New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-03-30
THE BLAND ELL VETOED.

The Presidents veto of the Scgnorage bill
has saved the country from great disgrace and
great disaster. The financial world expected no
less Of President Cleveland. and has perhaps
been not quite ready enough TO give him rs
much credit as he really deserves for an act
which required extraordinary power of resist
oncc TO the demands of his own party. Not ap-
prcciating the overpowcring partisan necessity
which prompted the bill. not understanding
that in order to obtain Democratic votes for the
rcpcal of the silver purchasing clause, which
were not needed for its passage, but were neces-
sary to prevent a complete breach on that issue
between the President and his party, assur-
onccs had undoubtedly been given that bill
TO coin the scgnoragc and enlarge the circula-
ton would not be opposed. the business world
has blamed the President for delay in deciding
,hc question. But in order to retain any nflu-
encc on monetary questions with his party 1t
was essential that lie should not seem unwlll-
Ing to give full consideration to its wishes and
messing necessities 1t might have been a mis-
take had he sent in a veto more quickly, and
he merits public gratitude and hearty approval
for the decision he has reached.
1t is the misfortune Of n Democratic President
that his most worthy efforts and his best exhi-
saving the country from his own party. 1t was
with great difficulty that the President prevented
n unanimous vote of Democratic Senators for n
fatal financial measure when the Silver Repeal
bill was pending The measure he now vetoeS
Is actually less Objectionable and yet 1t Is re-
nudiation of distinct public Obligation and
n step toward National bankruptcy which 1t
might not have been found possible to rctracc.
More quickly, perhaps. than was feared by the
President or even by the best of his Wall Street
advisers alarm of notcholdcrS and other cred
itors ot home and dstrust of holders Of Ameri
can securities abroad might have drawn out of
the Treasury the last of its gold reserve The
President saw this danger though 1t may have
bccn nearer than he realized. He also that
the RESUMPTION Of silver coinage would in any
case revive apprchcnsions Of a failure to main
tain gold payments. and this grave uncertainty
must have powerfully INSTRUCTED revival Of in
dustries and trade Yet exactly thrce-quarcrs
of the Presidents partsans in the Senate voted
or were paired for the bill now vetoed, and
over three-quarcrs in the House and several of
his Cabinet earnestly favored 1t necessary
to Democratic salvation in the South.
The strong statement OF the Presidents rca
sons for vetoing the bill was therefore demand
ed not for the business world but 10 break
the force of dissatisfaction In his own party
Even for this purpose the veto message might
have been more effective. however. if ii had not
given further cncoura cement to the notion that
public interest demands more silver money and
more paper money. The fatal weakness Of the
Democratic party is that ii has long taught
this untruth at the West and South in its dcs
pcratc struggle TO gain power. that millions OF
its adhercnts Judge 1t false to It's principles and
most sacred obligations when 1t hindcrS in any
WAY the imitation and chcapening of the cur
rcncy Even President Cleveland. though he
must know better. for party's sake hcSitates to
meet this dangerous notion with tho naked
truth. and even departs from sound principles
most lamentaby in declaring plainly in his veto
message that the scignioragc could be coined
safely and with advantage if the Secretary
Of the Treasury had the power TO issue bonds
at a low rate Of interest. 1t is pitful that n
President capable Of so much that Is good
should be so handcuffcd and muzzed by the
necessities OF his party. For the business in
tcrests Of the country it is most unfortunate
that all further agitation Of the money qucs-
ton could not have been ended by an unqnali
fled declaration that veto would await any
coinage or initiation bill
The immediate effects Of this veto may not
be as great as some have expected. In business
circles it has been so confidently expected that
all its influence for the better may have been
realized Politically, it can hardly help the
party which has committed itself second
time within six months, to measure dishon-
orable and in the last degree dangerous. In
Southern and Western States the Populist
fanaticism will be apt TO bury many Demo
cratic candidates, and the Republican party
will stand the only resort Of those who try
TO keep back the food Of disaster and diShOnor.
In Congress the effect Of this veto will be 10
render the Populists and the Western and
Southern Democrats more impatient with the
pending Tariff bill. which falls far short Of the
expectations of their constituents in its
saults on manufacturing industries, and ut the
same time bestOws indecent favors upon power
full and OdlOus monopolics The attempt TO
fastcn upon the Tariff bill provision for free
coinage may be made, but Is hardly likely to
succeed Nevertheless, the unfortunate sug-
gcstion Of the President that coming the scign-
forage might under some conditions be ap-
proved. is likely to prompt further agitation on
the subject during the rest Of the session.
that business interests may not be entirely free
from monetary uncertainties.