New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-12-19
ORR PANIC M4RERS.

Secretary Carlisle has achieved bad eminence
In one respect. In fifty years 10 o'her man h's
ever caused many pancs Wheh he put
through the House his 3 per cent Dahk DILL
dozen years ago, the surrender or circuia'ioh u!
the banks startled everybody. and prices Vi
stocks fell about S2000O0OO0 in week Nheh
he talked Of redecming Treasury notes III s'l'er'
eorlv In 1893. the. most disastrous panic Tor
fifty years began at Now his Currency
bill has knocked a hole In the bottom Oh 'le
Treasury and the loss Of reserve VIII SILK It, II
not soon arrested. Secretary Carlisle mas ho'
meant to do harm in any OF these cases. lie
simply does not comprehend the cohui'iohS
which are necessary to the safety OF the
finances The failure of the ADMINISTRATION 10
cram its Silver Currency bill down the thFoa's
Of Democrats in the House before the holidays
probably means tl.at the bill VIII 1aii i'll 'h''
body. as il would have failed In the Senate
If members wait TO hear from their CONSTITUENTS
they will not support the bill. If they wait 10
see what the country thinks. the withdraWalS
of gold. over S4OOO0O0 Monday, will enliShten
them What irrcvcrent Democratic Journals CAL
This halfbakcd bill" which Secretary Carlisle
saws he hastily dictated TO a stenographer. never
should have been submitted by the Adminlstll-
tion But as that blunder has been made, the
only way TO repair it is to Kill the DILL
Democratic members Of Congress should 90
this without unnecessary delay. 1t is not time
,o Stand ON ctiouettc when Il drowning man Is
,o be saved The Administration had no decent
rosnect for the intelligence or the conscientious
feeling of the House when ii attempted TO iorce
,broupb this botch of measure before anybody
could read the testimony taken about II, ana
IN n
cate about the feelings Of the President or Secre
tary. Mastery is good when II Is genuine Wheh
If proves its right by thoroughness and wisdom
in leadership But bungling and laundering
mastery is a thing TO be- resented by every man.
The reasons why this biz ought 10 be quickly
bcoteu is that it is pregnant with panic. Every
hour il remains pending. with the possibility oil
p,ssinc. II does incalculabc mischief OF course
other causes contribute 10 produce the heavy
outqoes Of gold. lust as other causes contributed
in 1884 and 1893 TO produce The disasters "i
those wears for even Mr.. Carlisle does not be-
get panics entirely alone. There must he con
ditions which make 1t possible. But when the
party of disaster gets full control. there Is III
voriably some Democratic financler TO touch of
| the explosive mixture. and twice in ten years
If has been Mr.. Carlisle He will be fortunate
| from present appearances IL nv wv" NV '
another serious financial depression To his record
| this year.
Gold going abroad at the rate II has been
going about S6.JOO,OOO i'll ten days. al uin'
when exports exceed imports or nierchahuiSr
| from S2O.OOO,OOO TO S3O.OOO.OW per moh'h' n"'
bad look But that Is a small part "i 'n'
trouble The Treasury has lost Sloooooo" eo'u
during these ten days-about three times n lh"ch
as has gone abroad. If President Cleveland anu
Secretary Carlisle cannot understand ana pe'S's.
in partisan financial schemes TO the extent III
smashing things. they will break Their OWL
record for panic making. No other party 10
other pair of financial wizards. ever produced
two pancs in ten years. but these men, II no.
body stops them, will produce three.