New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-08-18
THE PRESIDENT IND SOUND MONEY.

THE PRESIDENT AND SOUND MONEI'
If President Cleveland is well enough to listen
IN sucycslions his friends should call his attcn-
ton 10 the fact that his present attitude has Il
most unfavorable influence, which he cannot at
all desire, upon the confidence OF the world III
fine maintenance of sound currency by the
United States. Last year he was wide! hoh-
orcd because. Ivy his fiat declaration mat ne
would veto bill dangerous to the currency, he
killed the Senates silver compromise FROM
that time the worlds confidence has been III
Mr. Clevclands sOundness and firmness OF pur-
pose and not at all in Congress. Inc House
was for free coinage: the Democratic majority
Of the Senate had agreed upon dangerous Dli'
and it was plain. as II has been ever since. mat
nothing except the President would stand III inc
way Of mischief.
Rut now the world sees his will dciicd ana
defeated, his own frmncss of conviction Of pur'
pose so subiugatcd that he appears 10 surrender
completely 10 a bill the pertidy and dishonor
OF which hc has publicly denounced. 1t sees. YET
more. that he Is thus subjugated to all appear
ance by the very same Senatorial majority
which he resisted last year II his stoutness OF
conviction and sturdincss of resistance have
been broken in so humlang fashion, what
majority in Congress will not now work any
mischief II pleascs? Does the President bow 10
the dictates Of a Democratic caucus, which has
made the Tariff bill party measure: In Ike
manner. but far more easily and surely. II would
make a frec-cOinagc or any other soft-money
bill party measure. Is he more anxious 10
have something done by Congress to settle vcxch
questions. or appear TO settle them. than he is
"a iuht2 Tho
will with equal force move him 10 yield TO the
majority Of his party in regard TO the money
question.
Has he in fact surrendered already at least
mentally? The question Is pertinent, because
the pending revenue bill which he Is expected
to sign must operate powerfully 10 break down
the ability OF the Government 10 maintain gold
payments. 1t opens the door TO large increase
of imports, and is directly prompted by desire
to secure such imports, In order 10 give the
people cheaper woollcns and other goods from
abroad: but this food Of imports is threatened
at n time when the foreign demand for Ancri-
can products is light, and shows no signs OF In
creasing. With wheat at almost the lowest
point ever known exports are abnormally low.
and the decrease in value OF exports compared
with last year in brcadstuns alone was nearly
81 .OOU.OOO in the month or July. lie IftSlu'nl
cannot fail to see that the expected food Of i'm
ports threatens to take gold away from the coun-
try, and he is we'll aware that the duties on I'm
ports are no longer paid in gold. but practically
the whole Of them in paper. To refuse paper
and demand gold at the custom houses would
put a premium on gold at once.
If the world loses its confidence In President
Clcveland's strength Of resistance. how can it
look hopefully upon the monetary prospect here!
But every foreign holder Of American securities
or Of claims against this country who loses faith
that our Government will maintain gold pay
ments has at once a possible difference Of 30
per cent or more 10 urge him 10 withdraw his
capital from this country before the change To
q silver basis may come. II Is easy to foresec
that. il foreign apprehension Increases only
slightly. the Withdrawals from this country may
be large. But already men are seriously asking.
and with some reason. whether the combination
which passed the Whlskey and Sugar bill did
not bargain for certain monetary legislation also,
and by that means hold part Of the votes II So
cured If the Sugar Trust holds the rcins over
the President. other people know ii. and Will
not be slow TO use their power. The RESPONSE
billty rests with him IT, by breaking public conf
tlence in the Governments integrity Of purpose,
he brings about disastrous results