New-York tribune., 1895-12-23
TO RESTORE CREDIT. RAISE REVENUE.

TO RESTORE CREDIT. RAISE REVENUE.
President Cleveland has. most injudiciously.
done so much to damage the credit OF the
Nation and he has been much assisted
by sundry bankers who want an opportunity
to take bonds cheap, that plain statement
Of the situation seems to be needful. 1t is
intended to help the country and not any party,
and if it seems to reflect on the President at
all it is only because he has placed himself
in a mistaken position. A dispassionate and
correct statement of the situation in such a
journal as The Financial Chronicle might
have done much good, but instead, that usually
sensible paper said on Saturday: If he Cfr.
"Cleveland) had made it his study TO bring out
"in strongest relief the financial weakness Of
"the United States he could not have hit upon
"a better device for doing it than his earlier
message to Congress on the Venezuela ques-
"tion. How are we TO get the money to EN-
able us to fight Great Britain? Is the foremost
question this document regarding Venezuela
raises We have the men needed, and few
"ships; but as to money we have not even credit.
THAT is a humiliating admission-but is it not
1.-The exact TRUTH Any purpose whatever,
whether it be partisan or financial, which needs
such statement to promote it is assuredly one
to be regretted, and by patriotic men of all
parties condemned.
1t is the naked fact that Americans have taken
back some months ago, at 122 or more. the very
bonds which President Cleveland conrived to
get British bankers TO take abroad at about par.
Americans have taken these bonds because they
know their Government is safe, Notwithstanding
President Cleveland's persistent assertion that
our whole financial system is unsound and preg
nant with peril 1t is also the naked fact that de-
positors in savings banks alone would lend the
Government a thousand millions in single
week, if il were not most injudiciouS to run any
risk Of embarrassing those institutions 1t is
also the naked fact that the capitalists and en-
ployers of labor, who have lost much more than
that sum through the prostration of business
which the course of the President has caused,
are still entirely able and willing to uphold their
Government to any ,Xtent, If it justly defends
their industries.
Speaker Reed has created strong Committee
Of Ways and Means and it would be creditable
and gratifying thing if, sufficient answer
to the Presidents message about the public
credit, the House should pass in a single hour on
Monday bill adding S40,000,000 or more TO the
revenue. The little bill suggested in The Trib-
une of November %. with or without mOdica-
ton, as members may think best, would of itself
restore the public credit and speedily stop the
outgo Of gold, for the capital of the whole world
will come here for investment when this Nation
has sense enough to defend its own industries
and its prosperity. The Tribune believes that
such a bill can be passed through the Senate also,
and quickly too, even as the Venezuela resolu-
ton was passed, because it would speedily come
TO be the Judgment Of members that it Is the
best thing that they can possibly do at this
session.
The President and his mistaken advisers NAV
set down one thing as absolutely certain That
no bill can be passed authorizing the borrowing
of money for retirement Of greenbacks, or to
make good the deficiency Of revenue, or for any
such purpose. Congress will refuse and ought to
refuse any measure Of that nature. but should
put before the President Immediately an honest
revenue bill, which will yield enough money to
end all apprehension about the Treasury, and
will sufficiently revive American Industries TO
check excessive imports and turn the tide OF
foreign investments in this direction again. II
Engshmcn prefer to sell all the American Sc
curiues and properties they hold, at a big loss,
the capitalists Of other countries as well as this.
will be glad to get such good bargains. The
country has been going deeper into difficulty ever
since the President, with his mistaken financial
ideas, was elected in November, 1892. Gold be-
gan to go out the next week, as 1t had been COM
ing in the week before that election. The way to
bring it back is TO reverse the mistaken policy
which has prevailed since that election, and has
brought so much Of disaster
There is not the slightest necessity OF passing
any bill whatever declaring over again. for the
second or the two hundredth time, the deliberate
purpose of the United States Government 70 meet
all Its obligations with perfect good faith and In