the cleveland era-第21章

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m　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　insurgent　faction　of　the　majority　the　balance　of　power；　and　this　opportunity　for　mischief　was　unsparingly　used　by　the　silver　faction。

Such　a　situation　could　not　be　successfully　encountered　save　by　a　policy　aimed　distinctly　at　accomplishing　a　redress　of　popular　grievances。　But　such　a　policy；　President　Cleveland　failed　to　conceive。　In　his　inaugural　address；　he　indicated　in　a　general　way　the　policy　pursued　throughout　his　term　when　he　said；　〃I　shall　to　the　best　of　my　ability　and　within　my　sphere　of　duty　preserve　the　Constitution　by　loyally　protecting　every　grant　of　Federal　power　it　contains；　by　defending　all　its　restraints　when　attacked　by　impatience　and　restlessness；　and　by　enforcing　its　limitations　and　reservations　in　favor　of　the　states　and　the　people。〃　This　statement　sets　forth　a　low　view　of　governmental　function　and　practically　limits　its　sphere　to　the　office　of　the　policeman；　whose　chief　concern　is　to　suppress　disorder。　Statesmanship　should　go　deeper　and　should　labor　in　a　constructive　way　to　remove　causes　of　disorder。

An　examination　of　President　Cleveland's　state　papers　show　that　his　first　concern　was　always　to　relieve　the　Government　from　its　financial　embarrassments；　whereas　the　first　concern　of　the　people　was　naturally　and　properly　to　find　relief　from　their　own　embarrassments。　In　the　last　analysis；　the　people　were　not　made　for　the　convenience　of　the　Government；　but　the　Government　was　made　for　the　convenience　of　the　people；　and　this　truth　was　not　sufficiently　recognized　in　the　policy　of　Cleveland's　administration。　His　guiding　principle　was　stated；　in　the　annual　message；　December　3；　1894；　as　follows：　〃The　absolute　divorcement　of　the　Government　from　the　business　of　banking　is　the　ideal　relationship　of　the　Government　to　the　circulation　of　the　currency　of　the　country。〃　That　ideal；　however；　is　unattainable　in　any　civilized　country。　The　only　great　state　in　which　it　has　ever　been　actually　adopted　is　China；　and　the　results　were　not　such　as　to　commend　the　system。　The　policy　which　yields　the　greatest　practical　benefits　is　that　which　makes　it　the　duty　of　the　Government　to　supervise　and　regulate　the　business　of　banking　and　to　attend　to　currency　supply；　and　the　currency　troubles　of　the　American　people　were　not　removed　until　eventually　their　Government　accepted　and　acted　upon　this　view。

Not　until　his　message　of　December　3；　1894；　did　President　Cleveland　make　any　recommendation　going　to　the　root　of　the　trouble；　which　was；　after　all；　the　need　of　adequate　provision　for　the　currency　supply。　In　that　message；　he　sketched　a　plan　devised　by　Secretary　Carlisle；　allowing　national　banks　to　issue　notes　up　to　seventy…five　per　cent　of　their　actual　capital　and　providing　also；　under　certain　conditions；　for　the　issue　of　circulating　notes　by　state　banks　without　taxation。　This　plan；　he　said；　〃furnishes　a　basis　for　a　very　great　improvement　in　our　present　banking　and　currency　system。〃　But　in　his　subsequent　messages；　he　kept　urging　that　〃the　day　of　sensible　and　sound　financial　methods　will　not　dawn　upon　us　until　our　Government　abandons　the　banking　business。〃　To　effect　this　aim；　he　urged　that　all　treasury　notes　should　be　〃withdrawn　from　circulation　and　canceled；〃　and　he　declared　that　he　was　〃of　opinion　that　we　have　placed　too　much　stress　upon　the　danger　of　contracting　the　currency。〃　Such　proposals　addressed　to　a　people　agonized　by　actual　scarcity　of　currency　were　utterly　impracticable；　nor　from　any　point　of　view　can　they　be　pronounced　to　have　been　sound　in　the　circumstances　then　existing。　Until　the　banking　system　was　reformed；　there　was　real　danger　of　contracting　the　currency　by　a　withdrawal　of　treasury　notes。　President　Cleveland　was　making　a　mistake　to　which　reformers　are　prone；　he　was　taking　the　second　step　before　he　had　taken　the　first。　The　realization　on　the　part　of　others　that　his　efforts　were　misdirected　not　only　made　it　impossible　for　him　to　obtain　any　financial　legislation　but　actually　fortified　the　position　of　the　free　silver　advocates　by　allowing　them　the　advantage　of　being　the　only　political　party　with　any　positive　plans　for　the　redress　of　popular　grievances。　Experts　became　convinced　that　statesmen　at　Washington　were　as　incompetent　to　deal　with　the　banking　problems　as　they　had　been　in　dealing　with　reconstruction　problems　and　that；　in　like　manner；　the　regulation　of　banking　had　better　be　abandoned　to　the　States。　A　leading　organ　of　the　business　world　pointed　out　that　some　of　the　state　systems　of　note　issue　had　been　better　than　the　system　of　issuing　notes　through　national　banks　which　had　been　substituted　in　1862；　and　it　urged　that　the　gains　would　exceed　all　disadvantages　if　state　banks　were　again　allowed　to　act　as　sources　of　currency　supply　by　a　repeal　of　the　government　tax　of　ten　per　cent　on　their　circulation。　But　nothing　came　of　this　suggestion；　which　was；　indeed；　a　counsel　of　despair。　It　took　many　years　of　struggle　and　more　experiences　of　financial　panic　and　industrial　distress　to　produce　a　genuine　reform　in　the　system　of　currency　supply。

President　Cleveland's　messages　suggest　that　he　made　up　his　mind　to　do　what　he　conceived　to　be　his　own　duty　regardless　of　consequences；　whereas　an　alert　consideration　of　possible　consequences　is　an　integral　part　of　the　duties　of　statesmanship。　He　persevered　in　his　pension　vetoes　without　making　any　movement　towards　a　change　of　system；　and　the　only　permanent　effect　of　his　crusade　was　an　alteration　of　procedure　on　the　part　of　Congress　in　order　to　evade　the　veto　power。　Individual　pension　bills　are　still　introduced　by　the　thousand　at　every　session　of　Congress；　but　since　President　Cleveland's　time　all　those　approved　have　been　included　in　one　omnibus　bill；　known　as　a　〃pork　barrel　bill；〃　which　thus　collects　enough　votes　from　all　quarters　to　ensure　passage。

President　Cleveland　found　another　topic　for　energetic　remonstrance　in　a　system　of　privilege　that　had　been　built　up　at　the　expense　of　the　post…office　department。　Printed　matter　in　the　form　of　books　was　charged　eight　cents　a　pound；　but　in　periodical　form　only　one　cent　a　pound。　This　discrimination　against　books　has　had　marked　effect　upon　the　quality　of　American　li