New-York tribune., 1895-12-28
THE DENOCRATIC FINANCIAL RECORD.

Was there ever such bowling success as the
financial policy of the Cleveland Administra-
ton? lis first announcement after Inauguration
WIS that the great financial disturbance ana
business depression which ensued upon the peo-
nle's recovering their sober senses after the fool
ishness of the Presidential election was due en-
tirelv TO the operation of the Silver Purchase
law. 1t was to re.establish confidence and re-
Store nrosperity that Mr. Cleveland hurried his
first Congress together in an extra session for
the repeal of that provision of the law. Then
as gold kept going out Of the country Mr. Cleve-
lands wise finance minister dropped hint that
it might be necessary to pay the Government
obligations in silver. Thereupon the gold went
faster. and all our securities hello in Europe came
tumbling in upon us at most alarming rate
The Secretary's attention being called to thls ne
hastened to say that he had made no such threat
rs had been reported, and that what little he had
said was not intended for publication. This
served to allay an excitement which was becom-
ing pancky, but was far from restoring conll-
dence 1t is so much easier to arouse damaging
suspicion than to escape its consequences! The
blow had been struck, and its effects were Wis
ible in crumbling fortunes and ruined industries
all over the country.
The next financial essay of the Administration
and the Democratic majority it had behind 1t IN
Congress was in the direction OF tariff legisla-
ton. with which it combined the device OF an
income tax. The income tax came to nought
SO soon as the Supreme Court was called to adj
Indicate upon it. The tariff legislation, aside
from that, went into operation, and we nave
now been enjoying its benehcent influence upon
the finances and the business interests OF the
country for more than year. The result has
been loss of revenue with a constant and con-
stantly increasing deficit. While we are in the
enjoyment Of these blessings of Democratic Ad
ministration, the President, in order, as his
former adorers say, to divert attention from his
failures and produce sensation which would
promote his chances for a denomination, got up
a war scare This Immediately provoked a re-
action from the condition of hOpefuness which
the Republican victories Of 1891 % had brought
about SO that everything and everybody were
again at sea Having scared himself more than
anybody else, he proceeded to make an exhibit
ton of his cowardice by issuing frantic ap-
peal to Congress for immediate assistance to
save the Treasury from becoming hOpelessy
bankrupt
And now one report in circulation is that 4
syndicate or bankers ana CAPITALISTS is seriously
considering proposition to underwrlte the Gov
ernment by nsurng the Treasury gold reserve
for certain length Of time for which service
they are to be paid in the bond issues Of the
Government. Another report comes from Lon
don that upon the assurance being given from
an authoritative source that there is nothing in
the war scare-in other words, that the Presi-
dents message was a gigantic bluf-a
United States loan can he placed in London upon
fair terms The plain implication in these two
reports is that the United States Government
is unable to manage its own finances with ordi-
nary business sense, but is forced TO call upon
its own and foreign capitalists TO save it from
bankruptcy. And this is the ripe result Of three
years of President Cleveland Secretary Carlisle
and Democratic Congress. What n record it
Is. TO be sure