New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-12-31
THE QUESTION OF REMEDY.


President Cleveand's financial policy. is cal
cuated TO drive the Democratic party out OF
existence. Through changes of absurd incon
sstency he has come to insist upon an impos
sble thing as the one and only thing which Will
save the country. and that thing. the retire
mcnt Of the greenbacks. scarcely decent minor
ity Of his own party would support lie knows
this, and yet in his panic message repeated the
assertion made in his annual message that IA
real and sensible cure for our recurring troubles
"can only be effected" by this method. Now 1t
Is asserted by the President and Secretary. and
by newspapers which echo their notions. that
the Bond bill passed by the House Is utterly
worthless. although 1t supplies ample means for
the redemption fund and for current deficiencies,
and although the Tariff bill will stop the deficit,
because neither provides for retirement OF green
backs If called upon to face this issue in order
TO pass muster as sound currency" men. there
will not be enough Democrats left to carry
single State in the Union. More than two-thirds
Of that party believe in the free coinage OF sill
yer as the only remedy, and are as fanatical In
that idea as the President is in his. and as in
capable of seeing merit in anything else VI
the remaining minority, undoubtedly more man
half agree with the majority OF Eepnblicans
that the currency which with adequate revenue
has brought unbounded prosperity ever since
1878 is good enough for 1896
The President now wants to thrust the reve-
nue. question out of the way as passonateiy
as he wanted to make ii the sole and supreme
issue and the test of patriotism. even down 10
the hour when he suffered the present tariff to
become law without his approval. But prac-
teal business men and workngmen of his own
party. in number enough to doom it to defeat IN
every State where there are honest elections
know that this is a false view, that adequate
revenue is absolutely necessary 10 the success
OF any currency plan, and that the attempt to
evade the tariff question now is essentially par
t,son and dishonest. being made solely because
the people have Overwhelmingly condemned the
tariff policy to which the President ana the
Democratic party stand committed. The Demo
Gratis who feel this will not be deceived by any
false pre,ence about the need OF retiring green
backs The true remedy begins with restora-
ton Of revenue, so that the Treasury shall not
be obliged to pay out more than it takes IN OF
any kind of money. The restoration OF revenue
would be inadequate If it did not also prevent
Outgo Of gold in settlement Of trade balances by
restricting importatOns OF foreign goods. Az
the same time, more than half the revenue
depends upon the prosperity Of the people and
their industries an adequate revenue law must
SO far stimulate home industries that the public
prosperity may be restored. With such law
larger revenue will be derived from internal
taxes and duties on articles not produced here,
imports will cease to take millions IN gold rom
the country every year, and the treasury VIII
cease to pay out more than 1t receives. That
was the purpose Of the first Republican act OF
relief, which Is heartily approved by large mi
nority Of Democrats. On that measure alone, II
vetoed the Democrats would be beaten over
whelmingly.
The second step in a plan OF general relief is
to meet any temporary deficiency Of revenue,
and for this the Republican Bond bill provided
amply. and more. The measure placed within
reach Of the Treasury many millions more than
Il would ever need with an adequate revenue law
so much will he admitted by those who do not
think. az The Tribune does. that there would
have beer no necessity for borrowing any more.
II they think that 1t might not be safe to leave
the Treasury with revenue law yet unried
and reserve no greater than it now holds. they
must yet admit that the power 10 borrow either
for rcplenishmcnt of the reserve or for any tenn
pOrary deficiency would provide more money
than could be needed. 1t Is sheer nonsense 10
say that the efficacy of this measure is impaired
by making the bonds payable in coin" when
the bonds which the President proposes to sell
in enormous amounts are payable In coin. II is
folly to pretend that the success of a loan would
be impaired by Offering it first to popular sub
scripiion, with provision for bankers and large
capitalists 10 take any balance remaining These
oh b1y mot oil ha
Democrats nor the Republicans are likely 10 ap-
prove any more contracts with syndcates OF
bankers, mortgaging the resources OF the country
for many years to come, in preference TO the
methods proposed in the Republican bill On
that issue also. if it stood alone. the Demo
era c party would be overwhelmingly defeated.