New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-12-04

Cleveland Since the congress OF bankers in Balti-
more some suggestions the plan adopted there
have been made and many of these put into
the Secretary's scheme. which makes 1t differ In
some points from the original plan.
IL will be seen from the scheme outlined in the
Presidents message that the chief idea Is 10 have
, more elastic currency. and remove many diff
culties which are found in the arrangement OF
the bank circulation
President Cleve.and's remarks on the currency
issued bv the Government the gold held for its re-
dempton and the means which must be resorted
10 for the purpose OF replenishng such redemption
fund when impaired" were received with approval
in the banking community. The President con'ehus
that as long as the obligations received and re-
deemed In gold not cancelled. but are reissued
and may do duty many times by way of drawing
gold from the Treasury. the gold reserve when low
cannot be repenished except by the issue and sac
OF bonds for gold. and that Congress has as yet
failed authorize the issue OF bonds best suited 10
this purpose The President talks to some extent on
his determination to issue bonds just as often as
the gold reserve needs to be replenshed. and this
Is where some criticism Of his message comes IN.
He does not recommend Congress 10 do anything
which may prevent the impairment OF the gold re-
serve. and he does not give the cause whicn lea
TO the necessity of the Government assuming SlOo.-
100000 bond obligations In the last year He makes
no reference to the shameless work which reduced
10 such an extent the finances OF the Government
and he makes comment and offers no suggestion
as to the best way to increase the revenues OF the
Government He gives the figures OF the Treasury
showing the big excess of expenditures over re-
ceipts, out he offers apology. His only COM
ment on the tariff was his recommendation that
his pet schemes free iron and coal be adopted. and
advises amendments to the bill In general including
an opinion the diferenal duty on refined sugar
should be done away with. Considerable surprise
expressed that the President made 80 little REF
erence to the work Of the last session Of Congress-
but then the majority OF people believe that II IL
unnecessary for the President to do for there Is
little chance of any suggestions or recommendations
to the present incompetent Congress being adopted.
The message this time more matter of form
than anything else. and Will cut only small figure
IN the deliberations OF the last session OF Congress
Mr.. Cews. OF Henry Clews & Co. said this or the
The Presidents message is of comparatively little
importance when taken In connection with existing
circumstances. there Will be no measures intro
duced during this short session. excepting those
that are inspired by members OF Congress and not
no longer be scared by object lessons or Congress
influence in running the country hereafter and poll
ticans less. and this is 1t should be, for the
A. B. Hepburn. ex-Controler of the Currency,
said that the suggestions in the message in regard
| provide a means of securing currency reform.
Henry Q. Havemeyer president OF the american
| Sugar Refining Company was somewhat distressed
| over the Presidents ideas on sugar he said: ~
| any will fairly and dispassionately consider
| the Presidents recommendation 1t Will become APP
| parent that to recommend such action that
many persons will be deprived OF work perrna-
blu upon various articles will show that while the
maximum protection accorded to sugar Is per cent,
up 10 40 and so per cent. Why should the discrim-
nation be made against the people who hold the
s,oc rs In Reasonabe legislation requires that
the sugar industry shall be treated as other inn
need not langush and thousands Of discharged
workmen will have remunerative employment