New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-03-13
4 RpTTISH CRITICISM.

~ an. cop susnect The London Economist
Of any partisan or other prejudice against fres
dent Cleveland and its criticism or DIS course
in the following extract Is In spirit ana almost
In words identical with that which has been
expressed In this journal:
u. are rather OF opinion. moreover. that Pres'-
-, C,,oys,and has gone somewhat too far In ar
ranging terms with the syndicate 1or iurtheI io"
N he issued at a later date, H. after neing repieh
ished. the Treasury reserve shoud again DC uIaneu
ayav The new Congress will be constituted al 'he
hog,nn,np Of next month and while 1t was neces-
..rv N take mea sures to protect the treasury UNI
I'll that should have the opportunity Oh ueaIs ~"
the currency question tire necessity io' e"', %
into distant engagements Is rot 80 appa'."' ~ -,
said that the knowledge that hhahciai ''o
h great strength as the Rothschilds ana the
,toreans have contracted 70 support the i,easu,y
will inspire confidence In It's apih'y W
navmsnts and thus remove the H'oS' "
factor in the situation. 1t Is no dsparasemen'' NJ
over Of the power Of these great firms 10 say WIS"
an ,ho ,orcss n, their command Will not suince |"
maintain the States on a gold basis unless |on
gress takes effective action In the urec''o" -,
rency reform. And for that reason we a.e No." -,
10 think that President Cleveland might nave uo,'e
better II he had contented himself with mee'ihs TIC
nresent emergency and left all other arrangements
to be settled after there has been an opportunity
Of ascertaInng the disposition OF the ne" .'"e''
II Is vet uncertain whether the new Congress
will be constituted at the beginning OF next
month";" but 1t Is, and constantly has Deeh, j"
the Presidents power to call an extra session,
and thus to avoid the risk and wasteruihess vi
distant engagements" 1t will be something OF
n shock to those who worship the PRESIDENT 10
find the ablest and most influential hnanciai
journal OF Great Britain affirming that all the
forces at the command of the syndicate VIII not
suffice to maintain the States on a gold basis.
Americans certainly hope, and the best IN
formed are disposed TO believe, that The Econ
omist' is mistaken and that gold payments can
be maintained until Congress can change me
revenue laws, and certainly afterward II the
change Is a wise one But the main point is
that the power Of the syndicate Is not supposeu
by British financiers. who have an extensive
knowledge Of the functions and faculties OF SUCH
combinations, to be anything like what the Pres
dent and his admirers have supposed. TX IL mas
right good fortune In many respects. II VIII not
only make good profits but will be able to leave
upon the minds OF most Americans the impress
sion that it has earned them by mysteriousiy
controlling the foreign exchanges.
But II II has not exceptionally good fortune,
either OF several untoward events may occur.
There may he renewed sales OF railway ana
The amount OF money for which these sales call
may easily he much greater than the syndicate
can protitably handle In December and Janu-
airy such sales largely exceeded the entire
amount Of the bonds which the syndicate has
taken on foreign account IL European holders
again send over S4O,OOO.0OO Of American securi-
lies. for which they want gold. the syndicate
bankers cannot send back the gold they have
y,.
Government bonds they have already contracted
to sell. abroad aud here They can indeed sacr'-
flee part Of their profits In making arrangements
To provide the other side the gold for the
sellers o, securities but operations Of that kind
do not last long.
The excess Of Treasury expenditures over re-
ccipts Is another difficulty which the syndicate
cannot control Still another Is the disposition
OF Americans themselves TO withdraw gold from
the Treasury. aud 10 keep II under their personal
control and this may possibly be revived To a
greater extent than ever II official assurances
as 10 the sutiiciency Of the revenue prove CHROME
Gus No sensible person expects syndicate 10
control these things. 1t may have good luck
about all Of them. or II may not hut hnally, us
continuing contract until October gives the syn
dictate n chance TO make another profit OF $3,NO.-
600 or more IL the Treasury gets 10 the point or
need again. so that all the efforts 1t may make
during the spring and summer to prevent such
an emergency will be highly honorable efforts
10 avoid realizing a few millions more. Appar-
entity The London Economist and the fnan-
clcrs OF England understand the work OF such
skilled operators better than our Administration
does They have seen the performance more
than once. In connection with the various bank
rupt Governments which have been obliged 10
seek the aid Of financial wreckers in London,
and they have reason TO know how II will come
out