The Providence news. (Providence [R.I.]) 1891-1906, 1895-12-04

rency system, which somehow prosper
Gus country was able to survive until
| Democratic administration came into
! power tho President would now charge
! the financial and business ten al ion thct
has brought loss and suffering upon US
since March 4, 1898. Because tho Gov rn-
ment is compelled 10 keep green backs IN
circulation tbat, according to the Pres,
ident, is the reason why commerce has
been decimated, business stagnated, val
ues reduced, millions OF lsborers thrown
out OF employment and the whole life
and trade OF a great country confused.
The audscity of the statement is only
equaled by the teaerity with which the
President ventures ON all elaborate sup
port Of it.
That, legally speaking, mythical thing,
the gold reserve, il the key note OF
the Presidents argument, thus, in itself,
demonstrating at the outset that the
President is going astray. The so-called
gold reserve has nothing whatever to do
with the prosperity or lack OF prosperity
OF this country. Before the hard times of
'93 tho people at large did not know there
was such a thing as "gold reserve. "
The reserve took care of itself and gave
1t is only a feature of bookkeeping, cut
its keeping has become OF SO much con-
cern for we'll grounded reasons that
the President regards II as something as
the basis OF the financial and commercial
system, of our very prosperity The tool
has become the workman. the instru-
ment, the power-i in the Presidents view.
"Among the causes. ~ observes the Pres,
ident ccmplacently, "for the constant
and uniform shrinkage in this fund may
be mentioned tho great falling off OF ex-
ports under the operation of the tariff
law until recently in force" GLe., the
Mckinley tariff. That is a statement that
may well be pronounced as ''nerve. And
it represents the Presidents argument
throughout. Not because we have failed
TO secure enough revenue from
Democratic tariff, but because under a
Republican tariff We did not sell
enough goods in foreign markets is the
Presidents reason for all the financial
and business troubles that have befsllen
us Then, according to the President, the
people have developed an insane dis
position TO turn II, green backs for gold
and to get the greenbacks back again and
send them in for more gold until
the Government exhausted the gold ac-
quired by bond issue OF S1e2, 0)O, 600 and
millions more beside that it acquired in
the ordinary run OF business, while the
people are still insatiate for gold and
they still have in their possession the
full output OF greenbncks for further
"raids" upon the treasury! SO the Presi-
dent proposes a plan for retiring the
greenbacks and thus solving the grievous
problem!
II is preposterous. No one need spring
TO the defence of the greonb backs. No one
need undertake TO fight the President on
the battle-ground that he himself has Sc
lected. To beg the question is short
sighted in debate, and the President has
! Degsed the question win amazing enron
terry. 1t is inconceivablo that he should
have gone TO such lengths in the do
ing OF IT. According to the elabo-
| rstely pronounced view OF this man wbose
high Office should command for him the
title OF statesman, our tremendous fall
ing of in income from revenues
is not responsible for the failure OF
expenses. Revenue, in his view, has had
nothing whstever 10 do with this failure.
We could get along without revenue IL
4,