The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1895-10-01
THE LATEST PLAN.
New York Tribune.

New York Tribune.
President Cleveland appears TO be pay
ing politics again. This unique and pawer-
full Democratic statesman, whose admir-
en5 boasted that he never would swerve
from his duty to the country in order
to serve his party, seems Inclined to post
pone another iszue of bonds until after
the elections, not because re does not
Think 1t for the public interest, but be-
cause 1t might injure his party at the
ballot boxes. If such reports are true,
the president is again taking for partisan
ship really serious risk. 1t is possible,
as some bankers now believe, that the
rapid decrease in gold exports last week
means that the outgo is practically over.
But the president has pledged himself to
use the powers at his command when
ever and as soon as 1t might he necessary
to protect the gold reserve, which is
not now intact, has not been fo- some
weeks, and in view of the dis5andment
of the syndicate, does not seem likely
to be replenished very soon. The bottom
fact is that the president exposes the
country to a risk In order to avoid q
risk for his party.
The Tribune has stated that an issue
of bonds at this time is absolutely un-
necessary, because the president has the
power to remove public apprehension in
either of two ways, by calling congress
together or by making known his de-
cision to accept the financial remedies
which congress may adopt. But it is
not now and has not at any time been
clear, that II he refuses to adopt either
of these courses, the president can with
safety defer another sale of bonds. Ex-
pectations of a rapid outgo of cotton
seem to have controlled bankers who
have restricted their exports Of gold.
But European markets for cotton are so
much lower than the New York markets,
and the stocks of old cotton abroad are
so large, that speedy exports in large
quantity are by no means certain. The
wheat movement is only about half
of last years from Atlantic ports. Ali
exports from New York in two weeks
of September have been but slightly
larger than last year, while the imports
in three weeks have been $6.700,000 larger,
or about 30 per cent. A similar change
throughout the month and at all ports
would make the balance payable for the
month on merchandise account quite
large, and the undervaluations and in.
terest due abroad, amounting to more
than 10000 900, are yet to be added.
The president also knows that the treas
slb.e In any month, by partisan account
keeping and the postponement of debts
actually due, to cook up an apparent
surplus, and some such plan seems to
be in the minds Of officials who have an
eye single to the coming elections But
the people who make public opinion are
we'll aware that the revenue does not
equal the sum required for the expenses
of government, and their judgment of the
president will be based, not upon the
notions Of ignorant voters, but upon their
knowledge of the truth.
Whether an issue of bonds can be de-
ferred until after the election without
disaster, by the methods which the presi-
dent is minded to adopt, 1t is not pos
sible to predict But 1t is certain that
an issue could be placed today on favor
bale terms, though better could have
been obtained early in July, before the
latest outflow Of god. 1t Is certain that
decidedly worse terms would be forced
upon the government if the offer of bonds
should be deferred until serious apprehen-
sion had set ln and the gold reserve
had been much depleted. 1t Is impossible
to foresee what may be sacrificed for the
sake of party, by deferring step which
the president, according to al accounts,
has determined to take before congress
meets, in order to head off other and
far more patriotic modes OF relief. The
venture and the sacrifice of pubic in
terests, whether 1t proves great or little,
will go to correct the estimate formed
of the president by those who have sup
posed that he would never sacrifice the
good of the country to the supposed adj
vantage of his party.