St. Paul daily globe., 1895-12-24
INCAPABLE OF GOVERNMENT.

INCAPABLE OF GOVERNMENT.
The most desperate optimist has
hardly allowed himself to hope that
congress would respond to the patri-
Otic appeal of President Cleveland
in the spirit in which it was made.
There is no prospect, we regret to
say, of that financial relief which
the country needs, and which can be
accorded only by such action
as Mr.. Cleveland has recon-
mended. That antediluvian body
of obstructionists which repre-
sents all that is worst and most
undemOcratic in the American gov
ernment, the United States senate,
will do nothing at all except talk.
The house is prepared to do only a
little better. Such measure as it will
approve is partisan and inadequate.
1t renews Speaker Reeds plan of a
year ago, which was then condemned
by the majority of the Republican
party itself. For no public act has
Mr.. Reed been censured more severe
ly by Republicans than for insisting
upon d proposition to issue coin
bonds instead of gold bonds. He has
now revived it; and it will receive,
it is said, the support of the Repub-
lican majority. This is to introduce,
practically, a new standard of pay
ment. While outstanding bonds are
coin bonds, the faith of the govern
ment is pledged over and over again
to their redemption in money of the
international standard. 1t could
hardly be contended, as to bonds is
sued at this time, especially if con-
gress refused to make them payable
in gold and did make them payable
in coin. that redemption in silver was
not contemplated.
This measure, therefore, brings us
one step nearer to the silver stand
ard, toward which position the whole
Republican party is now tending. 1t
does not dare to say so openly, but
that is the logical and inevitable con-
clusion. The proposed bill is, fur
thermore. a blow at the credit of the
United States. The bonds issued by
the administration have been sold at
a high premium. 1t will be found, we
think, that such bonds as are to be
authorized under Mr.. Reeds Idea
will not be sold at premium at all.
Thus we shall continue the process
of debasing our credit, to which the
representative of the people have for
many years devoted themselves as
if it were the most laudable and pa
triotic undertaking Imaginable. 1t
is suggested, also, that the proceeds
of the bonds to be sold to replenish
the reserve shall be used for that
purpose only, that other certificates
or obligations shall be used to raise
necessary revenue, and that certain
tariff schedules shall bear increased
duties, theoretically for the same
purpose. Against this the Democrats
will array themselves, as they should.
There is no need of additional rev.
enue at the present time. The cut
it will be able to meet ex-
penditures. That an imaginary
necessity should be used as a lever
to put back again taxes on raw mate
rials, from which the people have been
so lately relieved, and to restore
Mckinley rates, is characteristic of
the Republican policy, but will not
be accepted by the Democrats i'm con-
gress They can well afford to go to
the country on that issue. AS for the
protection of the reserve, we have al
ready shown over and over again, and
President Cleveland has made it so
clear in his messages that he who runs
may read, that no amount of money
which may be brought into the treas
ury can avail to prevent the deple-
tion Of the reserve by gold Withdraw
ais as loug as che greenbacks remain
outstanding.
We arr rav in sight Of conditions
where from So, 0en 400 to double that
amount may be sent out of the coun-
try every week by the simple process