The Providence news. (Providence [R.I.]) 1891-1906, 1894-04-09

| unless some ueciueu steps ufe sooh e"hch
TO relieve the tension. The free gold in
the treasury is only above the reserve
figure by a very small margin, and
single shipment TO Europe would be
sufficient to wipe it out and once more
encroach upon the reserve; even In the
absence of gold expectations the treas
ury will soon be called upon TO cut this
"free" gold very heavily simply TO pay
the running expenses of the government.
There does not appear TO be any i'm
mediate prospect of an early solution OF
the tariff question, and while the pro-
posed great change is hanging over the
land the importations will be almost
nil, thus cutting the revenues
down TO very small figure and one that
is far from meeting the running expenses
Of government. With this curtailment
Of revenue and in the face of the tre-
mendous financial and industrial
crises. the Democratic party although
in full control of government in all its
branches, has not attempted to econo-
mize, but on the other hand has appro-
priated many millions of dollars In
excess of any amount ever before appro-
priated by other Congresses at cor
responding periods of their existence.
Therefore Mr.. Cleveland's apprehen-
sion in regard to the condition of the
treasury is well justified. No wonder
he is alarmed as he looks at the small
amount of 'free gold' in the treasury
and then examines the decreased rev.
enues for which his party is responsible.
But it is an open question whether the
coinage of the Seigniorage bill with a
bond issue attached can pass Congress.
| The anti-bond men will hardly care to
accept this silver sop, when it is so
heavily covered with gold. The present
Congress contains an alarming number
| of members with unsound views on
finance The most visionary and
unsound schemes imaginable have found
supporters in the present Congress.
! Chairman Holman at the insistence Of
majority of the Democrats has called
| House caucus for tomorrow to discuss
the financial situation, and who can
predict the flood of visionary and un-
sound schemes that will be let loose at
| that caucus?
One of the post prominent and popu-
lar plans, among the Southern members,
and they are in the majority, is that of
the repeal of the State bank tax.
The cheap money craze has always
been popular at the South and is grow
ing popular in the West; among the
people who could originate and support
the Populist party and its sub-treasury
schemes, what species of cheap money
legislation is tooidiotic to find supporters?
Consequently the country has much
reason to fear the outcome OF the pro-
| posals that are sure to be made in the
coming caucus. The coinage OF the
seigniorage is solid and SUBJ
stantial financial measure when
compared with the proposition
to remove the tax on State banks IL
State banks with federal powers are
created we shall have currency worth
less and unstable. The evils that re-
suited from this system once brought
about the worst financial crisis
nation ever passed through. It's
revival is proposal compared to which
the creation of few millions of fiat
money is honesty itself. A 50.cent doll
lar is hundred Per cent. more valuable
than worthless discredite6 dol
lar, and yet the Democracy will
seriously consider proposition to
create such a currency tomorrow at the
Honse caucus.
The vote on the attempt to pass the
Bland bill over the Presidents veto
shows that if the Republicans refrained
from voting the Democrats would have
enacted the bill into law.
Mr.. Cleveland at heart is a sound
money man, though in his veto message,
through mistaken idea of policy, he
threw a fatal sop to the cheap money
men, which is now about to bring its
logical result. A worthless currency
is the greatest curse nation can
be inflicted with, and the Democ-
racy seems bound to bring it upon
this government. There are some
honest money Democrats in both
branches, but they are in the minority
and are powerless to avert the evils that
are sure to follow the unwise sugges-
tions that will be made tomorrow. = n
The country will watch with anxiety
the proceedings of tomorrow hoping for
the best, but fearing the worst.