the cleveland era-第20章

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appear。　Between　September　30；　1892　and　October　31；　1893；　the　amount　of　deposits　in　the　national　banks　shrank　over　496；000；000。　Trade　was　reduced　to　making　use　of　the　methods　of　primitive　barter；　though　the　emergency　was　met　to　some　extent　by　the　use　of　checks　and　clearinghouse　certificates。　In　many　New　England　manufacturing　towns；　for　example；　checks　for　use　in　trade　were　drawn　in　denominations　from　one　dollar　up　to　twenty。　In　some　cases；　corporations　paid　off　their　employees　in　checks　drawn　on　their　own　treasurers　which　served　as　local　currency。　In　some　Southern　cities；　clearing…house　certificates　in　small　denominations　were　issued　for　general　circulationin　Birmingham；　Alabama；　for　sums　as　small　as　twenty…five　cents。　It　is　worth　noting　that　a　premium　was　paid　as　readily　for　notes　as　for　gold；　indeed；　the　New　York　〃Financial　Chronicle〃　reported　that　the　premium　on　currency　was　from　two　to　three　per　cent；　while　the　premium　on　gold　was　only　one　and　one　half　per　cent。　Before　the　panic　had　ended；　the　extraordinary　spectacle　was　presented　of　gold　coins　serving　as　a　medium　of　trade　because　treasury　notes　and　bank　notes　were　still　hoarded。　These　peculiarities　of　the　situation　had　a　deep　effect　upon　the　popular　attitude　towards　the　measures　recommended　by　the　Administration。

While　this　devastating　panic　was　raging　over　all　the　country；　President　Cleveland　was　beset　by　troubles　that　were　both　public　and　personal。　He　was　under　heavy　pressure　from　the　office　seekers。　They　came　singly　or　in　groups　and　under　the　escort　of　Congressmen；　some　of　whom　performed　such　service　several　times　a　day。　The　situation　became　so　intolerable　that　on　the　8th　of　May　President　Cleveland　issued　an　executive　order　setting　forth　that　〃a　due　regard　for　public　duty；　which　must　be　neglected　if　present　conditions　continue；　and　an　observance　of　the　limitations　placed　upon　human　endurance；　oblige　me　to　decline；　from　and　after　this　date；　all　personal　interviews　with　those　seeking　office。〃

According　to　the　Washington　papers；　this　sensible　decision　was　received　with　a　tremendous　outburst　of　indignation。　The　President　was　denounced　for　shutting　his　doors　upon　the　people　who　had　elected　him；　and　he　was　especially　severely　criticized　for　the　closing　sentence　of　his　order　stating　that　〃applicants　for　office　will　only　prejudice　their　prospects　by　repeated　importunity　and　by　remaining　at　Washington　to　await　results。〃　This　order　was　branded　as　an　arbitrary　exercise　of　power　compelling　free　American　citizens　to　choose　exile　or　punishment；　and　was　featured　in　the　newspapers　all　over　the　country。　The　hubbub　became　sufficient　to　extract　from　Cleveland's　private　secretary　an　explanatory　statement　pointing　out　that　in　the　President's　day　a　regular　allotment　of　time　was　made　for　congressional　and　business　callers　other　than　the　office　seekers；　for　whom　a　personal　interview　was　of　no　value　since　the　details　of　their　cases　could　not　be　remembered。　〃What　was　said　in　behalf　of　one　man　was　driven　out　of　mind　by　the　remarks　of　the　next　man　in　line；〃　whereas　testimonials　sent　through　the　mails　went　on　file　and　received　due　consideration。　〃So　many　hours　a　day　having　been　given　up　to　the　reception　of　visitors；　it　has　been　necessary；　in　order　to　keep　up　with　the　current　work；　for　the　President　to　keep　at　his　desk　from　early　in　the　morning　into　the　small　hours　of　the　next　morning。　Now　that　may　do　for　a　week　or　for　a　month；　but　there　is　a　limit　to　human　physical　endurance；　and　it　has　about　been　reached。〃

