The times. [volume] (Richmond, Va.) 1890-1903, 1894-06-30
The PRESIDENT md the Cnrr.ncY

We reprint from the New York Journal
Of Commerce the following admirable ar
ticle which should be read by everyone:
1t is much 10 be regretted that, I'm M.
CICVeland's late NtteranCts upon matters
affecting the public credit. he should have
Made no mention OF the currency Condi-
tiDas which constitute the main factor in
the financial unrest, supposed, OF real,
which he sought 20 allay. This silence IS
Of "A piece with the explicit avoidance OF
all announcement TO prompt legislation
Oh the paper money question W1och the
President has hitherto persistelty main
tanned. To the urgency OF an intelligent
financial opinion and 10 the appeals OF
his truest and most conservative support
ers in the House, he has, for unknown
reasons. been irrcsponsive rs the SphynN.
If the President feels that the question
involves differences of economic theory
which belong more 10 the province OF leg
satOn than that OF administration, 10
ought at the same time 10 be- very pam
10 him that it also Involves a most ob-
vious ana vital question of practical IL
nance. Who more than the President and
his Minister Of Finance is concerned with
the fact the Treasury has now outstand-
ing a larger amount Of demand ohliea-
lions than IL can properly take care OF
that its credit seriously suffers in coisc-
qucnce; that. from that sole cause It's
gold reserve was last year cut down 70
Onc-half ifs normal rate and, after re-
Punishment. is now AGAIN similarly cN-
haustcd. and that. while thus exposed,
il has nc specific control over its fold
income, and, al present, is receiving VIZ
fualN nOnet Are these matters ABOUT
which the Administration has no direct
concern, and about which its ChleI. When
seeking TO avert incipicnt djstrust. can
afford 10 be unsuggcStiVe and silent Hl
the public cease 90 note such grave CON
litiOne because the President rs mute
about them WEI not what the PresiIeh.
seems 10 deem prudent reUcence u'iD1'
the very confidence be seeks TO encoAi-
agef This method OF facing a scrons SIT
uatiOn Is one which our people 90 not uH-
derstand and will not accept H. lnslt1u
OF issuing sO-callcd interview Hant
I'D largely OF cajoiiug conccalment7' INV
President had addressed To me LeIIsl"-
ture q message faithfully eNHIDllHt 'ti'
situation and the treatment IL Ht''.'
Congress could not have refused 10 appF
the remedy: and the result Wouib Jaw
been the re-cstablshment or cohIa'i,
upon a broad and pcrmaneht bt'ia'
%othing could be more aiscouratlnt '.t"
this attitude of evasion, ana il l4 .Ny
more inexcusable because the country
would certainly rally promptly ar0und
the president in any straightforward e.-
fort to eliminate these perils from the SIT
uation.
1t is all very well to grardly boast
that the credit of the government Is
imprcgnable If that were true, it would
be no excuse for iudinerently t0lcraung
any element OF weakness I'm us finances.
But AZ is not true No government can
enjoy untaruished credit so long as II
issues its sight obligations reckessly and
without due safeguards for their pro-
lection. No government has yet proved
able to preserve its financial reputation
in the face Of bad fiscal management
and the concealment Of ITS points Of eX-
nOsure: and two great runs upon the
Treasury Tin 1893 and 1888. u which even
the banks were compelled 10 become
contrbutOry, show too plainly that our
government IS no less exposed 10 dis
trust than others. Nor Is the President
or the country warranted IN huGglug the
cheap consolation that. IN situations Ike
the present, the ba-ks VIII como 10
the rescue Of the government. That Is
no proper function Of the banks; nor
any proper attitude for the Treasury
The public finances should rest upon "A
basis that will shield them from all such
dependence. and the banks cannot pro-
tect the government against illegitmate
exposures without iniicting suffering
upon the whole country. In g general
sense. IL is true THAI such is our national
resource. that no evils can befall the
public credit from which we cannot eN-
tricate ourselves, and that more speedily
than any other nation could. But il is
rot, on that account. the less i refiec-
ton upon our methods of government II
We fail TO protect our obligations against
discredit.
The failure Of the President TO appeal
TO Congress under the existing situation.
ana his nOn-cO-OpcratiOn with Congress
men who have sought his aid in further
ance Of ncedful legislation. however.
Affords no sufficient excuse for legislators
allowing this whole matter to go by
default. II there Is TO be a complete re-
covery OF confidence IN the bass OF fl
nance. Congress, with or without the
President, must accomplish some such
readjustmcnts as the following before il
adjourns:
!. Provision should be made for the
gradual fnal redemption OF not less than
one-halI or the now outstanding 500 900
900 of United States notes. the excessive
Volume OF which Is the chief 1870. -