New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-06-27
TIE PRESIDENTS STITEMENr


With all the respect which his warmcst adj
mlrcrs have for the President. ii is not posSipie
for them 10 feel that he is entirely competent
TO cnlighten the financial world on the monetary
difficulty. He states that the Treasury is not IN
any embarrassment. but his assurance laiis u
command confidence as coming from one OF
nrOyed competence in that regard. while IL uh-
ayodably causes apprehension that the Prcsi-
dent himself thinks it necessary 10 make
formal public declaration on the subject Men
remember how the panic last year was imiheoi
atclv precpiatcd by an official statement winch
the President personally examined ana correct
ed but which was nevertheless 50 Woru'u .'''
it conveyed impressions which the fresiuen'
thought It necessary TO contradict TWO ua!s
later Nor is IL forgotten how he Declined loi
months 10 call an extra session or congress- ~
act on the silver question. and yet altcrWaTu
repeatedly declared that nothing but repeal OF
the silver tax was necessary TO restore pros
perity.
The fact that the President is not profound
master of financial problems does MN 10 US
credit But 1t is unfortunate that he 'h'hAs Ms
assurance that all is well should be enough 10
allay any dlstrust. Neither In TINS country
where the effect of continued tarifi aglianoh j.
felt in the most practical way by Millions nor
in Europe, where many holders OF American
securities feel that the prosperity OF the great
Republic IS not what Il was the month before
the President was elected, is his bare dc'lara-
lion sufficient to control the action OF men "ho
have personal interests at stake. Here 'hcre are
muliitudes who know that the President couiu
restore confidence and revive business il he
would. by a single emphatic declaration against
hn
further agitation Of the tariff question. Inc
fact that he does not. necessarily aHec's 'he'r
Judgment Of his wisdom. Abroad there are III
telligent men who know how the lnied states
outstripped all other nations ny us ihuusr''i
progress under Protection, and VINO reailZe li'a'
the threatened revolution in National poicy j.
Of necessity cause Of great emDarrassHlen'
in production and in trade
There is no panic al this time, nor prospect
OF panic and the President dld not need 10
make any new declaration about the state OF
the Treasury unless he could offer 10 the pnDhc
more useful information than he has gwen
The statement that the gold reserve was nearly
as low as now when the last Government Dohds
were issued" only calls attention to the fact
that the coin obligations Of the treasury nave
been much increased, while It's revenue mas not
revived az many then expected, In consequence
Of the removal Of immediate apprehension Al
that time the Treasury was not by official circ'i-
lar inviting the deposits OF gold on terms which
amounted 20 payment OF premium for the
metal Nor was it then believed that the odlous
income tax with all It's menace to financial
and other corporations. would be driven through
the Senate by Bill Of Sale and surrender 10
trusts and mOnopOlies
The Presidents statement that the Treasury
has not postponed payment Of maturcd obliga-
lions would be Of service were II not evident,
from other official statements, that the obliga-
lions which the Treasury ought to nave al
iusicd but has delayed beyond reasonable
timc are not rcCkoncd as "matured. The main
noipt which the President submits as rcaSsur-
ing. namely. the action Of certain NcwiorK
hanks in dcposting gold against specie export
od is not REGARDED by the financial world as
evidence Of health or Of probable Improvement
in the nearer future If he expects, as his
lonuunce seems 70 indicate that the Treasury
can rrlv upon The banks for continued supplies
Of gold 70 the extent of future exports, his i'm
nression differs widely from those of many Of
the ablest and most experienced bank oiiic"rS'
who say frankly that they can see no use, either
as 10 the interests Of the Treasury or as 10 the
interests Of the institutions under their charge,
in any such arrangement IF the Government
persists in its present financial policy, and can
not or will not borrow more money TO meet the
deficit unavo!dably resulting, II seems plain
enough that the banks will In time find them
selves unable 10 carry the Treasury and their
own obligations besides.