New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-02-24
THE OUTGOING ADMINISTRATIONS.

After to-day, one more week OF the most ais
astrous Administration yet known. the as
tress which resulted from the Tariff Act OF 49,
and the panic of 1887 did not reach It's maxi
mum until after the next President had been
inaugurated, and II was not until August So
1912, that a new tariff was passed. Modern
wires and rails make events move more swift
w. Anticipation Of q change now goes 1ar 10
produce the natural results of that change, ana
The downward movement OF business began
within two weeks after Mr.. Cleveland had been
elected as the starting Of works and the gain
in business began last November. No other IN
terval between successive Presidential elections
has so precisely conceded with period of Ma
t!onal disaster, and this disaster has been the
severest ever experienced by this Nation
As President Cleveland passes from power
with this unenviable record, it is due to history
that his personal responsibility for evil results
should be distinguished from that belonging TO
his party. He came in as the only Democrat
who could have been elected. and the only pos
sib]e compromise between hostile factions. HIS
froe-slver supporters at the West carried him
through nv giving personal assurances, like
those of Senator Vest, implying that he would
do their will In Eastern States he was carried
through by assurances that he would permit no
Both REPRESENTATIONS were found fraudulent, and
both elements of the party became implacaby
hostile. His utmost influence in Congress bare
" mficed. with the support of the Republicans
10 prevent ruinous financial acts, and 1t did not
suffice TO prevent the passage Of a tariff bill
which he pronounced one of 'perfdy and dis
honor" because it did not so as far in breaking
down home industries as he desired
The President will be chiefly praised for de-
feating every effort to debase the currency which
he could not have defeated without the aid OF
the Republicans. There Is not wanting evidence
that on this issue he was prepared TO go far
toward satisfying Western and Southern de-
sires. The selection of Mr. Carlisle, who had
voted for free coinage, as his Secretary OF the
Treasury: the letter Of Mr. Carlisle Immediately
after, about redemption Of Treasury notes in sill
yer only, which was evidently put out as feeer
with the Presidents personal correction, but was
instantly disavowed by the President when II
had started panic: the definite proposal by the
President and Secretary 10 open the door Tor
unlimited issues Of State bank notes all showed
a readiness to go far. indeed, had not the Sill
yer fanatics considered him faithess because
he would not sign a frec-coinage bill The issue
OF United States bonds for 1852 100000 was.
moreover directly caused by Mr.. Cleveland's
stubborn refusal to accept any basis OF accord
with Republicans respecting the replenishment
OF the Treasury, though he had all the time to
rely upon them for the defeat Of the destructive
measures of his own party. The extreme I'M
wisdom Of the sale by which a syndicate was
given enormous profits was sufficiently proved
by the great success Of the subsequent popular
subscription.
President Cieveland's urgent demand for a
radical change Of tariff was doubtless made as
the performance Of a pledge given before his
election. But he ought to have seen that 1t was
no time to crush down business by change Of
revenue laws when a tremendous panic had al
ready been caused. as he alleged without war
rant by false action on the money question. The
repeal of the silver-purchasing clause had. how
ever brought no relief his explanation Of trouble
wss discredIted. and he then concluded that 1t
was better 20 go straight ahead with Free Trade
plans on the ground that some depression must
for time be caused by any such change. and
faced az the cost Of Its ultimate advantages, but
the country had already undergone the depres