New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-01-30
THE PRESIDENTS Mistakes.

THE PRESIDENTS 4NlSIIhES.
The gold reserve is lower than at any time
since / nor cent bonds were negotiated in 1877.
The President seems 10 have made II certain 'na'
no measure Of relief can pass until an extra ses
sion Is called, so intense is the antagonsm ne
has aroused If he deemed II right to await acton
of Congress after appealing to 1t, he ought 10
have issued his message some weeks ago. nut
being fitted neither in body nor In MIND Tor
rapid movements, he Is likely to be as far Dc
midland ms he was in calling the extra SEES
sion in 1893 after the panic had come lie mas
not only recommended an impossible thing. pu'
has waited so long that in all probability noth-
ing can be done From expressions or opinion
nj Washington on Monday, he seems to nave
known as little OF the temper of Congress as
those New-York bankers who are constantly
rushing into print to pronounce his utterances
emincntly practical, wise and sound.
The proposal for a popular loan is good. how
ever some financiers may belittle it, The pro-
nosal TO issue gold bonds. however right In IT.
self. was the surest way to prevent AUTHORIZE
ton of any bonds. and the attempt TO SuDs'l-
tute small silver certificates for legal tenders
and banknotes Of less than $40 was the surcst
way to repel sound-money men In both parties
The other important feature Of the President
latest MAN the retirement Of $434, 0OooOo legal
tender notes now outstanding as rapidly as the!
NAV he turned in for interest bearing bonds, mas
not been comprehendcd in all its perilous feat
ures by practical business men. but congress
men who oppose violent contraction are so
numerous that il has even less chance OF adop-
tIon than the proposal of gold bonds. All these
mistakes are small however, when con'ras'e"
with thc deliberate declaration that the problem
Is not one Of revenue.
HProfessor Wilson'S speech on saturday. obvi-
onsly intended to prepare the way Tor ths rs
sor,on bv the President insisted that revenue
WAS increasing and to make out case he IL
porod the fact that extraordinary receipts OF
about s. 600 at the beginning OF the month
were due to Withdrawals Of goods from ware
house under duties then taking effect for the
first time. The total customs receipts to Jan
nary % were Sl5423.O1S. against 700 III
January last year. and $20,667,0OO in 1885, ana
deducting the exceptional receipts from wool
lens kept back the new tariff has apparently
yielded less than in December. and about half
the receipts in 1893. upon which Treasury ana
Congressional estimates We're based The IN
ternal revenue was also only Ss.147.627 to Jan
uary 29-smaler than in December or January
ON deferred woocns. were less than S23oooooo
AGAINST So7 OOOOOO last year. and S36,00O,OO in
1893. 1t is not possible to argue with men who
publicly pronounce such a state OF things an
increase Of revenue.
In Secretary Carsles letter TO Senator Harris
last August. 1t was shown that the probable
revenue under the new law. exclusive OF income
tax not largely collectible this year, would be
,f,t Inf
fallen so far behind his Estimate that in five
months ending with January the deficit has been
about S420O0OOO The President talks OF a
comfortable reserve Of $G5,WO.UoO.' as II nc
did not know that the cash balance that very
day included nearly $l3,OOO,0m silver ana Dull
ion. $4,000. 900 fractional silver and fractional
coin. S9.OO.0OO interest and bonds paid ana
SGOO0O00 banknoes awaiting redemption, De
sides S15OO0OO0 deposits in National BANKS
against which the credits TO dsbursing officers
were nearly $2i.O0O.O00. The root Of the whole
matter Is that under the new law since Septcm-
Der /, Government has received only SlD,oOo.-
900 and has been obliged TO pay over $lol.po,-
600 besides rcdecmng more than S3O,oOo,VW or
its notes in order TO enable distrustnG citizens
10 put away gold for their protection Their
,listrust il not strange when they see ina, Inc
Professor and the President are so blind TO the
per;ls which a tariff for deficit involves.
1t looks as If nothing could be done. Repub-
licans might he very glad to support part Of
the Presidents proposal but simply cannot sup
port 1t as whole. If It is opened for amend
Inent the chance, are 10 TO | that II VIII be
altered the wrong way. To prevent intcrminablc
debate on it seems impossible, an attempt to
change the rules OF the Senate would involve
a Struggle Of more than thirty days and mean
while dstrust of Democracy Is taking gold out
of the Treasury every day. II Mr.. Cleveland has
an ambition to wreck the country as well as his
party, and to leave it as Buchanan left it with
credit so low that per cent bonds could not
be sold, he might succeed were there not Re-
publican Congress hear at hand.