New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-03-17
PRESIDENT CLETELANDS OPPORTUNITY


President ClcvelandS lnck has not deserted
him. for he has again rare opportunity "
serve his country, To say" his part! lI"l" N"'''
OF the consequences of its folly, and 10 h'h"r
himself II will not he for want of luck. but
for want of the wisdom anu Srlf-cohlihahu !"
crasp his opportunlty, if he fails. II" knows
that the Vacuum-Fiat bill is dangerous {" al
the business " the country. and If ne has been
I'm any sense or degree committed io favor
measure Of this sort. he is most fortunate In
having II So wor,led that il would give pr"l'N'
for an issue Of SI10UO0co0 silver certificates
against ONLY S55.OOUOOo Scipniorag" which il a
very different bill. IT Is safe To say, from any
that be was asked last year 10 consider Yet
the ATTEMPT TO amend the bill in this pariic-
ular restricting the issue ~ certificates I" tn"
scIgnioragc. was voted down 10y practically the
same majority which passed the bl his party
thus taking the responsibility FOR possible
,ssue of S15oDnOpo certificates with nothing
whatever behind them.
Whatever the President may think ~ thr alb
s,rac,Ion and coinage Of bullion held against
Treasury notes, and the issue 81 more paper
protesting 10 represent an asset already pledged
FOR the security Of those notes. he Is surely
aware that the banking and financial world
Of faith and one which is calculated To- disturb
II not seriously 81 impair confidence IN III" cur
rrncv He must also be- well aware that foreign
ouluion will be- unanimously and strongly
against such Il STEP and that foreign holders
of American securities, To the amount Of many
hundred millions. are liable 10 throw them upon
This market M any sign ~ alarm regarding the
good faith Of the Government. Dismal expert
ence last year enables him 10 judge what the
consequences might be-.
The President is fully aware that this is no
time for trying experiments. even II they seem
70 promise we'll In his message last December
he declared that the repeal Of the Silver act
had made an entire change in the complexion
Of our currency affairs" that In the nature of
things it was impossible TO know precisely
what conditions would be- brought about 10y the
change" and that "wc should rcSoutcy turn
away from allurlng and temporary exprdienlS,'
and prefer "a reasonable delay in dealing with
this subject" The financial world understood
from these words that the President realized
the extreme danger Of further currency expert
ments at this time, and would prevent them
Confidence in money markets has been restored
largely because Of the belief that veto would
stop any tamperng with the currency. with
reason "'The New-York Herald says that the
passage Of the Bland bill by the Democrats at
such time as this Is little short OF criminal"
and that it has n direct tendency TO revive the
old distr1st and bring on a new business
crisis" knowing all this, the President has to
decide whether he will become personally re-
sponsible for the consequences.
His party demands this measure rs a CON
cesslon to the communism at the West and
oh IN hpl Dpipnpruf-
ic candidates and to elect Populists In many
districts. But he knows that there has never
existed more dangerous tendency in this coun-
try than that which demands imitation of paper
currency. destruction OF property rights and
virtual reputation of debts, appealing To the
dishonest and greedy as II they were "the pco-
pie" He knows that 1t would be trcachcry 10
the country and TO interests he has sworn 10
defend If he should bow down 10 that element
by any act or failure TO act. If party cannot
succeed without catering to enemies of National
welfare and public order, it ought not To sue
coed.
The President Is told that infaionsis and
silver men will defeat the new Tariff bill il
they are thwartcd But however earnestly the
President desires tariff reform. he may well
doubt whether the passage Of the pending
Whisky and Sugar bill would not set 1t back
for twenty years. He finds many things In the
Tariff bill proper which he cannot approve. 1t
would be an insult to his intelligence 10 suppose
that he has not gravey questioned whether such
Il radical change Of tariff would be safe with
Industries and business in their present de-
pressed condition. 1t Is scarcely possible that
the laundering surrender 10 the Sugar and other
trusts has not offended him. That the income
tax Is odious enough 10 destroy any party re-
sponsible for II, his best friends In manufact-
uring and commercial States are openly dcclar-
Ing Is 1t for the sake Of measure so objcc-
tionablc that the President will throw away
all the reputation he has attained: II Pop
ulsts and silver men seek TO bully him into
surrender to silver infationists by threatening