New-York tribune., 1895-02-01
THE ONLY REMEDY

Tho strong spccch of Senator Sherman made
vensihlo Democrats ashamed of themselves. AMI
coverod with confusion those who. with tie
President have been trying to attribute 'h'
crisis 10 some mysterious action OF the currehH
rather than 10 deficiency of revenue. Ills oIi'i
statement forced upon the minds "i S'ha'"IS
the fact that the measures actually h'ceSS"!
for relief of the Treasury and removal oil all
anxiety about the currency are just Two:
l. An increase of revenue. showing disposition
70 provide for paying debts. and
. Provision for temporary loan TO rcploh'Sh
the gold reserve. =,
Treasury bills bearing moderate interest couio
m any time he used to Il large amount II 'i'
revenue were not deficient. Senator A'i'Soh
suggestion on that point deserves Inc a'''"'''"
Of any man who is not seeking puIeN pal l''S'"
ends The revenue could be increased S'-'"o''
600 by doubling the tax Oh beer without auu'ns
single penny to the expenses OF CONSUMERS
for the tax added would be less than hhil Il cent
ner callon-so small that retail prices couiu III
no way be changed to cover 1t. Or addi'ioh".
revenue could be raised by percentage auuo"
TO duties on Imports and Infinitely p''''r u!
naked repeal of the act of 1874, leaving III lor'r
the old law which in the fiscal year IN'' !l'''c"
SI61 1862 against Si4i.0Oo,oo0 estimator io'
the current year and S4iSOOo0oo cstliha''d ior
the next wear. A law which promotes lliuuS"H
and general prosperity will raise more revenue
than law which prostrates both hu' 'h'
President and the party in power do h"' "hr"
10 impose additional taxation. TO make UP ioi
the duties thrown away which were FORMERLY
maid by the foreign manufacturers ana import
crs and they think il would disgrace their party
10 admit that they had blundcrcd III not raisihG
enough revenue.
With n surplus revenue the Treasury would
nav out all the time less money than IL taxes
in and thus could gradually withdraw from cur
rent circulation the kind of paper whch c''us'S
dstrust and is most used instead OF goId III
nayments Of taxes and duties. Evidence "'
enough ability and enough financial integrity
IN meet its debts would at once enable 'h'
Treasury 10 get gold. even with shorttcrm oDli-
cations Djstrrst removed. there would be no
more demand for redemption Of notes thnh
there was in the fourteen years preceding lreSi-
don, Cloveland's last Inauguration. The rove-
mo should in any case be made large enough
NOT only 10 cover current expenses. hut To meet
tho temnorary debts and clear of the burden
of 500 600 900 already imposed by Democratic
fooIisbness These two things. restoration ol
that is needed If the revenue be so adjusted as
to nromote and not PROSTATE industry. All the
contrivances TO please State bank schemers, or
suvor fanatics or the men who want To recon
struct the currency in order to have more money
70 lend. have been for partisan and not Tor pub
lie objects
If is now reported that the President. despair
ing Of action by Congress, will presently oner
a large amount Of per cent thlriy-year bonds
for GOLD II is painfully wastefu to load down
tho neonlo until 1929 with such burden, be
cousc the Democrats in 1894 had no sense. But
bctter that better anything. than dishonorcd
Nation and degraded currency. Probably
these bonds. being payable, principal and in
forest "n coin" would not be touched abroad,
, but il is presumed that enough will be taken at
home 10 choke the deficit for a time. The difii-
entity is that lust as long as the deficit lasts ana
Government refuses to provide adequate revc-
nuo gold will continue 10 go out for legal ten
dcrs. and the rate, for some months S'"o'ooo
daily then for while 81 100000 daily, and
then for forty days ending January 20 Sl.'"o'-
ooo daily. and recently about twice rs much. *
| liable to increase indefinitely. The last loan OF
SIS 600 600 barely STAYED off trouble for The
! forty DAYS which Congress fooled away in talk
| ing about State bank schemes. Inc next might
not serve as well or last as long.
President Cleveland has 10 face nine months
hetwecn the Ith Of March and the beginning
! Of December without any real relief Tor the
| Treasury or the people unless he calls an extra
| session. He does not want congress on ms
hands" and the Senators and Representatives
themselves show Il rather definite selfish desire
TO get away to their private affairs or pleasures.
But any man had better think more than twice,
and seriously. before he takes any part Of the
| responsibility Of leaving Government and the
people without any relief for nine months under
existing conditions.