Such　were　the　distracting　conditions　under　which　President　Cleveland　had　to　deal　with　the　tremendous　difficulties　of　national　import　which　beset　him。　There　were　allusions　in　his　inaugural　address　which　showed　how　keenly　he　felt　the　weight　of　his　many　responsibilities；　and　there　is　a　touch　of　pathos　in　his　remark　that　he　took　〃much　comfort　in　remembering　that　my　countrymen　are　just　and　generous；　and　in　the　assurance　that　they　will　not　condemn　those　who　by　sincere　devotion　to　their　service　deserve　their　forbearance　and　approval。〃　This　hope　of　Cleveland's　was　eventually　justified；　but　not　until　after　his　public　career　had　ended；　meanwhile　he　had　to　undergo　a　storm　of　censure　so　blasting　that　it　was　more　like　a　volcanic　rain　of　fire　and　lava　than　any　ordinary　tempest；　however　violent。

On　the　30th　of　June；　President　Cleveland　called　an　extra　session　of　Congress　for　the　7th　of　August　〃to　the　end　that　the　people　may　be　relieved　through　legislation　from　present　and　impending　danger　and　distress。〃　In　recent　years；　the　fact　has　come　to　light　that　his　health　was　at　that　time　in　a　condition　so　precarious　that　it　would　have　caused　wild　excitement　had　the　truth　become　known；　for　only　his　life　stood　in　the　way　of　a　free　silver　President。　On　the　same　day　on　which　he　issued　his　call　for　the　extra　session；　President　Cleveland　left　for　New　York　ostensibly　for　a　yachting　trip；　but　while　the　yacht　was　steaming　slowly　up　the　East　River；　he　was　in　the　hands　of　surgeons　who　removed　the　entire　left　upper　jaw。　On　the　5th　of　July　they　performed　another　operation　in　the　same　region　for　the　removal　of　any　tissues　which　might　possibly　have　been　infected。　These　operations　were　so　completely　successful　that　the　President　was　fitted　with　an　artificial　jaw　of　vulcanized　rubber　which　enabled　him　to　speak　without　any　impairment　of　the　strength　and　clearness　of　his　voice。*　Immediately　after　this　severe　trial；　which　he　bore　with　calm　fortitude；　Cleveland　had　to　battle　with　the　raging　silver　faction；　strong　in　its　legislative　position　through　its　control　of　the　Senate。

*　For　details；　see　New　York　〃Times；〃　Sept。　21；　1917。


When　Congress　met；　the　only　legislation　which　the　President　had　to　propose　was　the　repeal　of　the　Silver　Purchase　Act；　although　he　remarked　that　〃tariff　reform　has　lost　nothing　of　its　immediate　and　permanent　importance　and　must　in　the　near　future　engage　the　attention　of　Congress。〃　It　was　a　natural　inference；　therefore；　that　the　Administration　had　no　financial　policy　beyond　putting　a　stop　to　treasury　purchases　of　silver；　and　there　was　a　vehement　outcry　against　an　action　which　seemed　to　strike　against　the　only　visible　source　of　additional　currency。　President　Cleveland　was　even　denounced　as　a　tool　of　Wall　Street；　and　the　panic　was　declared　to　be　the　result　of　a　plot　of　British　and　American　bankers　against　silver。

Nevertheless；　on　the　28th　of　August；　the　House　passed　a　repeal　bill　by　a　vote　of　240　to　110。　There　was　a　long　and　violent　struggle　in　the　Senate；　where　such　representative　anomalies　existed　that　Nevada　with　a　population　of　45；761　had　the　same　voting　power　as　New　York　with　5；997；853。　Hence；　at　first；　it　looked　as　if　the　passage　of　a　repeal　bill　might　be　impossible。　Finally；　the　habit　of　compromise　prevailed　and　a　majority　agreement　was　reached　postponing　the　date　of　repeal　for　twelve　or　eighteen　months　during　which　the　treasury　stock　of　silver　bullion　was　to　be　turned　into　coin。　Cleveland　made　it　known　that　he　would　not　consent　to　such　an　arrangement；　and　the　issue　was　thereafter　narrowed　to　that　of　unconditional　repeal　of　the　Silver　Purchase　Act。　The　Senators　from　the　silver…mining　States　carried　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　e