New-York tribune., 1894-01-16
CECPETfRY C1RLTSLES TROUBLE

Secretary Carlisle. according to dispatches IN
Democratic papers. now proposes TO issue 'he
long-tcrm bonds authorized by old acts. unless
Congress quickly gives him other means OF
raising money. 1t is safe to say that Congress
will not be in haste TO do anything OF the SORT
A part of his own party tell him ne can Sei
all the money he wants by coming silver. ana
it would be infamous. they say. to mortgage 'he
country at high rates Of interest to the pohd
holders when he could make the money re-
ouircd without any loan or tax. All the he-
publicans on the other hand. know that ne II
short of money only because he has been urg
ina, n revenue smashing bill. and thus has
causod imDorts To decrease about SGO.00O.OOO
and the customs revenue to decrease S3OOOn-
600 in the last half year. They know that he
needs TO borrow money only 10 carry through
his scheme Of breaking down Protection. throw
irr away $4,000 600 of revenue now derived
from duties on imports. and compelling the
millions to pay that sim in direct taxes 1t IS
not the business of Republicans 10 help him III
that operation.
If the Administration insists upon bankrupt
Ing the Treasury, because ii cares more Tor
Democratic theories than for public welfare or
National honor it can do so. The people have
given ii power, and propose to see how mat
power is used But meanwhile the Administra-
ton may proftably consider what success 1t
would have in borrowing money If 1t should
fail to arrest the unlimited paper imitation
threatened 10y the bills TO coin the scigniOrage
and the bill TO revive wildcat State banks.
These measures. every business man knows
would revive in n most acute form apprehension
regarding the monetary future. No one could
then be sure how soon redemption of notes in
mi, ,,l,, nvn In
gold has been drawn out Of the Treasury since
the last panic ceased. Loss of Il smaller amount
in addition might at any moment start the de-
mand for redemption of notes. and the Treas
ury would then be liable to lose all It's gold in
few lnyS Men who know these things Will
look carefully at the laws. and see what sort
of bonds the Government has power 10 offer,
before they put up money. They will find that
il has no power to offer Il bond payable either
principal or interest in gold. If the bond can
he legally paid i'm silver. and If Government is
liable to lave nothing but silver and paper 10
pay with what will business men give for that
| bond? Perhaps not quite rs much as Secretary
! Carlisle supposcS.
If the Administration wishes, can II stop the
! two dangerous measures OF paper imitation I:
! The President alone knows what pledges he
gave In order to pass Il bill intended To show
The country that the panic had no other cause
| than the purchases Of silver The bill passed,
| and results cOncusivcly diSprovc what the Pres
/ idenr asserted. Dut his pledges remain and he
/ has 10 deal with Senators and Representatives
! who are tired Of being led like sheep into dis
| grace and defeat. Is ii possible in any way TO
/ assure business men that Congress will not
! pass the scignioragc and State bank bills. and
that the President may be able TO refuse his
| signature?
/ If Mr.. Carlisle only sees IT, The Tribune gave
/ him the best advice he has yet received from
| anybody when il warned him to make business
| prostration an excuse for dropping tariff agta-
ton entirely. If he bad done that when Con
! grcss met In August. his Treasury would not
! be in need Of borrowing in January.