Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1890-12-06


figures slow taat tha increase in TIA volume
Of business was very general throu shout the
country. That this larger business was
bang eoniucbei upon a safe and profitable
basis is shown BY the fact that Tiers wers
800 less failures reported in Oeto5sr, 1890
year, VITA liabilities dininishsi by about
S50,000,011.
INCREASE IN EXPORTS.
The value of our exports of domestic msr-
chandiss during the last year was over $Il5.-
900 p01 greater than tina precsiing year and
was only exceeded onca in our history About
500, 00), 900 of this excsss was in agricultural
products. The production of pig iron
always good gauge OF general prosperity
Is shown by a recent CENSUS bullstin
TO have been l53 par cent. greater ia
1890 than in 1880, and tbs pro hssioa
OF steel 800 per cent greater. Mining
in coal has had no limitation excsot that re-
sulting from deficient Transportation The
general testimony is that labor is every3here
fully employed, and the reports for the last
year show a smaller number Of employees
affected by strikes and loskoats than in any
year since 1884. The depression in the prices
OF agricultural pro iucts hal been greatly re-
level. aud buoyanI and hopeful TINS was
beginning to be felt by all our people.
These promising influences have bsea in
sons degree checked by the surprising
and very unfavorable monetary events watch
have recently taken placs in England. 1t is
gratifying to know that these did not grow
in any degree out OF the financial relations of
London with our people, or out of any dis
credit attached to our securities held in that
market Tbs return OF our bonis
and stocks was caused by a money string sncy
IN England, not by any loss of valus or
credit in the securities themselves. We
could not however, wholly escape ths i'll
effects of a foreign monetary agitation ac-
companied by such extraordinary incidents
as characterized this. It is not believed
however, that these evil incidents which
have for the tins unfavorably af~
fected values in this country, can long
Withstand the strong, safe and wholesome
influences which are operating to give TO our
people profitable returns in all branches Of
legitimate trade and in iustry. The appre-
hension that our tariff may again aud at
oncs be subjected to important general
changes would undoubtedly add depreSs-
ing influence of the most serious character.
THE NEW TARIFF
The General Tariff act has only partially
gone into operation, some of its important
provisions being limited to take effect at
dates vet in the future. The general pro-
visions of the law have been ia force less than
sixty days. Its permanent effects upon
trade and prices still largely stand in con
lecture. 1t is curious to note that the
advances in the prices of articles wholly
unaffected by the Tariff act was by many
hastily ascribsd to that act. Notce was not
taken Of the fact that the general tendency
of the markets was upward from influences
wholly apart from the recent tariff legisla-
ton. The enlargement of our currency by
the Silver bill undoubtedly gave an upward
tendency to trade AMI had a marked effect
on prices; but this natural aud desired effect
Of ha eilvaTs Ia iGlaflnn w nv
neously attributed to the Tariff act.
There is neither wisdom nor justice in the
suggestion that the subject of tariff revision
shall be again opened before this law has had
fair trial. IL is quito true that every tariff
schedule is subject to objections. No bill was
ever framed, suppose, that in all of its rates
and classifications had the full approval even
of party caucus.
Such legislation is always an necessarily
the product of compro Mise as to details aud
the present law is no exception. But in its
general scope and effect thins it will justify
the SUPPORT OF thoss WAC believe that Ameri-
can legislation shou'd conserve aud defend
American trade and the wages Of American
workmen.
The transformation as to the terms OF the
act which has been so widely disseminated at
home AMI abroad will be corro tel bs expert
ence, and the evil auguries as to its results
COMPOUNDED by the market reports, the saw
ings banks international trade balances and
the general prosperity of orr people. Alrea iy
we begin to hear from abroad an from our
custom houses that tae prohibitory effect
upon importations imputed to tbs act is not
justified. The imports at the port of New
York for the first three weeks o. Noyem1sr
were nearly S per cent. greater than for the
same period in 1889 aud 20 per cent greater
than in the same period of 1888 And SO far
from being an act to limit exports, l cont
IDENTIFY believe that under it we shall secure
larger and more profitable participation in
foreign trade than we have ever enjoye AMI
that we shall recover proportionate parCicl-
patton in the ocean carrying trade of the
world
The CRITICS Us of the bill that have come to
us from foreign sources may well bs rejectel
for repugnancy. II these critics really be-
lieve that the adoption by US of free traie
policy, or of tariff rates having reference
solely to revenue, would diminish the partici-
patton OF their own countries in the com
merce Of the world, their advocacy aud pro-
motion by speech AMI other forms OF organ
lied effort of this movement among our
people is rare exhibition of unseldshness in
trade. And, on the other hand, IL they sim
cerely believe that the adoption OF protec-
tive tariff policy by this country insures TO
their profit and our hurt, it is noticeaby
strange that they should lead the cutlery
against the authors of policy SO helpful TO
their countryBlsn, and crown with their
favor those who would snatch fro n the n a
substantial share of a trade with other lands
already inadequate TO their necessities.
There is no disposition among any Of our
people TO promote prohibitory or reJaliatory
legislation. Our policies are adopted not to
the hurt of Others, but 10 secure Tor ourselves
those advantages that fairly grow out
of our favored position as nation. Our
form of government, with its incident
of universal suffrage, MAKES it imperative
that we shall save our working people from
the agitations and distresses which scint
work and wages that have no margin for
comfort always beget But after all this is
done it will be found that cur markets are
open to friendly commercial exchanges of
enormous value to the other great powers.
From the time of my induction into Office
the duty OF using every power ami influence
given by law to the Executive Department for
the development of larger markets for our
products, especially our farm products, has
been kept constantly in mind, and no effort
has been or will be spared to promote that end.
We are under no disadvantages in any foreign
market. except that we pay our workmen
better wages than are paid elsewhsre-bette
abstractly, better relatively to the cost of
the necessaries of life. do not doubt that
a very largely increased foreign trade il
accessible to US without bartsring for il
the farm and shop as our own people can
supply or the wages Of our working people.
RECIPROCITY.
In many of the products Of wood aud iron,
and in meats and breadstnfs, we have ad-
vantages that only nssi bstter facilities OF
intercourse and transportation to secure for
them large foreign markets. The reciprocity
clause OF the Tariff act wisely aud effectively
opens the way to secure a large reciprocal
trade In exchange for the free admission 10
our ports of certain products The right
Of independent nations to make special re
ciprocal trade concessions is well established
and does not impair either the comfy due TO
other powers or wat is known as the
characterization claus so generally found
in commercial treaties. WHAT is given 70
one for an adequate agrsei consideration
cannot be claimed by another freslY. Tns
state of the revenues was such that WI
could dispense with any important duties
upon coffee, tea, hides and the
lower grades Of sugar and mplassss
That the large advantage resulting 10 the
countries pro iucinz AMI ex 3o-sing tiisss ar
ticies by placing them .ol tae free liss en-
titled Us to expect fair return in the way
OF customs concessions upon articles exported
by US to them was 50 obvious that 70 have
gratuitously abandoned this opportu lity -
enlarge our trade would have besa an I'M
pardOnaDle error.
There wers but two mstho1s OF maintain
ing control Of this question opsn to Congress.
10 place all Of these articles upon tas duSia-
BILE list subject 70 such treaty agreements as
could be secured, or to place them ali pres
emily upon the free list, but subject 20 tbs
reinposition Of specified duties II the
countries from whica we received them
should refuse TO give 70 US suitable recipro-
cal benefits This latter method, think,
possesses great advantages.
The Indications thus far given ar5 very
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