New-York tribune., 1896-01-03
of his friends. has removed what would have
Otherwise been considered a serious obstacle
81 SPICTONS or GEORGE FRED WILLIAMS.

! 81 SPICTONS or GEORGE FRED WILLIAMS.
! 1t is possible that Mr. George Fred Williams.
| whose declaration regarding the issue OF Dohds
and the currency is printed rs IN editorial III
THE New-York Times" Of yesterday. mas d-
| vugcd more about the scheme than President
! Cleveland would have been willing 10 make
| known. Mr. Williams suggests that the sale OF
| 5000 900 600 bonds. in the natural course of
events far in excess Of the probable needs of the
| Treasury, has distinct tendency 10 carry out
without consent of Congress the retirement OF
srcenbacks for which the President has con-
tended The gold received. Mr.. Williams urges
will only be drawn ont Of the Treasury by sur
render Of grccnbacks, and II they are surren
dercd and held. the recurring demand for gold
to be exported will practically retire the legal
tender notes from circulation On the other
hand, if no gold should be exported the cnor-
nous stock Of gold thus purchased would remain
| in the Treasury to fortify the grccnback crc'a-
ton and prevent distr,st regarding its rcdemp-
| ton.
The course Of the President is evidently liable
to the Interpretation which Mr.. Williams s'S
gests Bat 1t is not in the least fattering or
courteous to suggest that he meditaieS such Il
hich-handcd defiance of law and Of the lawmak-
ing power. Mr.. Williams doubtless suppoSes
that the President would brush aside this OBJ
lection on the instant. merely asserting his per-
sona conviction that the law Is bad one, ami
therefore ought to be- defeated. II possible, or
disregarded one can understand that 1t would
give immense satisfaction to the bond syndicate
70 have adopted n course so likely, ut least for
Il time TO lift the market price OF their bonds
far above that at which President Cleveland
will bencvocnty sell them. Moreover, it would
give 10 Mr.. Cleveland himself perhaps the keen
cst satisfaction which his nature could expert
cnce If lie could defy Congress. and the major
iiy Of his own party. and tnc entire Republican
party and the great ma jorliy OF the people. ana
carry through without any assistance or warrant
of law his own personal theory about the cur
rcncy.
II is quite within The power OF Congress TO In
tcrfcrc if II thinks best The question OF policy
i one which Senators and Representatives VIII
doubtless consider fully before they decide, but
the people certainly do not want 10 pay interest
on m additional bonded debt amounting 10
s. 600 900 year In order TO the currency
arbitrarily contracted They are not dstrlist-
inc the legal tenders and treat with great de-
rislon President Clcvclands notion that such n
distrrSi is the root OF difficulty. They are not
convinced that II would be Il good thing for
them 10 have the notc-ssung power monopoZcd
hv bankers rs President Cleveland argues and
will regard with strong resentment any attempt
practically 10 defeat existing laws respecting the
retention of grccnbacks In circulation, even
though that attempt should be through the form
of borrow lng unnecessarily. under pretence OF
providing for the redemption II grcenbacks.
Congress has been treating the President with
great consideration. 1t has given him without
question almost without thought-nll that he
asked regarding foreign affairs. II has sacr
feed lis holiday recess In order 10 mature inln-
cial legislation ~ quickly ~ possible. and thus
10 alay a panic which appears 10 rage more
furlously in the White House than anywhere
else But congressman are well aware thIt
they owe important dulles 10 their constituents
which they cannot faithfully perform without
opposing the President with vlgor II he under
t1kcS - set aside the declared Will of the people
There Is 10 room 10 doubt that the people wish.
H. the existing law declares. that fhe greenback
circulation shall be continued without retire
mcut II rests with Congress to determine
whether the President may disregard the law
in that respect.