New-York tribune., 1895-01-26
THE EMERGENCY.

THE EMERGENCY
Withdrawals of S1OSSO000 gold from the
Treasury this week, exports Of SI.4ooooo ana
a fall Of the gold reserve to about Sos,Ooo,o~
show where the Democratic party has placed
this country already by its tariff for deficit ana
It's State Bank bill Seldom in all history nave
the finances of great nation undergone so
disastrous and humiliating change as 'ha'
which the Democratic victory in 1892 has al
ready brought. Little more than two years ago
the proudest and most powerful OF nations, gam
ing more RAPIDLY in wealth than any other. with
all its labor well employed. this country enjoyed
n credit unsurpassed To-day 1t is question
with serious bankers whether practical bank
ruptcy by forced silver payments where gold
has been promised can long be avoided. Every
step Of this frightful downward road has been
the direct result. first, Of the triumph OF pohc!
hostile TO the Nations industries; next. of Secre-
tary Carlslcs proposal to pay treasury ho'es
in silver: third of the Presidents refusal to call
an ex,ra session Of Congress until it was too
late: fourth, Of the enactment Of whiskey ana
sugar tariff which created deficit and finally,
of the wanton tampering with National credit
and prosperity involved in the currency bill
proposed by the Administration and supported
House.
II Is about time for the President TO appeal to
his political opponents. for the publicly avowed
reason that they have proved they knew how
TO protect the Nations credit. and in thirty years
of trouble and trial have never suffered IT 10
get into such a state as this. Too well he knows
that there is no hope Of relief coming from his
party To say that it is hopelessly divided Is
not enough Divided il is but with an over
whemng majority in favor of measures which
mean financial ruin. Only by direct appeal OF
the President and his personal friends to the
Republican minority for union on necessary
measures without regard 10 Democratic eau
cuscs or partisan interests does 1t seem pos
sible to avoid more serious trouble
The New-York Chamber Of Commerce IS pre-
sumably composod Of practical men who read
the daily news and are therefore perfectly aware
that the bond bill which they formally urge has
no chance whatever Of becoming law at this
session. Anv five silver men. under the rules
Of the Senate have ample power 10 make lis
defeat certain and they have decided in con
ference not TO permit the passage of any bill
for the restoration of the gold reserve at this
session. There are the State bank men. also
faction larger II not so desperate But Of what
use is II TO enrmerate obstacles. when one Is
| too much; The Chamber Of Commerce does IL
self no credit and the country no good, In
solemnly advising a step which II Is palpably
| impossible TO take This is time for wasting
influence I'm a vague notion that something might
he done TO educate public opinion FOR future
wears The country and business need prac-
tical advice for the immediate present. or none
at all
II is not chimera that silver payments may
be near Shrewd men OF much parliamentary
expcrience in the Senate are working desperate
IL to bring about that result. because they he
lieye that the Government will then be com
| pelled to adopt free coinage, and make 30 cents
worth OF silver the standard American dollar.
Unlike the merchants and bankers Of the Cham
| bcr Of Commerce. they are not dreaming about
| mpossibilites They count upon the dsposl-
| ton of some advocates Of sound money 10
prevent agreement upon any measure or real
| usefulness that can pass. and that ihey
are not wholly in error the Chamber of Com
| merce shows. These men are aware, 100, that
the root Of the whole difficulty Is the deficiency
Of revenue, and the depression OF business whlch
the new tariff produces, and in that are wiser
| than the Chamber Of Commerce appears to he.
| Give Government revenue enough and 1t can
| always get gold II 1t were possible to give
| the country an active and prosperous business
under the present tariff. that law would prob
ably yield nearly or quite revenue enough afier
| the effects Of wantOn or corrupt gi1is 10 me
| Whskey and Sugar trusts had passed away.
| Rut with only two-ihirds Of normal consunI-
| ton, revenue must fall terribly short, and then
| the Government Is forced to borrow again ana
again. every time seeing It's gold reserve drawn
ont by want Of confidence in its National policy
| and its ability to maintain gold payments. II
| could not only borrow AT better rates. but keep
the gold II borrOws. If there were adequate rcve-
nucs and general prosperity. Experienced busl-
ness men who will not face facts as obvious as
| these. if they advise Congress at ALL are quite
ant TO urge the passage Of some bill which can
| not possibly be passed.
The remedy Is not to be found in an obstinate
| blindness to the difference between parties. 1t
is not to be found in ignoring the demonstrated
fact that the Democratic policy tends directly
to ruin Those who seek for II with candor will
find II only In return to the Republican prin-
ciples of protection f,r labor and nnfnching
| defence of the National credit