New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-11-15
crERENcY RECONSTR CCTION.

Having started the fight for free wool ana
tariff reform years ago and wrecked MS parry
bv doing So President Cleveland intends neAt
to lake up Il general reformation OF the cur
rency. and his worshippcrs say that no VIII
submit an elaborate plan to Congress His sue
cess as a tariff rcconstrtlctor was not SUCH aS
to warrant further ventures. The only thlhe
his effort can BE- said TO have accomplished Il
che massage of n bill which neither house WANT
eI which the President himself refused 10 SKI"
dopouncjng il rs a measure Of perfidy ana diS
honor and which the people have condemh'u
hv moioritics altogether unprecedented let
the same President intends to set peiore '.'c
emma courrcss the task Of rccOnstructing the
whole monetary system of the country ana 'ha'
al the short session.
Therein the President becomes the unconscious
ally Of Senator PETER. of Kansas. who saw MS
own once victorious Populist party beaten out
Of sight in that State end n once r'turh'H 10
Washington TO get hmsef interviewed about
free coinage He says the Democratic parry i
DESTROYED. and The silver men VIII now ior"
q new party 10 do battle with the KepuoHc''nS
on that single issue This IS in line with ooloh'i
Henry Waitcr>on's prediction that the strange
banner of silver would be raised. which might
"hrcak the Democratic party into th"n'Hhn
..nicrcs or destroy 1t altogether, so that h'
doe, not know whether we have got any Dem
"ocratic PARTY" The President could in no wa!
DO moro 10 hasten this diSnic@raiion 81 beiho'-
r,cy than by forcing the currency question upon
II The silver Democrats. who are Il idJorIF'
will 90 one WY with the PopulisiS and such
silver Republicans as may wish to JON men,
and the coinage question will be forced lh'"
nro,uiucnc. again - a legitimate amendment
Of the Presidents scheme. lie does mol Intent"
,,.,r.lin., T., his friends to revive that qucs
,ion lint only 10 reconstruct the paper currency
Vet that currency consists mainly OF notes
issued AGAINST coin or bullion and necessary
b,.ls If II, reconstruction In any form T. a de-
termination # the Kind and quantity If coin To
be- provided for redemption of notes
In th. light the Presidents proposal VIII De
welcomed with JOY and seized upon a> the finest
pnssihlc opportunity by the entire body oi SILVER
fanatics and their first amendment VIII I'M
mndiofclv give the coinage question precedence
for the time over all others. II is not well Tor
The country that silver agitation should be re
viycd again. with industry still greatly lie
pressed aud capital here and abroad so ais
turhrl that 4 ncW issue ~ bonds * deemed
necessary. Bur Mr.. Cleveland Is not content
when he i, not the central figure: yet ihe tarih
controversy ran away from him completely
that he could neither sign nor veto the Only
measure his party could pass In rcviving the
currency question h. may be- preparing ior
himself a similar humiliation
The banking system might be improved but
does not work badly now. and provides FOR the
country large volume of currency when Is
everywhere regarded ~ absolutely safe No
reconstruction If it. on the Baltimore plan or
any other. should be- attempted without first
deciding what notes the Government Is 10 is-u"
or leave outstanding against coin and bullion.
II has been often explained that what men call
ih. question Of coinage *. in fact. nothing but
the question whether notes shall be issued
orain,i gold or silver coin Those who clanor
mos, laudi, for fro, coinage If silver do not
want and never expect 10 500 the actual coins
ia ..r,rl u-, hut expect unlimited paper cir
collation.. with silver colnlg" Is its only hasi9.
If thpy can succeed. Ill plans for modification
If the lnukiu. system may ~ we'll be- abaii-
doucd. 70 revive silver agitation at this time
will NOT make business more profitable. nor
strengthen the public credit. hut The President
u,uarrnily ini,ml, t. help PETER AMI the silver
f,n,iic. tn that extent He has already given
them one important advantage by proposing
another issue ~ bonds. with obvious intention
that they shall b, taken and issued before Con
srcS, meets Il proceeding which VIII greatly
excite most Of his party friends in Congress.
After hi, There remains only the revival of
silver agitation to stamp Mr.. cleveland rs Il
sfatcSman with unrivall,d faculties for leading
his party 10 destruction