New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-01-21
THE CU1NCE.S or RELIEF.

II is stated at Washington that certain Re-
publican Senators have proposed to select two OF
their number to confer with two to be selected
ny conservative Democrats, in order TO see II
they cannot agree upon necessary financial legls-
latlon which can be passed by the union OF
sound men Of both parties. But however well
intended such efforts may be, IL actually made,
there is great reason to doubt whether they VIII
result in any good The root Of the difficulty
is that the conservative and sound men are
not a ma jority in the present Senate, and more
over are by no means agreed in opinion as to
fine right thing to do Senator Shermans bill.
for example, though it is quite as simple and
goes rs far us any that defenders Of sound
money are likely to support. is strongly criti-
csed by THE Financial Chronicle because it
does not propose gold bonds, and by The New
York Herald" because it does not require the
millions TO whom the popular loan appeals to
make their payments in gold. and by others be-
cause il does not provide for retiring the legal
tenders To state these objections Is enough
to show that the task Of bringing the most
conservative men in the Senate together VIII
not he an easy one Mr.. Sherman probably
knew that some Of them would utterly refuse
10 support any measure for retirement OF legal
tenders. believing that the weakest and worst
part of the circulation. the silver certificates,
should he removed rather than The strongest
and best. He presumably knew that the mill
ions who may subscribe nj various poSofnces
for small bonds or certificates would not find 1t
easy 10 command the gold for them. and that
the proposal Of gold bond in the Senate would
be- magnificent. but not war"
He who starts 10 get anything done In law
making body must consider what is possible
The free silver men are M present In Il ma
ioriy in the Senate. and il they were aroused
10 oppose a measure It's chance or getting
through in six weeks would be microscopic The
new bonds ought to he payable principal ana
interest. in gold coin Of liked weight and fine
ness but II there Is no chance 10 pass Dill
authorizing such bonds. ii may be as well to
remember that the precise form Of bonds which
the Treasury has just been selling, under the
act 10 prepare for specie resumption would sui
be- payable in gold H. long as the United States
has power 10 maintain its credit. The problem
i 10 give the Government means TO maintain
It's credit. and that. In the face of Democratic
mcddng with the tariff and the industries.
Is task I'm itself Senator Plat. OF Con
ncctcu' has made the sensible suggestion that
several distinct bills. each dealing with one
phase ~ the financial problem. might be acted
upon with more hope OF success than single
measure embracing all. But II has been the
declared Judgment of Republican Senators that
no useful financial legislation could be expected
at this session and unless something Of subsan-
iill value can be- accomplished. it Is better 10
wait for the extra session which l. in that case
inevitable
The Democrats are blindly laundering. be
cause they refuse Ia see that their prostralion
~ Industries nv change Of tariff is The bot
tom fact OF the whole business. Their law will
not raise revenue enough because people can
not buy largely Of anything when they are de
prlv"d uf profits ana wages. The duties col
lrcicd in four months ending with December.
under the new tariff. amounted 10 SiS.19o.s5l,
and in the same four months of 1882. before
manufacturing works had been compelled to
clOS, by IN" prospect 81 change. the duties
collected were SGi.lj422l. The difference was
not largely In rate Of duties. but mainly In
quantities Of goods imported Even where rates
had been much reduced. as in woollen goods.
the imports have not been large enough 10 raise
the old revenue. even since January |. the re-
CENTS FOR duties on woollcns having been about
S22OoWO nj NcwNork. against S2.500,000 In
the same weeks Of lN.,2 When the people are
pinchcd. too. they consume less liquors and to-
hacco. so that the internal revenue Is also cut
down. No government can expect To MAINTAIN
its credit by impoycriShing its people.
The Republicans know this, and would there
fore strike AT the root OF the mischief II they
had the power by restoring adequate protection
for industries. Because the Democrats refuse
to see the real cause Of trouble. and persist In
ascribing it 10 all sorts Of imaginary or false
causes there Is little prospect that any
measure which even the best Of them would
support accomplish much for the country.
One thing they ought 10 be able 10 do, they can
borrow money, as the Democratic party usually
Is compelled To when in power But 1t Is ques-
tionablc whether they are able TO agree even on
| that temporary relief
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