Los Angeles herald., 1890-12-02

reports for the last year show a smaller
number of employees strikes and lock-
outs than in any year since 1854.
The Monetary Crisis.
The depression in the prices of agri-
cultural products had been greatly re-
lieved, and hopeful feeling was be-
ginning to be felt by all our people.
These promising influences have been
in some degree checked by the sur
prising and very unfavorable mon
etary events which have recently
taken place in England. 1t is gratify
ing to know that this did not grow in
any degree out of the financial relations
of London with our people, or out of any
discredit attached to our securities held
in that market. The return of our
bonds and stocks was caused by a money
stringency in England, not by any loss
of value or credit in the securities them
selves. We could not, however, wholly
escape the effects OF foreign monetary
agitation, accompanied by such Incl
dents as characterized this. 1t is
not believed, however, that these
evil incidents which have for
the time unfavorably affected 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 le-
gitimate trade and industry.
The Painful Tariff Question.
The apprehension that our tariff may
again and at once be subjected to i'm
portant general changes, would undoubt-
edly add depressing influence OF the
most serious character. The general
tariff has only partially gone into opera
ton, some of its important provisions
being limited to take effect at dates yet
in the future. The general provisions of
the law have been in force less than sixty
days. Its permanent effect upon trade and
prices still largely stand in conjecture. 1t
is curious to note that the advance in the
prices OF articles wholly unaffected by
the tariff act, was by many hastily as
cribed to that act. Notice was not taken
of the fact that the general tendency of
the markets was upwards from infu
ences wholly apart from the recent
tariff legislation. The enlargement of
our currency by the silver bill gave an
upward tendency to trade and had
marked effect on prices, but this natural
and desired effect OF the silver legisla-
ton was by many enormously attrib-
uted to the tariff act.
The Mckinley Bill.
There is neither wisdom nor justice in
the suggestion that the subject of tariff
revision shall be opened before this law
has had fair trial. 1t is quite as true
that every tariff schedule is subject to
objections. No bill was ever framed, l
suppose, that in all of its rates and
classi6cations had the full approval even
Of party caucus. Such legislation is
always, and necessarily, the product OF
compromise as to the details, and the
present law is no exception; but
in its general scope and effect
will justify the support OF those
who believe that American legis-
lation should conserve and defend
American trade and the wages of Ameri
can workmen. The misinformation as
to the terms of the act, which has been
so widely disseminated at home and
abroad, will be corrected by experience,
and the evil auguries as to its results
confounded by the market reports, the
savings banks, international trade bal
ances, and the general prosperity OF our
people.
Already we begin to hear from abroad
and from our custom houses, that the
prohibitory effect upon importation i'm
puted to the act, is not justified. The
imports at the port of New York for
the first three weeks of November
were nearly s per cent. greater than for
the same period in 1889, and 10 per
cent. greater than the same period of
1888; and so far from being an act to
limit exports, confidently believe that
under it we shall secure larger and more
profitable participation in foreign trade
than we have ever enjoyed, and that we
shall recover proportionate participa-
ton in the ocean carrying trade OF the
world.
The criticisms OF the bill that have
come to lis from foreign sources may
we'll be rejected. If these critics really
believe that the adoption by the United
States of a free-trade policy, or OF tariff
rates having reference solely to revenue,
would diminish the participation
OF their own countries in the
commerce of the world, their ad-
vocacy and the propagation by speech
and other form of organized effort, OF
this movement among our people, is
rare exhibition OF unseishness in trade ;
and on the other hand, if they sincerely
believe that the adoption OF a protective
tariff policy by this country inures to
| Cnelf prOnC ana our nurC, III is notably
strange that they should lead the outcry
against the authors of policy so help
full to their countrymen and crown with
their favor those who would snatch from
them 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
retaliatory legislation. Our policies are
adapted not to the hurt of others, but to
secure for ourselves those advan-
tages that fairly grow out of our favored
position as nation. Our form OF
government, with it's incident OF univer-
sal suffrage, makes it imperative that
we shall save our working people from
the agitations and distresses which
scant work, that leaves no margin for
comfort, always begets. But after all
this is done, it will be found that our
markets are open to the friendly
commercial exchanges of enormous
value to other great powers.
From the time of my induction into
office, the duty of using every power
and influence given by law to the execu-
tive department, for the development of
larger markets for our products, especi-
ally our farm products, has been kept
constantly in mind, and no effort has
been or will be spared to promote that