New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-08-26
THE TARIFF THE ISSUE.
RESTORATION OF THE GOOD TIMES RE.
MAINS THE MAIN POINT.
THE CAMPAIGN OF 1895 WILL NOT BE LED OFF To

a.
mInistration in 1892 was followed by one OF the
worst business panics ever experienced the
causes Of which were twofold.
The impression became general thai tho Tinted
states were in danger Of becoming a silver-stand-
ard nation. Ever since 1894 the gold dollar had
been the unit OF value in actual use among the
American people except during the period OF the
suspension of specie payments Commercial
transactions. both foreign and domestic since 1879
had been based uron the gold standard In 1892
the fear became quite general, both at home and
abroad that the United States Government could
rot long maintain the parity of value between its
gold and silver coins and keep its large and In
creasing volume OF paper money good gold.
People began to fear that the Government would
be compelled to redeem its obligations with silver
dollars instead OF with gold dollars. as had been
the custom. a large number Of men In power es-
pecally members of Congress from the South and
West were insisting that the Government should
As matter Of choice and principle make its pay
ments in silver
Mr. Carlisle. the newly appointed Secretary Of
the Treasury. we'll known as having favored
such policy during his long public career Lead
ing fnanciers warned the public against such
step and insisted that 1t would put an end to the
Use Of gold money in this country and that our
domestic business would be transacted instantly
with cheapened unit or measure of value The
advocates OF unlimited silver insisted that such a
result was exactly what they sought and pro-
claimed that nothing except blessings would fol-
low such action. They became violent in de-
nouncing the men who differed with them. Sec
rotary Carlisle however after a careful investi-
CATION. maintained that by the terms of the Sher-
man law. an executive officer Of the Govern
he cd IN ct nfain
the parity OF value between the gold and silver
coins Of the Nation unbroken, and he insisted
that the only process by which such result could
possibly be secured was by the Governments
continuing TO pay all its obligations in gold In
that contention the Secretary was clearly in the
right. The free-silver advocates will never gain
point against him until they show that his
ception Of the Sherman law is faulty.
Mr. Cleveland was no sooner inaugurated than
financial distress became apparent in every part
OF the United States. Both at home and abroad
the holders or American securities began to con-
vert them into gold. Depositors at the banks be-
gan 10 demand their money while it would be paid
in funds which were just good as the money
they had deposited in the banks. This
PEELED the banks TO stop discountng paper and to
call in the sums previously loaned. Great finan-
cal distress followed 4 matter Of course
After long delay Mr.. Cleveland called an extra
session Of Congress to provide remedy for
the evils Of the times. In his message to Con-
gress he attributed all the trouble to the pur-
chasing clause Of TIE Sherman law, which
every month increasing the paper money of the
country, which must be redeemed in gold. The
purchasing clause Of the Sherman law was there
force. however, that portion Of the law which
directed the Secretary of the Treasury TO main
tain the parity Of value between the gold and
silver money. The repeal of the purchasing
clause brought some relief Depositors ceased to
withdraw and hoard their funds. The sale Of
American securities ceased and since then
money has been, in fact, overabundant in all the
money centres of the United States. Indeed.
large sums have lain idle from that day to this.
While the repeal of the purchasing clause Of
the Sherman law did bring relief in purely flnan
cial circles 1t did not bring relief to the business
OF the country generally. The whole cause of
the difficulty had not been reached. There
yet another trouble. with which the Sherman law
had nothing to do.
The Democratic party had pledged itself to GER
tain free-trade notions and proposed to legislate
at once in that direction The Wilson bill was
drawn expressly TO lower the tariff foreign
goods, and was forced through the lower House.
That threatened legislation crippled American
Industries instantly. beyond all power of calcu
ation. Manufacturing enterprises were driven
10 curtail production and work on short time or
close entirely. Operatives mad their wages re-
duced or were thrown out Of all employment
The power TO buy taken away from the
great army Of American consumers and our
nome markets ruined. Business Of all kinds
was paralyzed. a protest more universal and
agonizng never went up against any measure
than that sent up by the american people |
against the passage OF the Wilson bill.
The Senate heard the protest and amended the |
bill somewhat in tn. interest of the people. but
At last passed the bill. which yet in vicious /
'orm and made severe determinations against |
American producers. The House accepted the /
Senate bill and il became Law by the statute OF
limitations, without the signature OF the Presi- |
lent The elections Of 1894 Immediately followed. /
and new Congress chosen The only issue /
n that campaign was that Of protection and free |
rade The merits Of the Wilson bill and OF the /
bill were all the people desired 70 near |
about The verdict of the people on the Wilson
,ill was crushing and complete. When have the |
,eonle Of any country ever risen up in their |
night and hurled from power the men who had
nisled them as did the people OF this country IN
ss4?
Since that election the times have been slowly
The people have begun 10 pTeathe
more easily. now that they find that no more 1ree-
trade legislation can even be attempted IN TINS
,ountrv for years. The business Of the country |
has by no means recovered the vgor and volume
which it had In the years $780, 1891 and 1892 No
me need expect that IL will, long as the pres
INT Administration stands In the way OF proper
revenue legislation, and there is plenty OF work
lhcad for the best brains OF the Republican party
The present tariff bill leaves deficit OF $780,
cO 900 a year. This condition cannot be laid at
he door Of the Republican party. The Repuoh-
ans never ceased to predict the result ana TO
warn the party in power Of precisely the danger
ahead
IL Is q nusinc lust now 10 hear Democratic lead-