New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-01-29
PRESIDENT CLETELAND'S MESSAGE

PRESIDENT CLETEL4ND'S MESSAGE.
The Presidents Message on the necessities OF
the Treasury was sent to Congress yesterday
and with ii Mr.. Springer presented in the House
Administration Bill No. 3. which has two mega
tive but unqucstiOnable virtues 1t entirely omiis
the State bank scheme, and it does not interfere
at all with coinage. But it proposes an in
definite issue of ffty-year bonds. payable prn
cipal and interest. in gold. bearing interest nj
not more than :; per cent in denominations of
$50 and $50 and multpes Of said sums with
full discretion to the Secretary TO the mode
of selling them. But for these bonds gold is to
be received except that the Secretary at his
discretion may receive in payment and cancel
legaltender or Treasury notes These bonds
and any others except per cents. may serve
as security for National bank circulation to their
par value. But it is provided hiat the proceeds
shall be used TO maintain gold reserve, and 10
redeem and retire lcgalcnder and Treasury
notes. and that notes SO redeemed shall be can
celled and not reissued Further. il is proposed
that banknotes Of less than SO each shall not
hereafter be ssded. but silver certificates Of
small denominations in their stead and that
gold only shall be received for customs AFTER
July I.
into which the Presidents arbitrary foreign
and domestic policy has. forced him. that in IL
grave emergency he proposes IA measure which
does not seem likely 10 bc acceptable 10 any
party. 1t is not at all probable that his own
partisans will assent. under any circumstances.
to an issue of gold bonds. and the silver party
will certainly fight it. Neither will his party
or the silver party assent to payment Of duties
| in gold al he
cised as casting grave doubt upon note issues
of the Government, which 1t is the immediate
object Of the proposed bill TO protect. On the
| other hand. the Republicans not al all likely
| TO assent to a retirement Of all the grccnbacks
and the Treasury notes. Most OF the Prcsi-
dents owl party will gravcy doubt whether
the National bank circulation will expand fast
enough to fill so large Il gap, and will ansrily
protest against opening that wide field for cir
cuaon TO National banks only But Rcpub-
leans will undoubtedly object to the substitu-
! ton Of small silver certificates for small bank
notes and legal tenders. on the ground that The
money Of the working people. the money Of
wages and retail trade. ought to be the best
kind Of money in use. and not the most dstl1lst-
| ed and the most likely to dcpreciate.
patriotic compromise is sometimes the
| height Of wisdom. though ii suits no party. But
| that cannot be when each and every feature Of
| ii is intensely Objectionable TO Il great body Of
voters Closely examined. this latest plan of the
Administration seems to be its weakest. Ii con
tains nothing that is urgently desired by either
Of the large clements in public opinion. There are
indeed multitudes who wish gold bonds issued.
and see that money cannot now be economically
raised in any other way: but a large share Of
these emphatically oppose the retirement Of
! legal-tendcr and Treasury notes. rcdccmablc in
gold and the substitution in agepaymcnts and
retail trade Of nall certificates rcdccmablc in
silver only. The enlargement Of the opporun
ties for National bank circulation will please
powerful class Of citizens, but it will kndle the
utmost hostility in another and apparently much
larger class. Further, the Presidents dccara
ton that apprehension as to our financial ab
city does not rest upon a calculation Of our
"rcvenue" invites attention TO the radical weak
ness of his whole plan. which is, i'm effect 10
borrow money for an indefinite time TO come
while the Government refuses TO raise by taxa
! ton money enough TO meet It's obligations al
ready outstanding.
Much that the President says in his Message
will meet with general approval Parts are
blindIy partisan, Notwithstanding his desire that
others should rid themselves from partisan
!
soning can be commended 1t Is possible that
If lust such message had been sent to Con-
gress early in December, instead Of the State
bank scheme. ii might have received more favor
But the President must have truly miraculous
! faculty Of recreating Democratic opinions and
purposes II lie can get even large minority
Of his party to support such measure as he
now proposes At the same time he has put
! into II ,roviSions (Which Rcuunlicuus arc by no
means likely to neutrality-suspicious. which involve
complete and radical reconstruction Of the
monetary system under a defeated Administra-
ton and as II for the express purpose Of de-
priving a Congress just chosen by the people Of
power to carry out their will. Worst of all, the
revolution in the monetary system is proposed
| at a time when the business and the industries
Of the country are not at all prepared TO bear
such a strain.
The President proposes too much. A simple
provision for current necessities until the Con-
gress Just elected can have time TO act would
have been timely. But nobody can say how vlo-
| lent contraction Of the note circulation might
Immediately follow the offer Of Interest bearing
gold bonds in place Of SJ00OOOOOO Of notes to
be cancelled and not rcissued. This one clc-
! ment Of grave uncertainty. if there were not
others, makes the Presidents proposal danger
Gus In practical sense, and win deprive ii Of
the favor of multtudes who will warmly com
mend his courage IN urging an issue of gold
bearing bonds. His difficulty Is that he has lost
touch with the people, and instead OF proposing
what they want and what suits their practical
necessities has offered his latest idea of II theo.
retical remedy. 1t will be somewhat surprisiua,