New-York tribune., 1895-02-12
TILE RETENUE QUESTION.

Mr. Reed. the ex-Speaker. will not worry IN
the least because of the criticism or the abuse
of the party which was buried under mountain
of adverse votes last November. 1t is not given
10 anv man TO be entirely wise in every dctaii
and every emergency. Mr. Reed would have
been wiser if he had fatty opposed the Presl-
dents latest currency bill. basing his opposition
distinctly on the one feature Of that bill which
WAS contrary to the declared wishes OF the peo-
ME. namely it's attempt to retire the legal-tender
notes The bond bill by itself required little
consideration. But the Administration Bill NO.
2 WIS simply a dishonest trick 10 get Repub-
lcans committed to the retirement Of the legal
tenders. which the people have never yet author-
lied and against which thrccquarters of them
would to-day unhesitatinsly vote.
About the bond business there is no occasion
for anxiety. The precise kind OF bonds which
Republican administrations have for twenty
years found perfectly satisfactory. ana on when
,hc latest Republican Administration could have
borrowed SlO0.OOO,00o. if necessary. mt IN per
cent, would have been good enough for any
Administration to-day. If the revenues OF III"
Government had not been thrown away ny FREE
Tradcrs The President ob>tnatcly refused 10
admit the folly Cf his party. and consequently
would not allow an extra session OF congress
10 correct it. For that reason. and no other, 'he
people will have to pay S1G,Wo'ooo more interest
on the bonds proposed. II iS SORT or premium
which they contribute for the blessing of having
Il Democratic Administration. Perhaps they do
not like it. but they will have the Intelligence
10 put the blame just where II belongs. not upon
the failure Of Congress To authorize some De''er
kind Of bond than could have been placed most
advantagcously by President Harrison. hut upon
the refusal of the Administration TO permit an
increase OF revenue.
The currency question has been most inprop
erly mixed up with the question Of bonds III
order to embarrass Republican leaders. Without
hesitation. and without difference Of opinion,
they should have quickly grasped the fact that
the frantic outcry of certain bankers for retire
ment Of legal-tender notes was unwairani
ed by any expression Of public opinion. was
prompted by no better motive than desire to
monopolze the paper circulation and was at all
events entirely out of place at this time Since
there was no possibility Of passing bono Diii
it was piece Of impertinence to Insist upon
a measure Of the character proposed by the Ad
ministration Whether the Republicans who
have been charged with responsibility FOR the
Government by the votes last November see
fit 10 propose this or any other chailge the!
have right to decide when they enter upon The
discharge Of their duties. But 1t may be doubt
ed and with good reason. whether thcy VIII
consent to put the whole note circulation OF the
country under the control Of bankers ana there
is strong reason to believe that the people VIII
refuse as they did refuse years ago, l" assent
TO any such arrangement
The wisest way 10 meet the latest Admins
tration trick was openly and fatty TO refuse
the retirement Of lcgal-icnder notes as step in
no way warranted by any expression of public
opinion. nor justified by any public need ana
calculated to sacrifice the peoples interest for
the benefit Of bankers or money lenders. Mt
Reed has been perfectly right in maintaining
that the thing needed was an increase Of rcye-
nue.. With that. no change OF currency or of
bonds would have been wanted. Without 1t, no
change Of the currency would have been OF any