the cleveland era-第25节

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ed　on　an　obstinate　filibuster　and　refused　to　allow　the　question　to　come　to　a　vote；　until　their　arrogance　was　gradually　toned　down　by　the　discovery　that　the　liberty　to　dump　silver　on　the　Treasury　had　become　a　precarious　mining　asset。　The　law　provided　for　the　purchase　of　4；500；000　ounces　a　month；　〃or；　so　much　thereof　as　may　be　offered　at　the　market　price。〃　Secretary　Carlisle　found　that　offers　were　frequently　higher　in　price　than　New　York　and　London　quotations；　and　by　rejecting　them　he　made　a　considerable　reduction　in　the　amount　purchased。　Moreover；　the　silver　ranks　began　to　divide　on　the　question　of　policy。　The　Democratic　silver　Senators　wished　to　enlarge　the　circulating　medium　by　increasing　the　amount　of　coinage；　and　they　did　not　feel　the　same　interest　in　the　mere　stacking　of　bullion　in　the　Treasury　that　possessed　the　mining　camp　Senators　on　the　Republican　side。　When　these　two　elements　separated　on　the　question　of　policy；　the　representatives　of　the　mining　interests　recognized　the　hopelessness　of　preventing　a　vote　upon　the　proposed　repeal　of　the　silver　purchase　act。　On　the　30th　of　October；　the　Senate　passed　the　repeal　with　no　essential　difference　from　the　House　bill；　and　the　bill　became　law　on　November　1；　1893。

But　although　the　repeal　bill　stopped　the　silver　drain　upon　the　Treasury；　it　did　not　relieve　the　empty　condition　to　which　the　Treasury　had　been　reduced。　It　was　manifest　that；　if　the　gold　standard　was　to　be　maintained；　the　Treasury　stock　of　gold　would　have　to　be　replenished。　The　Specie　Resumption　Act　of　1875　authorized　the　sale　of　bonds　〃to　prepare　and　provide　for〃　redemption　of　notes　in　coin；　but　the　only　classes　of　bonds　which　it　authorized　were　those　at　four　per　cent　payable　after　thirty　years；　four　and　a　half　per　cent　payable　after　fifteen　years；　and　five　per　cent　payable　after　ten　years　from　date。　For　many　years；　the　Government　had　been　able　to　borrow　at　lower　rates　but　had　in　vain　besought　Congress　to　grant　the　necessary　authority。　The　Government　now　appealed　once　more　to　Congress　for　authority　to　issue　bonds　at　a　lower　rate　of　interest。　Carlisle；　the　Secretary　of　the　Treasury；　addressed　a　letter　to　the　Senate　committee　of　finance；　setting　forth　the　great　saving　that　would　be　thus　effected。　Then　ensued　what　must　be　acknowledged　to　be　a　breakdown　in　constitutional　government。　Immediately　after　a　committee　meeting　on　January　16；　1894；　the　Chairman；　Senator　Voorhees；　issued　a　public　statement　in　which　he　said　that　〃it　would　be　trifling　with　a　very　grave　affair　to　pretend　that　new　legislation　concerning　the　issue　of　bonds　can　be　accomplished　at　this　time；　and　in　the　midst　of　present　elements　and　parties　in　public　life；　with　elaborate；　extensive；　and　practically　indefinite　debate。〃　Therefore；　he　held　that　〃it　will　be　wiser；　safer　and　better　for　the　financial　and　business　interests　of　the　country　to　rely　upon　existing　law。〃　This　plainly　amounted　to　a　public　confession。that　Congress　was　so　organized　as　to　be　incapable　of　providing　for　the　public　welfare。

Carlisle　decided　to　sell　the　ten…year　class　of　bonds；　compensating　for　their　high　interest　rate　by　exacting　such　a　premium　as　would　reduce　to　three　per　cent　the　actual　yield　to　holders。　On　January　17；　1894；　he　offered　bonds　to　the　amount　of　fifty　millions；　but　bids　came　in　so　slowly　that　he　found　it　necessary　to　visit　New　York　to　make　a　personal　appeal　to　a　number　of　leading　bankers　to　exert　themselves　to　prevent　the　failure　of　the　sale。　As　a　result　of　these　efforts；　the　entire　issue　was　sold　at　a　premium　of　8；660；917；　and　the　treasury　stock　of　gold　was　brought　up　to　107；440；802。

Then　followed　what　is　probably　the　most　curious　chapter　in　the　financial　history　of　modern　times。　Only　gold　was　accepted　by　the　Treasury　in　payment　of　bonds；　but　gold　could　be　obtained　by　offering　treasury　notes　for　redemption。　The　Act　of　1878　expressly　provided　that；　when　redeemed；　these　notes　〃shall　not　be　retired；　canceled；　or　destroyed；　but　they　shall　be　reissued　and　paid　out　again　and　kept　in　circulation。〃　The　Government；　as　President　Cleveland　pointed　out；　was　〃forced　to　redeem　without　redemption　and　pay　without　acquittance。〃　These　conditions　set　up　against　the　Treasury　an　endless　chain　by　which　note　redemptions　drained　out　the　gold　as　fast　as　bond　sales　poured　it　in。　In　a　message　to　Congress　on　January　28；　1895；　President　Cleveland　pointed　out　that　the　Treasury　had　redeemed　more　than　300；000；000　of　its　notes　in　gold；　and　yet　these　notes　were　all　still　outstanding。　Appeals　to　Congress　to　remedy　the　situation　proved　absolutely　fruitless；　and　the　only　choice　left　to　the　President　was　to　continue　pumping　operations　or　abandon　the　gold　standard；　as　the　silver　faction　in　Congress　desired。　By　February　8；　1895；　the　stock　of　gold　in　the　Treasury　was　down　to　41；340；181。　The　Administration　met　this　sharp　emergency　by　a　contract　with　a　New　York　banking　syndicate　which　agreed　to　deliver　3；500；000　ounces　of　standard　gold　coin；　at　least　one　half　to　be　obtained　in　Europe。　The　syndicate　was；　moreover；　to　〃exert　all　financial　influence　and　make　all　legitimate　efforts　to　protect　the　Treasury　of　the　United　States　against　the　withdrawals　of　gold　pending　the　complete　performance　of　the　contract。〃

