New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-02-28

Senator Sherman was right in maintaining
tha, th. bill 70 repeal all authority for the issue
of United States bonds would imprril specie
n,ymrpte In truth The Democratic Senators
WIN uroposcl that measure did not want con
timed pavmcnt ~ the United States notes in
gold They distinctly desire. rs some Of them
hluntly say, 10 have the Government compelled
,o redeem It's notes in silver only Every Repub-
ucan Senator In the committee properly refused
,o support such Il measure. Even II II gets cut
of the Senate Finance Committee. which is CON
,rorrd by silver men. 1t is certain TO be beaten
in the Senate by the votes OF Republicans ana
part of the Democrats who will uphold the Adj
ministration nj least 10 that extent.
At the same time there ought TO be legislation
nrnhibitinc further issue OF bonds when no ncccS-
s,ty or proper occasion exists. Borrowing money.
mortgaglng The future Of the Nation for no other
object than 10 prevent an Increase Of duties on
imports. ought 10 be- made impossible. 1t Is not
to he expected that this or any other sound
financial legislation can be passed at this SEES
sion. unless It Is evoked by another attempt to
issue bonds with an immense reserve lying IDLE
in the Treasury. Democrats who profess to be-
lieve in sound money are at the same time re-
fuslnc TO increase the revenue although they
know that the Treasury has to make up deficit
every month by drawing upon the rescrv" held
for the exclusive purpose Of redemption. AS long
as they continue to hold that attitude the country
will be mcnaccd with new issue OF bonds as
often rs the President may think hc has oppor-
tunity and sufficient occasion.
This condition is so clearly intolcrable that 1t
draws from Senator Sherman the statement that
he is prepared To vote for any Increase OF duties
whntcvcr whether protective In character and
I'm accordance with his own conviction or not.
In order TO stop the monthly deficit Perhaps
there are some Republican Senators who might
not agree with him. Yet it does not matter
whether he is entirely right in this declaration
ar not. for no revenue bill Of any kind can pass
the House that does not meet the convictions OF
Repnblicans In that body and they are not in
the least likely after the defeat In the Senate OF
the exceedingly moderate bill proposed 10 meet
the emergency, 10 pass any other that does not
give protection to the industries u their con
stiiucnts
Thus the second issue which Will go 10 the
neoplc next fall between the two great parties
Is whether the Government shall he carried on
without an adequate revenue. and by borrowing
money from time 10 time. or shall be- restricted
In lis borrowing TO Il real necessity for redcmp-
ton Of its notes or to such other actual emer-
crncics as may justify further mortgagng Of
the future 1t will appear to many people that
this issue ovcrshadows nearly all others In i'm
portancc II it had been suggested. when Presl-
dent Cleveland was candidate that his sue
cess and the election Of Democratic Congress
would result In borrowing about 500 900 in
less than three years. and in Il refusal by all the
Democrats in Congress to raise adequate reyc-
nue. for the expenses Of the Government, so TINT
further borrowing might be made necessary
from time to time by deficiency of revenue it Is
certain that the people-if they had reason to