The morning news. [volume] (Savannah, Ga.) 1887-1900, 1890-10-29
A Bankers Views on the outlook.


In a recent interview Banker Henry
Clews, of New York, expresses views upon
the tariff which indicate that be has given
the subject serious thought, although from
somewhat circumscribed standpoint. lie
expresses the opinion that the effect OF the
new tariff law will be to entirely change
the commercial relations between this coun-
try and England. Britain's very wealthy
men are largely Of the middle class. They
are manu- ct-rers and men OF affairs gen
orally. ReIinquishing the idea Of expert
ing their wares to US. under our stringent
tariff restrictions, Mr.. Clews thinks they
will remove their manufacturing plants to
America. He says that he looks
for an extensive change of base
on this line, and predicts that Englishmen
will establish factories in the United States
in the near future. OF course that would
assist in the development of the country
and give employment to thousands of work
ing men, but the effect Of such develop
ment would change the sentiment OF the
country relative to the policy to be pursued
upon economic questions.
"a nation outgrows any system Of tariff"
said Mr. Clews, 'justss an urchin outgrows
his clothes. You can patch boys gar
ments and make them hold together while
longer by repairing, but intimately you
must get him a new dress.
so with the tariff The revenue laws
may from time to time be patched. but
sooner or later they must be discarded and
a new outfit provided for. Tariff recon-
struction should proceed primarialy for
the purpose Of raising fluids enough to keep
the government machinery running, and
those charged with the reconstruction
should study how duties may be imposed so
as to equalize the wages paid laborers in
country with free institutions and those
paid in the pauper stricken nations of the
other hemisphere. The tariff should be
levied with a view to eqnalizs the d ference
in the status Of the American ard
European workingmsn. and this purpose
should never be lost sight of.
''As 10 the bill recently passed by congress,
/ am decidedly of the opinion that it will be
an economic and political disappointment.
1t will prove oppressive BY raising prices on
articles of general necessity, and will lie
the subject Of complaint throughout the
country. Ihold with Secretary Blaine that
reciprocityis the system most to be desired
for the development of our industries and
the expansion of our commerce Take from
the countries south Of US such articles as
we do not produce and admit them
to our ports free Of all duty and tax Of any
kind, on condition that the countries from
which such articles are received GRAFT cor
responding commercial advantages to our
products. This is the equalization of com
merce, which all countries should be glad
to bring about. The establishment of large
industrial enterprises in this country will
greatly inc ease all manufactured products,
and these must fiud market Before many
years we may expect TO find the manufact-
urers OF the United States clamoring for
so-called free trade just as the same class
is now doing in England. That seems to
me to be the natural effect of the new tariff
law. 1t will promote our Industrial and
commercial growta, and the protection
garment will be found no longer service
able"
But in his serene confidence that our high
tariff has ruined the entire business of
those unfortunate English manufacturers,
and that the rest of the world is not worth
dealing with. Mr. Olews, like many sipl-
larly sanguine optimists. has altogether
omitted to tell US how these manufacturers
can profit anything by leaving a country
where, as all are willing t. confess, supplies
and labor are to be had at a low rate.
and transplanting his business into
country where there is pro-
hibitory duty on imported supplies
and harrassing restrictions are placed upon
the employment of skilled labor-especiall
if it cannot be had in this country. Under
our contract labor law an emigrant manu-
facturer cretainly could not bring any
of his workmen with him, however
essential their services might be.
He could not even bring over
superintendent to train local labor. So the
chances of an immediate rush OF foreign
manufacturers to this country are not very
promising. Still we can freely and fully
agree with Mr.. Clews as to the probability
that 1.-THE protection garment" will soon
"be found no longer serviceable."
Signs of Revolt Are shown.
4.