The　replenishing　of　the　Treasury　by　this　contract　was；　however；　only　a　temporary　relief。　By　January　6；　1896；　the　gold　reserve　was　down　to　61；251；710。　The　Treasury　now　offered　100；000；000　of　the　four　per　cent　bonds　for　sale　and　put　forth　special　efforts　to　make　subscription　popular。　Blanks　for　bids　were　displayed　in　all　post…offices；　a　circular　letter　was　sent　to　all　national　banks；　the　movement　was　featured　in　the　newspapers；　and　the　result　was　that　4635　bids　were　received　coming　from　forty…seven　States　and　Territories；　and　amounting　to　526；970；000。　This　great　oversubscription　powerfully　upheld　the　public　credit　and；　thereafter；　the　position　of　the　Treasury　remained　secure；　but　altogether；　262；000；000　in　bonds　had　been　sold　to　maintain　its　solvency。

Consideration　of　the　management　of　American　foreign　relations　during　this　period　does　not　enter　into　the　scope　of　this　book；　but　the　fact　should　be　noted　that　the　anxieties　of　public　finance　were　aggravated　by　the　menace　of　war。*　In　the　boundary　dispute　between　British　Guiana　and　Venezuela；　President　Cleveland　proposed　arbitration；　but　this　was　refused　by　the　British　Government。　President　Cleveland；　whose　foreign　policy　was　always　vigorous　and　decisive；　then　sent　a　message　to　Congress　on　December　17；　1895；　describing　the　British　position　as　an　infringement　of　the　Monroe　Doctrine　and　recommending　that　a　commission　should　be　appointed　by　the　United　States　to　conduct　an　independent　inquiry　to　determine　the　boundary　line　in　dispute。　He　significantly　remarked　that　〃in　making　these　recommendations　I　am　fully　alive　to　the　responsibility　incurred　and　keenly　realize　all　the　consequences　that　may　follow。〃　The　possibility　of　conflict；　thus　hinted；　was　averted　when　Great　Britain　agreed　to　arbitration；　but　meanwhile；　American　securities　in　great　numbers　were　thrown　upon　the　market　through　sales　of　European　account　and　added　to　the　financial　strain。

*　See　〃The　Path　of　Empire；〃　by　Carl　Russell　Fish　（in　〃The　Chronicles　of　America〃）。


The　invincible　determination　which　President　Cleveland　showed　in　this　memorable　struggle　to　maintain　the　gold　standard　will　always　remain　his　securest　title　to　renown；　but　the　admiration　due　to　his　constancy　of　soul　cannot　be　extended　to　his　handling　of　the　financial　problem。　It　appears；　from　his　own　account；　that　he　was　not　well　advised　as　to　the　extent　and　nature　of　his　financial　resources。　He　did　not　know　until　February　7；　1895；　when　Mr。　J。　P。　Morgan　called　his　attention　to　the　fact；　that　among　the　general　powers　of　the　Secretary　of　the　Treasury　is　the　provision　that　he　〃may　purchase　coin　with　any　of　the　bonds　or　notes　of　the　United　States　authorized　by　law；　at　such　rates　and　upon　such　terms　as　he　may　deem　most　advantageous　to　the　public　interest。〃　The　President　was　urged　to　proceed　under　this　law　to　buy　100；000；000　in　gold　at　a　fixed　price；　paying　for　it　in　bonds。　This　advice　Cleveland　did　not　accept　at　the　time；　but　in　later　years　he　said　that　it　was　〃a　wise　suggestion；〃　and　that　he　had　〃always　regretted　that　it　was　not　adopted。〃

But　apart　from　any　particular　error　in　the　management　of　the　Treasury；　the　general　policy　of　the　Administration　was　much　below　the　requirements　of　the　situation。　The　panic　came　to　an　end　in　the　fall　of　1893；　much　as　a　great　conflagration　expires　through　having　reached　all　the　material　on　which　it　can　feed；　but　leaving　a　scene　of　desolation　behind　it。　Thirteen　commercial　houses　out　of　every　thousand　doing　business　had　failed。　Within　two　years；　nearly　one　fourth　of　the　total　railway　capitalization　of　the　country　had　gone　into　bankruptcy；　involving　an　exposure　of　falsified　accounts　sufficient　to　shatter　public　confidence　in　the　methods　of　corporations。　Industrial　stagnation　and　unemployment　were　prevalent　throughout　the　land。　Meanwhile；　the　congressional　situation　was　plainly　such　that　only　a　great　uprising　of　public　opinion　could　break　the　hold　of　the　silver　faction。　The　standing　committee　system；　which　controls　the　gateways　of　legislation；　is　made　up　on　a　system　of　party　apportionment　whose　effect　is　to　give　an