Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1895-01-10
THE.LEr Us ALoN ~ POLICY.

THE "LET Us ALONE" POLICY.
1t VIII Simply Continue to Work Mischief
in Our National Fiuances-- Retire the
Greenbhcks.
New York Evening Post, January Cd.
An impression exists in Wall street
that il Congress and President Cleveland
and Secretary Carlisle and the news
papers would let the currency question
alone, it would settle itself, and pres
emily everything would come right.
This notion has gained considerable
strength and impetus from the state.
mcnt Of the government-bond syndicate
that the currency agitation in Washing
ton had stopped the sale of the last
issue of 8 per cents-that is to say, had
prevented the syndicate from making
the profit which they had expected
within the time that they had expected.
This latter misadventuro is due to causes
peculiar to government bonds, not to
causes affecting business in general. The
expectation undoubtedly exists that
more bonds will be sold-pcrhaps on
account of the gold Withdrawals since
the last lot was issued, perhaps with the
object of funding the grcenbacks.
Holders will naturally anticipate such
an event by selling now, with the cx-
puctation of buying again at q lower
price. Such an operation ought not to
affect other business unfavorably. On
the contrary, any strong and etfeetual
movement at Washington orin the press
looking to the retirement of the green
backs must have favorable medicinal
effect upon business by removing an
active poison from the system.
The cry which is heard in Wall street
Of "Let Us Alone" is like that of the
evil spirits that entered into the swine.
Letting us alone will not help things,
for the reason that things will not stand
still. Tho currency system is in a state
Of unstable equilibrium. Letting it
alone means letting it fall and bury us
all in its ruins. The gold reserve was
$61 100000 in October. There was
added to it $5s 100000 in November by
borrowing. 1t is now down 10 $780,
100000, and the drain may continue
indefinitely. Why? Because the pub.
lie have conceived the idea that the
government may not be able to redeem
its legal.tender notes at all times. The
idea that the greenbacks are operating
as an endless chain Of buckets to draw
gold from the Treasury has taken pos
session of the public mind. This is
probably an exaggerated view to take of
it. Probably the monthly Treasury def
cit is the chief cause of the drain OF
gold, but it is evidently not the sole
cause, since latterly the drain has been
greater than the deficit of revenue.
Now to say, or imagine, that the public
mind on both sides of the water is to be
quieted and treasured by letting the
currency alone betrays the greatest sim.
plicity. The currency is the very thing
which causes the trouble. 1t is the very
thing which will not be let alone. It is
imperatiyely necessary that il should be
attended to now. So important is it that
if this Congress should come to an end
without doing anything, the President
would have the strongest reason for call.
ing the new Congress together on the
4th of March and keeping it in session
till it should either enact some measure
Of currency reform or acknowledge it
imbecllity. The present Congress hal
repealed the Sherman silver act, and fol
this il is really entitled TO crown o
glory; but its virtue was apparently OK
hausted in that one effort. IL will to
morrow take up the subject where il lef
off before the holidays, and will resume
the consideration of the amended Car
Isle bill.
A good test of its ability to do any
thing useful would be to vote on some
! measure for retiring and conccling thu
greenback. This is the indispensable,
thing. 1t does not make much differ
cnce how it is retired, provided it i
really put out of existence. Let til,
world OF finance see that il is going, anC
that II Is not to return, and the condi
tions of business will improve at once
because people will once more hay
confidence in the standard of value
The sooner the legal-tender notes cai
all be funded. the better, but Tapidity i
not 81 necessary as certainty that III
thing is To be done. We shall have n,
peace until the public mind rests in tn
belief that it is in course of ultimat
extinction, as Mr.. Lincoln long ago sai,
about slavery. Then every other finaE
cial problem, for there are some other.
will be easily solved. y banknote cur
rcncy, expanding and contracting &c
cording to the neeas of business, an,
not waiting for the action oil the GOV
eminent at Washington, will he easi!
devised, and even the indigestihlu mas
OF silver can be brought into use whe
n vacuum is created for ii. Even
everybody and everything else woul
agree TO "let us Alone" the silverite
would not. Their campaign neve
stops. They are expecting the new Re
publican Congress TO pass free coinag
bill, which IL is about as likely to DO q
II is to establish State religion. Bu
the fight will so on because it must.