New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-12-23
TIE PRESIDENTS PLAN.

| Soma cautious persons. II may be observed.
| find foult with the Presidents recommendation
| regarding currency reform, OH the ground that
| il contemplates indefinite postpoIement OF ac-
| tion He proposes. they say. certain action as
| "soon MS the receipts Of the Government are
| "ouite sufficient to pay all the expenditures or
| 'the Government" but, according to their no.
| ton that time will not come until there has
| been another reconstruction Of the revenue
laws. This criticism is altogether unjust to the
| President for his language must be interpreted
| IN the light of his known beliefs. AS he main
| taps I'm common with most Republicans, that
the pre- sent revenue law will Prove sufficient for
| the needs of the Government when its full efl-
cheney ms n revenue producer has been attained
II Is but honest to recognize that his language
| implies no vague or indefinite pOstponement Of
action.
Opinions differ more or less in regard to the
time which must eapse before the full efficiency
Of the new law can be attained 1t Is evident
that something depends upon future develop
ments which cannot be anticipated to the hour
with certainty How far foreign manufactur-
ers may continue to send their goods to this
market often much undervalued at serious risk
TO themselves In order to evade in part the pro-
visions of the new tariff and to compete more
effectually with American products, is yet to be
determined Nor can 1t be stated with exact
ness when the imported supplies Of wool and
woollens and sugar will be exhausted, but fair
men understand that neither the President nor
ANYBODY else anticipates that such impedments
to the efficiency of the new law will last long.
Another element Is the restoration of general
prosperity and the expansion Of the consuming
demand, upon which depend In large measure
both the increase Of customs duties and the in
crease Of internal revenue. The President re-
fers in his Message to the hope which he en-
tertains with other Republicans that the re-
vival Of prosperity will continue and be COM
plete But IL may be much fastened or retard-
ed by circumstances which cannot be precisely
calculated. 1t would not be wise for the Prcsi
dent to base most important recommendations
wholly upon hopes which might not be realized
as speedily as he now believes, and 1t was OBJ
viously necessary to leave with Congress the
question whether, at any given time during its
session, the financial future had become SO far
clear that positive sufficiency Of revenue could
be expected
Neither is there ground for saying. as some
do, that the proviso as to sufficiency of revenue
might as we'll have been omitted. Not only the
President, but others who entirely agree with
his recommendations have fully recognized the
fact that sufficient revenue will be required to
render any essential change Of the currency sys.
tenn a success. While urging that the currency
| is all good now, as sound as the faith and re-
sources Of this great Nation can make It, the
President points out that a deficiency Of reve
nue. might at any time revive distrust enough
to stimulate further Withdrawals Of gold in OK
change for notes, and in that contingency the
notes would soon be needed to meet current ex-
penditures The recommendation Of the Prcsi-
dent has the most conspicuous merit of states
manship in that 1t does not propose a step
which cannot be accomplished. nor at a time
when its accomplishment would involve harm
rather than good.