New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-04-16
THE PRESIDENTS PHRASES.

THE PRESIDENTS PHRASES.
President Cleveand's letter to business men OF
Chicago who invited him 10 a reception Is
wonder in it's peculiar way. The one art OF which
he is a master is that Of using phrases without a
definite meaning which every reader Is liable
to interpret according to his own private notion.
These looking glass phrases, which never bear
any face save that of the one who looks at them.
abound in the letter. and make it more vague. If
possible than any Of the Presidents previous
declarations Tln, are many and so indefinite
that even the experienced In Clevelandesquc
literature find it rather hard to remember that
In December and January this same President
was fighting for the wildcat State banking
scheme. then advocated gold bonds IN such form
as TO djscrcdit the only securities Government
had power to issue, and finally turned over the
National Treasury to Messrs Rothschld ana
Morgan as receivers. When one recalls all this,
he is lost in wonder ut the ndroitness OF phrases
SO we'll calculated to promote forgctfulncss OF
the Presidents action.
Sound money and wholesome financial doc
trncs' Mr. Cleveland names as the cause TO
which he is attached: but so he did when he pro
posed to abolish the tax on circulation, with spc-
cial advantages for State banks which would
have broken down the National banking system
Then that was sound money" to him; and
little later his Secretary Of the Treasury, VINO
hid urged the bill 10 coin the scgnoragc, was
negotiating with the silver men regarding con
ccssions by which the State bank scheme could
be passed Senator Jones. OF Nevada. honestly
thinks his speeches arc devoted TO sound money
and wholesome financial doctrine and the chiefs
of the Populiss doubtless think the same OF their
fat-moncv platform. Again and again the Pres
idcnt repeats the phrase Sound money without
the slightest attempt To define II or to make any
body understand JUST what he does mean. When
he talks of safe and prudent financial ideas
There is nothing 10 show whether he Is referring
70 State bank paper or gold recommendation, aud
there is not a word in the whole letter to prove
whether he is antaConzlnG free coinage of silver
or issues Of fiat paper at $50 per capita, either
or both.
If the Presidents amazing attitude regarding
thc state bank issues had not taught the country
that he always speaks Of his individual Ideas
,vb,tcycr they NAV he, as II they alone were
sound and wholesome doctrine. most Of his
letter might he welcomed with real enthusiasm.
81 we'll does he state the case against the illu-
sions Of dcbascd currency" But under tn"
circumstances the President owed II To himself
and TO the country TO make It perfectly clear
what 1rc the financial vagarcS' h. condemns.
because the men who urge ihcm do not MINK
they are vaCarcs hut safe and prudent iinan-
cinl ideas" The farmer, for instance, when
warned by the President against ''dcbascd. re-
dundant and uncertain currency. naturally re-
members that issues without limit by state
banks were advocated by Mr. Cleveland only
three months ago. and finds II hard 10 So" no"
such notes cln be- safe while limited issues 10y
the United States. rcdccmab" In gold. can be-
dchnscd and redundant. indeed, The strongest
argument for the Ocala kind - money. loaned
directly by Government on farms ana crops. j.
that II would be immcasurIby safer than notes
without limit loaned lay state banks.
50 Of the appeal {" wa:e-earncrs against 'd"
generate currency and an unhealthy Silm,li-
ton Of prices: II loses all force when III" work
crs ~ forty years experience are asked 10 choose
between standard silver dollars and wildcat state
bank paper II Mr.. Cleveland thinks The latter
safe the wac"-carncr i apt 10 answer Tia, silver
coin Is safer and less likely 10 degenerate" Nor
Is he convinced by apt alterations ariful aid
when the President warns him that he will u"
.vox,-l with vanishing visions. The plain truth
is that the people Of This country are utterly sick
md tired Of phrases which mean anything e"
nothing: and II the Presidents notion ~ financial
safety means putting the Treasury into the hands
OF receivers as the only alternative II III" people
will not wipe out the grrcnbackS and subSii'ut"
State bank notes they are Immensely tempted
10 prefer something else
II is with sincere aud deep regret that men
who care Cor sound finance realize how the lr's-
idcn, has thrown away his influence for good in
irving 10 save his party. II he had not preferred
an income tax and low duties even with dis
honor and pcriidy" 10 the tariff ~ $500, the r'V"-
nue. would now be ample. II he had no, couri"d
the Populists and State bank schcmcrs. h" could
have obtained authorization for popular loan
without difficulty. II he had not chosen a secret
bargain with syndicate " banks. instead OF an
omen offer Of the same bonds 10 the people, his
influence throughout the country for good would
be immeasurably greater than II Is. BY his own
nets mainly for the sake Of party, and unwisc
even when patriotic In purpose. he has mad" II
no longer possible Tor him 10 help public opinion
toward financial soundncss. even when his de
sire TO do so Is most sincere.