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

The President has not heard Of the elections
| last month"; or considers it digniiied TO take no
notice Of an attempt by the people to reverse
the course of their government. Whatever he
would have recommended two months ago. or a
year ago. he now recommends with studied
| disregard Of public opinion. True, his Impor-
| tant recommendations are briefly stated. and ut
the end Of message which is almost wholly oc-
| cupied with the multitudiEous details of admin
istration But what influence he has is eXerted
to renew tariff agitation and to favor recon-
struction OF the monetary system With stolid
| Indifference TO the popular decision, he proposes
to thrust upon the country the very theories and
measures which the recent elections have con-
demned In effect his message is a new decla
! ration Of war against depressed industries and
trade
The new tariff, he states needs important
amendments" and he Is still very decidedly in
favor of putting coal and iron on the free list.
and argues at length against protection TO
American shipbuilding He would be glad, I'M
der existing aggravations, TO see every particle
of differenal duties in favor Of refined sugar
stricken out Of our tariff law and urges with
especial earnestness the repeal Of the extra duty
on bounty-pad sugar. against which Germany
protests. This part Of the message will be
| heartily approved by those who realize how
| government has been dshonored by the sugar
scandal. But, with a deficit confronting him.
/ the President has only free coal and iron 10 pro-
pose and refuses 10 consider any change tend
| ing to enlarge revenue by revving industry
West Virginia Pennsylvania. New-Jerscy and
Ohio have expressed their opinion about free
coal and iron so clearly that Congress hears. II
| the President does not
| The much-heraded proposal to reconstruct the
| currency proves. upon examination. 10 be lit
| tie better than n thny disguised plan TO revive
! the old Democratic State bank system. Accord
| ing to the Presidents recommendation. both
State and National banks are 10 be allowed to
issue notes without deposits Of bonds, TO an
amount not exceeding IS per cent Of their cap
ital. upon dcpositing IA guarantee fund In
legal tenders or new Treasury notes 80 per cent
Of their circulation. and making their liabilities
on notes first lien upon their assets. with lndi-
vidua liability Of stockholders. But the Presi-
dents statement does not provide for State
banks the tax Of half Of per cent for safety
fund, or the other tax of half Of per cent for
expenses and official supervision, which 1t re-
quires Of National banks, and these two items
would make difference OF per cent In profits
on circulation in favor Of State banks Nor
does the Presidents scheme restrict State bank
issues to notes Of SO or over which rcstric-
ton would go far to render National bank cir
culation Improbable. Moreover all National
banks are TO be subject TO assessments pro rata
in case one Of them fails and It's guarantee fund
does not meet Its note liability, risk which
would prove extremely dangerous, but no such
provision is proposed as to State banks II may
be that the President has not fully or carefully
cot forth tho ulau he foVOrs but IL differs i'm a.
sential points, and in the wrong direction, from
either the Baltimore plan or the one proposed
by Mr. Rhodes, retaining all the defects OF
either. and seems expressly intended TO break
down National banks and substitute Democratic
State banking by surreptitiOus process.
The Presidents recapltulation Of Department
rcports and recommendations Is clear and cx-
| tended but embraces few new points OF i'm
portance 1t is noteworthy that he barely men
tons the Hawaiian subject, which Americans
| cannot remember without a blush, but gives ut
some length reasons for withdrawal from en-
| gagements with other powers In the matter or
| Samoa The Nicaragua incident Is treated, and
the payment Of $4J0,0OO 10 Great Britain on
| account of seal claims Is recommended. Treas
ury receipts for the current year are estimated
at $424 427 74S, and expenses at just S2OoooOo
| more an estimate which is sanguine enough
to say the least as the total revenue for the
last three months under the new law has been
only SG4, $4,000 In strong and highly cred
liable paragraph. the President states the he
cessity OF issuing bonds to meet the existing def
icit and while urging better provision for that
purpose, declares that bonds will be issued I'M
der the old law whenever and as often as 1t
becomes necessary 10 maintain suff1cient god
reserve. and to save the credit OF our country.
Many will find 1t strange that the President
does not urge important economies in cxpcnd
iture. but recommends largely increased outlay
in several directions. Notwithstanding the def
cheney VI revenues. Thus he seriously discusses
a proposal by the Agricultural Department to
take census Of crops, acreage and quantities
in farmers hands each year at expense Of
$5OOOOO but the statistics now obtained from
that source are almost universally discarded as
of no value whatever. The recommendation Of
large supplies for the Navy has much more
reason and is well stated. and in this direction,
rather than any other, liberal appropriations ap-
pear justified But they should be supported
by Il revenue system which builds up home in
dustries and yields adequate revenue, I'm place
of one which prostrates industries and yields a
deficit
The radical fault Of this message is that 1t
obstnatcly ignores the prostration OF business
by a change OF public policy. and the incompe-
:, tence and failure of Congress to provide ade-
duate revenue, suggests no means OF raising
more money except by borrowing, and threat
ems renewed agitation for lower duties and a
delicate and dangerous reconstruction OF the
currency system, at time when business can
by no means bear "A further shock. 1t Is the ut
1erance of man who will not see his own mis-
takes or the terrible mischief done by him and
his party who will not listen to the people
when they demand a different policy, and thus