New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-09-23
THE LATEST PLAN.

| President Cleveland appears to be playing poll
tics again This unique and powerful Democratic
statesman, whose admirers boosted that he never
would swerve from his duty to the country in
order TO serve his party, seems inclined TO post
pone another issue OF bonds until after the cleo
tions. not because he does not think II for the
public interest but because It 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 be necessary to pro-
tect the gold reserve. which Is not now intact has
not been for some weeks, and In view Of the dis
bandment Of the syndicate does not seem likely TO
be replenshed very soon. The bottom fact is that
the President exposes the country TO a risk in
order to avoid risk for his party.
The Tribune has stated that an issue Of bonds
at this time is absolutely unnecessary, because
the President has the power to remove public APP
prehenson in either Of two ways, by calling Con-
gress together, or by making known his decision
to accept the financial remedies which Congress
NAV adopt. But II Is not now and has not at any
time been clear that, II he refuses 10 adopt either
Of these courses, the President can with safety
defer another sale Of bonds. Expectations Of
rapid outgo Of cotton seem 10 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 large, that speedy tx
| ports in large quantity are by no means certain
The wheat movement IS only about half OF last
| years from Atlantic ports. All exports from
New-York in two weeks Of September have been
but slightly larger than last year, while the I'M
ports IN three weeks have been SG,7O0.0O0 larger,
or about 80 per cent 4 similar change through
out the month and at all ports would make the
| balance payable for the month on merchandise
| account quite large and the undervaluatlons and
interest due abroad, amounting 10 more than
| $4,000 O0O are yet to be added.
The President also knows that the Treasury
still has to face deficit 1t is possible in any
month, by partisan untkeeping and the post
ponement 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 well aware that the revenue
does not equal the sum required for the expenses
Of government, and their Judgment Of the Pres-
dent will be based not upon the notions Of ig-
norant voters, but upon their knowledge OF the
truth.
Whether an issue Of bonds can be deferred I'M
til after the election without disaster, by the
methods which the President Is minded to adopt,
It Is not possible to predict But 1t is certain that
an issue could be placed to-day on favorable
terms, though better could have been obtained
early In July, before the latest outflow Of gold
1t is certain that decidedly worse terms would be
forced upon the Government If the offer of bonds
should be deferred until serious apprehension had
set in and the gold reserve had been much de-
pleted. 1t is impossible TO foresee what may be
sacrificed for the sake of party by DIFFERING step
which the President, according to all 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
public interests whether 1t proves great or little
| will 60 to correct the estimate formed Of the
President by those who have supposed that he
| would never sacrifice the good Of the country to
the supposed advantage Of his party.