The evening times., 1897-11-24
A uyrno,ized Financial Policy.

\ Uypno'ized Financial Policy.
In the eternal fitness of things doubtless
it was proper that the apostle ind advance
agent of a fiscal policy of Chinese ex-
clusion SHOULD reside in Canton. The at
mosphefc Of that pleasant ohscurity mus,
be conducive-to other oriental visions OF
triumph over thr views instincts and pri:
ciples of outer barDarians like the Ameri-
can people. or Mr.. Mckinley would not
have Inherited the Succession of Grover
Cleveland without learning a lesson or two
from lbs fatuous policy and conduct.
As General Grant said of Gener ai Butler
at Bermuda Hundreds, Mr.. Cleveland bot
tied himself up for four mortal years, by
determineily recommending things 20 Con-
gress which he knew in advance we're
totally impossible of acceptance by that
body. Mr. Mckinley evinces Il disposition
TO do the same thing. II is evident tha.
he is committed to the Gage scheme to re
tire the greenbacks and the Treasury notes.
and to substitute for them al issue OF
Government bonds with principal and III
terest payable in gold.
When ne makes the attempt to pfoniate
this project in the national legislature ne
will appreciate, perhaps for the first tine.
what a Stupendous job he has upon his
hands Then, il not before, he will ne
made to understand that this country does
not desife more bonds, especially as On Al
ternative to n good, efficient curl 'ncy,
which cpsts nothing to maintain. and v'lich
constitutes bulwark against the gold con
traction which is the prime object of NJ
Gage and his friends.
When it comes to the subject OF bonds,
it is as wei! to call attention to the fact
that the Administration is in a delicate
position, not only i'll connection with ills
desire to convert into gold securities the
national currency, but in more imGi-
nent way The Dingley tariff is seen
to be IA scheme Of protection and reveatIc
only to the trusts and moncpolies. The
President VIII lie forced 70 meet Congress
with Treasury deficit of more than
S45,O00 900. Before the adjournmant
Of the legislative branch of the Govern
nIen. next summer, this deficit promises
To grow to proportions that Will ,leIland
remedial Treatment Of some sort. There
is not an question that the Administration
sees before it the assumed necessity FOR i
further bond issue to pay the current eX-
In another This
dition inevitably will bring the bond 'iucs-
ton at large prominently before Cong,
and the people, hefore the session is very
old The sooner Nj. Mckinley comes
the evils of his Administration fiscal
policy. by q new issue thr quicker lie will
get into and through the cyclone that VIII
result.
But referring again To the Gage scheme
to retire ;,rcenhacks and Treasury notes
and To replace them with gold Honds,
it is possible that the Administration
believes that the HOUSE of Representatives,
For the SAKE of argument, let it be granted.
Then what would happen There would
be such Democratic hinctailist majority
in the House to bc elected next Noremorr,
and such "a national uphcaval against the
Mckinley regime, that its head would
want to hide himself from the popular
wrath.
We sincerely believe that he Will be
saved from such danger: because 1t is
Ipconceivable that the plans and purposes
of the gold ring have any chance for
success In The present Congress 1t VIII
be well for him, as also for the American
people, IL We are correct in this opia On.