New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-02-07
THE DANGER AHEAD.

Tuesday made the situation mt WASHINGTON
clearer With the hearty approval oil NUS
ReDublicans. ex-Spcakcr Reed showed 'ha' ~"
ministratiou Bill NO 3. like No. > ana No. l. WAS
fatally defective because il attempted Things 10
which Congress would not assent. ana 'hai tue
real trouble was Il deficiency Of revenue anu
offered q bill to authorize short loans 10 cover
the deficit Presumably the Republicans VIII
generally support this measure. ana VIII not III
any case walk INTO the Democratic trap by CON-
mitting themselves to the latest hodge-podSe
proposed by the Administration. II. as the Al
ministra,ion insists. the revenue VIII give sui
nlus by the end of tho calendar year. ana bonds
can he issued under the Resumption act to meet
all demands for note redemption. there Is no d'
conf cxcuse fnr Administration Bill No. :"
\cxt ,h. Senate Finance Committee cleared
I'M The situation by refusing. five Democrats ana
one silver Senator against four Republicans III"
ono Democrat 10 report any bond bill whatever
even such AS those suggested by Senators Sh'r
man and Mcpherson Mr. Jones Of Nevada.
who allied himself with the Popusts last fall
does not belong with that crowd except 50 'ar
~ it favors silver coinage. He wished not 10
nrouosc n naked frcc-coinage bill III ms 'iiii''
h.cause if would be futile Il veto would Kill
If. lf II tOUlu PISS b''H h'"-'''
vest and some other Democratic Senators
wished 10 report such 4 bill, rs il chi'ny !" en-
,arrass the PRESIDENT This difference. whether
composed or not for the present, goes "c'i'
enough 10 affect quite materially the prosper "i
action hereafter.
Three distinct parties come into view. rs re-
snccts the mode If escape from hnanclai peril
The Administration party i much the sinaileS''
dnnvino that revenues arr, deficient. and saci!nr-
inc everything TO it's tariff bill, ii wants gold
bonds and retirement Of grccnbacks. Inc SILVER
marty refuses bonds Of any kind. and rej"lcrs
in deficiency of revenue. because vet" peihs
| In the way of free coinage ii hopes 10 see me
country forced 10 . silver basis 10y bankruptcy
The Republican party knows that 'h' oh's
permanent remedy is larger revenue. bn' uh'il
| that comes favOrs Il short-tcrIn popular ioaii
| Out Of the three the country VIII propapE ger
nothing at this session The only reason Is 'ha'
The Democrats mulishly stand in the way oi an
increased revenue. the larger part going WIN
the silver men for free coinage. ana the siiiihe'
going with the Administration for gold bonds
Getting no relief at this session. the country
has 10 trust TO sales of coin bonds thd'r me
resumptjon act both for redemption OF notes
| and for deficiencies Of revenue. III looks Us u
! President Cleveland was now inclined TO daIiy
/ and dawdle lust as he did when an extra s"s
! sion WAS deferred in 1893 until il was TOO late
! IN do any good If the next Congress should DO
| c,llod IN meet rs early as possible the Treasury
would get ample and permanent RELIEF, bu' 'ie
Presidents partisanship makes him ANXIOUS
above all things 10 avoid confession that The
Democratic revenue bill is failure. III the sale
of bonds will enable him 10 get along until DE
| cember he hopes then to he abl" TO show INA
the revenue Is sufficient. But II he takes thai
course he runs the tremendous risk or seeing
the country forced to silver payments by his
own act
Tho fear of that result will scarcely be les
scncd in the least by the sale Of bonds. JUST a.
| SIS 600 went out between February anc
! September last .;car. and S5s.OO0,OOO more be
! tween December and February ]. SO INC mex
| rcplenjshment Of the reserve might be neutral
lied in the five months between March ] ana
! the free movement Of the next crops. III tht
/ President takes the chances. he does so KNOWING
/ tia, he canno, call an extra session without
some delay and that no new Congress can DO
eypected To reach final action on Il question
/ involving the finances without considerable fur
Their delay But he best knows how far he Is
willing TO risk the disgrace Of his Admnlstra
ton and the prosratlon Of business.