New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-11-29
THE REVENUE AND GOLD.

That gold continues to go out will not aston
ish ANYBODY. 1t has been admitted by the ablest
financial journals on the side OF the Admins
tration that there Is a large excess Of merchan-
disc imports over exports, whether they make
sufficient allowance for the differentiation OF
imports or not 1t is equally clear and admitted
that the great decrease in cotton exports, due
mainly TO unprecedented stocks held abroad but
in mart to relatively high prices here has caused
most of the excess But this is case In which
speculation about causes is not to the purpose.
What is to be done. men want to know.
Recent Treasury orders have been sensible,
and invite criticism only because they were de-
layed until there appeared pressing necessity.
IT IS the misfortune Of the Treasury that 1t has
all the time given ear to hopeful suggestions
and has kept back it's possible resources too long.
No doubt gold bullion rather than coin Will go
out, whenever exporters can make shght
profit, and 1t may help the Treasury in a sense
TO have more coin and less bullion on hand. But
this is not really a matter OF any importance.
The proposal to take abraded coin at face value
is not in fact as some suppose, paying premium
ON gold. nor Is II open to any reasonable OBJ
lection. The coin IS after all only token, and
renresents a definite sum delivered TO the Gov
ernment by It's people, and 1t means that the
United States will deliver to the holder III ex-
change that definite amount in current money
and the best kind Of money. The fact Is that
the Treasury ought always to protect its clrcuia-
ton TO that extent, and where coins are not
clipped or in any way deprived OF value other
wise than by ordinary use and abrasion, they
ought to be taken at par But that Will not be
found a large resource, and certainly not pro
lonced resource for the needs of the Treasury
The Congressmen who talk Of authorizing
more borrowing OF money whether by issue or
temporary certificates. by popular loan or by
anv other device. are simply behind the age
There is Republican Congress, which never
needs to borrow. Taxes quick enough and large
enough TO raise all the revenue required will be
provided. it is safe to say. unless the Presl-
dent prevents revenue bill ought 10 be sent
70 the President within thirty days after the
House has organized, unless the Senator'S who
are not Republicans make delay. II they do,
the cost of borrowing will rest with them But
that is not probable The outcome which my
most reasonably be expected is that the Hoi!se
will pass bill to increase revenue, and will find
that il has no business 10 send any approprla-
tiop bill to the Senate until the Senate and the
President nave uelerinlneu Wlldt revenue i l" oO
raised In that event. il is fair TO expect mat
the Senate will in essentials arree with he
House.
Gold may 90 abroad in very ,l.ge quantities
if there is much fooling or DELAY in Corcr IS.
and especially if there is serious ccabict between
Congress and the President. But he can be
called to order very quickly II he undertakes to
borrow with Congress in session, while refusing
TO approve bill to raise needle revenue Thus
the whole question turns upon T." action of that
body in which Mr.. Reed, Of NalHc, will I'M
doubtedly preside, and his conls. Of commit
tees will make the responsibility peculiarly his
own. If there is not proposed fiji and sufficient
provision for revenue. The countrG. ii Is need
less TO say, has no idea that he will be found
a man lacking in nerve or in practical common
sense.