New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-01-29

rur PRESIDENTS FINANCIAL PLAN GEN
ERALLY UNACCEPTABLE


REGARDED AS IGNORING THE REAL TROUBLE
AND ATTEMPTING TO THROW DUST IN THE
ryrs OF CoNGREss-THE BOND ISSUE
APPROVED. But THE CURRENCY
REFORM SCHEME OBJECTION
ABLE-THE DEMOCRATS
STILL FURTHER
DEMoRALIzED.
Try TELEGRAPH TO THE IRIBUNE.l
c-..hineton. Jan. 9s-President Clevelands
.c,aI message the financial situation sent TO
congress to-day amply justifies the approximations
-c,ted by Professor Wilson's fantastic and mis-
taken utterances in the House Of Representatives
he, Saturday 1t made too painfully evident
.or, the Professors Cuckoo oratory. which no
a doubted had met with revision and approval at
,h. White House. that Mr.. Cleveland had deter
r,ned 10 sacrifice all prospect OF obtaining imme-
a,.,e relief from the embarrassments which beset
,hs Treasury rather than subject himself TO the
sonal humiliation OF confessing the absolute fail
~. as a revenue-producing measure of the exist
a.. Democratic Tariff law. To-days message ac-
.an,s and indorses the absurd contention OF Mr.
,-u.on that the revenues of the Government under
On. nresent law ample TO meet all expenditures
.h.t no deficit exists in the Treasury. and that the
~oie
me Treasury labors is the inadequacy of the ex-
,,,rs safeguards for the protection Of the gold re-
serve. 49,
Ignoring The fact that the greater part OF the
.o recent gold bond loans has been expended TO
meet ordinary current obligations. the President
fatuously attempts to throw dust in the eyes OF
congress by boastng that there is mo fear that
Nc cannot pay current expenses with such
money as we have and that there is now in the
treasury the comfortable surplus of se3.WVWc
Instead therefore. of appealing for means 10 meet
once the current deficiency in the revenues and for
authority 10 repenish the gold reserve temporarily
nv the issue Of low-rate and short-term bonds
the President practically renews his suggestions
already discreded by the great majority OF his own
Marty IN Congress for an elaborate reform OF the
currency system, the issue Of fifty-year bonds the
retirement of the greenback and Treasury note CIT
culation. and a corresponding increase IN the CIR
culation Of National bank notes.
That the Presidents argument In favor or a oond
issue for the repenishment of the gold reserve IS
entirely consistent with sound finance and good
policy goes without saying and much may De aoueu'
doubtless In commendation OF the other recon-
mendations Of his currency reform scheme But
so far as the practical relief OF the treasury from
It's present embarrassments is concerned 'o-uaE
sppeal to Congress may be dismissed as simple
waste Of breath At this stage OF the short ses-
sion the Presidents ambitious plan for the reha-
bilitation Of the currency system has apparently
no possible chance OF adoption In either prahch'
and any attempt 10 embody its provisions In less-
,at,on will only delay and hinder the passage OF
some simpler measure Of temporary reiief IKE 'he
sherman bond issue bill or the Allison excheauer
note device
suIrrINC> THE BLAME TO CONGRESS.
A. c,ave,and.s message Is indeed generally re-
r.rded as an intentional defiance OF Congressional
oninion and purely personal and selfish EFFORT TO
shift the responsibility for the embarrassments IN
which the Treasury is now plunged from MS own
shoulders to those OF Congress AS far as the FAILURE
of the present tariff to provide revenue is con-
cerned. Mr. Cleveland Is tarred with the same
st3cl az Professor Wilson and the Cuckoo lead
ers IN Congress To ask for some means OF repair
ing the Treasury deficit by additional taxation
would involve the confession OF gross errors ana
rnscalcuations in legislation on the part Of the Ad
rninistration which recommended as well as the
Marty ma tority in Congress which enacted the pres
emit Tariff law. To fasten the blame for the present
crisis wholly on the discordant and apathetic ma
iortty in the legislative branch. MI 'CIeVeiahu
ehiftiy ignores the immediate difficulty to be met
by remedial legislation and throws upon his party
.ssociates in Congress the odium of rejecting or
.idetracking a spectacular scheme OF currency re-
FORM which. In the nature OF Things II ~ heipiess
N enact even II it had the faintest inclination 10
do So The message taken In this view, is niue
less than notice the majority party in Congress
that the Administration neither expects nor cares
for ,ts support. and intends to appeal speedily
q q possible from its demonstrated hcompetency ana
utter lack OF patriotism TO the sounder sentiment
and better judgment OF the Congress which Is to
assemble after March a.
The general comment made to-day on the message
IN both branches disclosed a remarkable feeling OF
apathy and Indifference 70 the suggestions OF the
Executive The Republicans while approving some
of the recommendations made expressed their
frank disapproval OF Mr. Cleveland's onhand dis
mssal Of the only real problem left to this con-
gress 10 solve-namey. the discovery OF some tenn
porary palliative which may relieve the wants OF
the Treasury until the next Congress can meet
and pass measure OF wider scope No RepubH-
can leader seems TO think It possible to pass any
general currency legislation at this session. ana
this belief shared by all the Democratic managers
in both branches. except the few sychophantic
statesmen out Of a Job" who are looking for Ex-
ecutive favors which sustain life after March
next
THE DEMOCRATS CHAGRINED.
Democratic Senators and Representatives are nat
urally deeply chagrined and disappointed at tho
Presidents programme. Mr. Cleveland. they
say, with bitter condor. has now repudated the
last pledge which the party came into power in
1892 Having discarded the cause OF silver in 1896
and free trade in 1894. ne has now absolutely
pudiated the third Democratic theory Of greenback
imitation and State bank currency. and boldly cham
pions a bill which Will expand the National bank
system to twice IT'S present size and enormously in
crease its vitality and importance The ultrasilver
Senator's and Representatives who were outspokenly
hostile 10 the Carlisle currency bill are doubly in
censed at the Administrations latest proposal. and
they will undoubtedly continue their open and de-
fant opposition until the end OF the session.
Meanwhile tho supply OF gold in the Treasury is
being depleted by rapid NEUTRALITY-SUSPICIOUS. more
being taken from the New-York Sub-Treasury to-
day-and the Administration. II this raid on the
gold reserve continued. Will probably find Itself in
ica nj Of hay tn m
another bond issue under the cramping provisions
Of the old law while vany trying to persuade Con-
gress to do away with existing conditions and arm
the Treasury With ampler and more unrestricted
borrowing power.
In the Senate the message was listened TO with
rn .,I pnoff fhe