New-York tribune., 1896-03-30
CAUSES COMPARED.

It Is not always possible to trace business
events to their true cause. But there Is less rea
son for doubt this year than usual. NO man can
pretend that there has been at any time THIS year
the slightest possibility Of free coinage. The oppo
sition of the strong ajority in the House was as
well known as the opposition OF Mr CleVeialu'
Therefore. nc decent pretence can De gwen ior
talking about "an acute Apprehension th't 'ne
United States may abandon the gold stanuard
as having any influence whatever over hhanciai
events since January l. 1t is not merely WIN
out foundation, but is fagrantly at war with all
the facts known. President Clevelands Foreign
policy caused, beyond question, some trouble IN
finances for time. This may be recognized as
readily by those who rejoice to uphold every part
Of it as by those who consider some parts MIS-
taken or ll-timed 1t may not be easy 10 deter
mine how far foreign complications have IN
creased business cmbarrassments and hesltatioh'
But the silver scare has not been worrying prac-
teal men this year.
All men know that as soon as the Presidents
foreign policy had been followed by message
to Congress appealing for financial legislauon'
the House Immediately passed by heavy Repup-
lican majorities. first. bill to raise adequate
revenue by changes Of tariff. and then the Dill
providing for such borrowing as might be neces-
sary on terms favorable to the Government. IL
Is also known beyond dispute that the PRESIDENT
In the last week OF 1895. when IT was yet
impossible to know what action would be taken
In the Senate on either bill, was comforting with
bankers and taking counsel with his Secretary
Of the Treasury and personal friends, looking
toward another and large issue or bonds In no.
vance Of any action that Congress could take.
Instead Of urging the passage or either measure
adopted by the House, the President and his
friends went very close to the limit Of declaring
that neither would receive his approval. 1t was
openly declared that this measure or that would
have no practical benefit, would not relieve the
Treasury, and would not prevent further peril or
further borrowing. In great measure the respon-
slbility for all the misf0rtunes which have since
resulted may be traced directly to the President
and his immediate advisers, because they were
not willing 10 meet the Republican majority OF
Representatives freshly elected by the people, In
any patriotic spirit of Cancellation.
On the other hand, a large share OF RESPONSE
bility rests Of course, with the silver fanatics
Scarcely a day passes without some manifesto
ton Of heat on the part OF the silver men, VINO
have betrayed the principles which they profess
and the party which elected them. and are now
anxious to have their attitude excused as In somo
sort necessary to the welfare OF their constitu-
ents or to the safety of the country. They havo
taken their responsibility and will be held to
account for 1t by intelligent people Of all parties
until relief has come to the industries and busi
ness Of the country.
Their latest excuse, that the protection Of home
industries could not possibly be made effective
without free coinage Of silver, IS obviously
| an afterthought SO much SO that 1t was scarcely
ever heard Of In all serious discussions Of other
| years, even as q tentative suggestion. After the
| japanese war some theorists did indeed take Oc-
casion to predict that the worlds finances and
commerce would in all sorts Of ways be rev.
olutionized Considering the tremendous powers
of the human mind in the way Of believing, 1t Is
conceivable that some silver people may have
absorbed the Idea seriously and begun at that
late date to worry over 1t. But in all the twenty
three years since the act Of 1873 was passed pro-
tective duties were doing good work. and In all
the discussions which have required almost
every year during nearly quarter OF a century,
it was never seriously pretended by strong silver
| Senator's who voted in those days again and
| again for various protective enactments. that 1t
| was not possible to make them effective or OF
service to the Nations industry unless free coin
| age should first be secured. That Idea was left
| to be introduced as an excuse for men who have
| no other Intending to extOrt from the Repub-
lican party by threats by force what 1t had for
many years refused, they set up this as the only
excuse which even their fertile Imagnatons
| were prepared to offer