The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1890-10-07
FINANCIERS PREDICT PROSPERITY.
Jay Gould, Russell sage and Henry
CIews on the Tariff Bill.
A New York Man Who Thinks that
Maine Has Been Favored.
The Solicitor of the Treasury Settles S
One Disputed Point.

New YORK, October 6.-The World prints
the opinions of Jay Gould, Russell Sage, S.
w. White, Henry Clews and others on the
financial effects of the Mckinley bill.
Mr.. Gould says: "The tariff, like all other
great and sudden changes, has upset the
country to such an extent that people now
hardly know whether they are afoot or horse
back. The bad results, however, will not be
permanent. The country will soon accom-
modate ftself to the change In fact, the
trouble has been largely discounted by the
anticipation of the operations of the tariff.
l do not believe that the approach of
February 1, the limit of the time for
the withdrawal of goods from bond
without the payment of increased duties,
will cause a stringency in the money
market. l cannot see that the new tariff of
itself will be disadvantage to the country.
IL 1t Increases the cost of some articles peo-
pie will simply use less of them. Matters
seem to wofk out their own solution. Pro-
duction and consumption will have more to
do with the situation than anything else.
The products of the country have to find
market, and If they cannot find it at high
prices, they must find 1t at lower prices 1t
is possible that labor may be benefited by
the creation of new industries under the tar
if, but | do not look for any great increase
in manufacturing interests solely from the
tariff. The country is growing and indus
tries will increase and enlarge to keep COM
pany with its growth"
Russell Sage says: "Now that the new tar
iff Is in actual operation. L think it will
work to the advantage Of the country. What
has heretofore been an uncertainty Is now
certainty. Manufacturers and business men
generally can go ahead with their affairs on
an established basis. Manufacturers know
what 1t Is safe TO produce, and others know
what it is safe to buy. do not think that
the approach Of Feb. 1, the limit Of time for
the withdrawal Of goods in bond under the
old tariff will affect the money market
to any serious extent. l look for good,
healthy money market during the next six
months, but do not apprehend stringency
The new tariff will lessen importations and
thereby save outlays for duties. On the
whole l am rather inclined to think that the
new tariff will have favorable effect on the
general financial situation. The tariff will
give additional employment to labor for the
reason that under IL home manufactures
will be stimulated. Labor as a fact has its
own problem to grapple with 1t is the only
thing which has not liquidated. The reduc-
tion in the hours for work, combined with
the advance in pay, has been more than
many products could stand. l do not mean
to say that this is true in every case, but 1t is
true in majority of cases. The tendency
Of all articles has been towards lower prices,
on account of competition ana overproduc-
ton. Hero is an instance where the tariff
Enthusiastically improves the situation as far
as labor is concerned, for it will decrease
foreign competition"
Henry Clews says: ut is great relief to
the business community that the tariff bill
has been settled. 1t Is now law. The pro-
longed period given to its discussion in Con-
gress worked serious injury. as it led to ex-
cessive speculative importati0ns by great
many heretofore conservative business men,
and the adoption of unsound financial meth
DDS in connection Herewith. l believe in
periodical re-adjustments of the tariff, as in
country like this, where we have to create
our own methods, relying little upon the
precedents established by other countries,
we naturally have to resort more or less to
experiments. Besides, our country is grow
ing so rapidly In population and wealth as to
make what was suitable in the way Of a
tariff decade ago. not so at the present
time. When a babe reaches youth, and
youth manhood, the change in growth inn
plies discarding old apparel for modern. A
country like this needs similar occasional
radical changes to keep pace With its period
ical stages in growth, both as to population
and wealth So with the tariff. When we
outgrOw its provisions we should set aside
the old methods for new and better ones. |
am a protectiOnist; still, in my judgment,
tariff duties should be adjusted simply to
what is required, first, for the purposes of
and then to compensate for the diff
ference In the rate of wages in this country
and others with which our manufacturers
have to compete.