New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-01-27
THE PRESIDENTS RESPONSIBILITY

The country looks with much anxiety for the
action kof the President within the next few
DAYS. The heavy Withdrawals OF gold last week,
not for export, following similar but much small
or Withdrawals ever since Congress met and the
President recommended the State bank scheme,
show that distrust is taking a dangerous form
If the President does nothing to arrest 1t, the
gold reserve is liable to be exhausted more sud
denly than anybody expects. If there is to be
premium on gold every holder Of notes, or OF
current funds I'm bank, is tempted to get the
benefit of it. That Congress will do nothing
has come to be the general conviction. MI.
Cleveland has therefore reached the virtual end
Of Presidential career never matched Tor dls-
grace in all American history. unless he quickly
employs the only means Of saving the credit
of the Nation and the prosperity of the people
He Is forced to choose between blind ana
fatal adherence to Democratic theories and the
sacred duty of his office. He can palter no
longer in the hope that the chapter Of accidents
may enable him to meet both. He cannot run
with the hare Of patriotism and hunt with the
hounds Of partsanship another week.
Congress will not act because it cannot. Too
many of its members are fanatically hostile 10
duties which help American industry 100
many are frenzied haters Of bankers and bond
holders or personally in terror lest the wrath
of Popusts in their districts or States make
an end Of them second grave obstacle is
that the silver men in both parties have set
themselves to defeat a bond bill. The resol'
tons Of the Chamber Of Commerce have acted
on them as red rag influences mad bull
third obstacle is what 1.-THE New-York Times
calls the 'limitless conceit" Of certain Demo-
cratic Senators. who have plugged their ears
ito any suggestion that their methods can be
improved" The idea that the wrath or the
piteous expostulation Of imperilled business can
remove these obstacles does not seem to have
foundation.
A fourth obstacle Is perhaps even more seri-
ous 1t is the ignorance OF certain Democratic
leaders. who insist that their revenue law, II
let alone, will presently yield revenue enough
For even the dullest has been forced to see that
the distrust Of the financial world and the with
drawals of gold are at bottom due to the def
cheney Of revenue and the prostration OF bus-
ness But they still imagine that things are
rghtng themselves and in little while. per-
haps by the end Of next month. the revenue Will
exceed the expenditures. These men are 0bsti-
pately counting upon such revenue as would be
derived at the new rates from impOrtatiOns or
consumption equal TO that OF 1893. The TACT
that their own tariff policy has cut down the
earnings and the consumption OF the people
fully a quarter they stubbornly refuse to see
Then the remarkable fall in the foreign price
Of sugar cuts down about third the possible
revenue from adj valorem duties on that article,
even If consumption were as large as ever. The
income tax cannot be expected to give any help
until about five months hence, II then. In these
few items losses Of more than SG0OOOOOO year
can be reasonably expected, and Mr. Carlisle's
own estimate at the end Of the last session in
Dictated a deficiency for the fiscal year.
But practical sense has no hold whatever In
this Democratic Congress. The responsibility,
and ii IL grave one. rests with the President.
1t is time for him TO throw away the notion that
Government can get along without increased
revenue, and his plain duty Is to appeal frankly
TO the patriotic men Of both parties TO provide
such added revenue as the country requires as
a necessary condition of successful borrowing.
making it known at the same time that If this
Congress fails he will at once call an extra ses-
sion Of the next Congress, and unhestatingly ap-
prove such measures of relief as It may see fit
to pass. With such an appeal and declaration
by him bonds could be placed. Without It, bonds
can be sold only on such terms as one dictates
In lending to a bankrupt Government