advertised before al inc
world That they cannot publicly resent pu'
they can lump on the President for rushing Tor
ward to put out bonds before Congress can
assemble. as if conscious that 1t would stop
such performance if in session
In President Clcvcand's previous controv'r-
sizes on the money question he has been cor
dally and patriotically sustained by Rcpubil-
cans without regard to the consequences 1"
either partv because he was in the right. But
i'm This case he will not have that advantage,
for II Is not possible To show that there was
real and pressing necessity for an issue OF bonds
in November or that the Treasury needed re-
punishment Of It's gold reserve week ago
when it was S62O0O0O0. as much as il did in
August, when that reserve was down below
So. 100000 There has been palpable sacrifice
of public to partisan interest, first III the dea!
during the campaign and then in hurrying the
issue TO anticipate session or Congress hu
most Republicans will probably 60 further and
deny that there is any real necessity h"W' aS II
has appeared there was none in August Tor
borrowing money on boLdS. They VIII ma II
easy 10 show that the President In August
could have insured great increase OF revenue
hy simply vcOing a tariff bill which ne d'-
nounced but suffered 10 become law for par
tisan reasons only, and that he could even now
restore prosperity and revenue in great de
gree. beyond doubt if he had the patriotism
To propose a prompt repeal OF the measure which
the people have overwhelmingly condemned.
Nor can Republicans who have practical
knowledge Of business commend the President :
course as the wisest at this time, considered only
as a means of raising money. one OF lis pra'-
tical results is that nearly S2unVoO gold mas
already been drawn out Of the Treasury In "N-
change for notes. 50 that II may be paid back
for the bonds offered. Possibly the consider
able sales Of stocks here on foreign account
last week had similar import The BRUSH
investor wishing to exchange American ran
way stocks for United States five per cents. had
ONLY 10 sell the stocks in New York. require his
broker 10 get Treasury notes for them ana pre-
sent those notes for gold. and then To bid Tor
bonds to the amount Of that gold. II has been
obvious that such proposal could not strengthen
the credit Of the Government. nor lessen
the disposition OF the people 10 hold notes in
stead Of gold. 1t will probably appear that the
President has helped those who would d"prcSs
the price Of stocks. even though he wanted 10
aid the opposite party and has only relieved
the Treasury for three months. II 50 long
1t has been one Of the most urgent duties OF
the President, if he meant 10 sanction large
reduction Of revenue to push through Congress
as an essential preliminary or part Of such a
measure some provision for raising money by
popular loan at a low rate Of interest. Prob
ably he could have carried through such pro-
vision before any tariff bill was passed. If he
had required his friends TO act with the Re
publicans in the matter. but there again he was
handcuffcd by his partsanship, and by his
anxiety to hold the Democrats together for 4
free trade tariff Now that the tariff has re-
suited in smashing his party, and left him nc
political future. it would have been wise Tor him
to muster SINGER patriotism enough To consult
! with the Republicans. to whom the people have
! voted the power. regarding the things necessary
| TO save the Treasury from embarrassment and
! danger His issue Of bonds was an affrOnt e
Them as it was TO the Democratic majority.