The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1891-05-29
THE M'KINLEY BILL.
Its Virtues Explained by Ex-speaker
Thomas Il. Reed.

| Thomas II. Reed.
Hon. Thomas B. Reed, lately speaker
of the United States house of represen-
tative, who is making an extended tour
OF Italy was recently interviewed by a
representative of the Associated Press,
in which he said.
The Mckinley bill has been very
unjustly criticised. and | am satisfied
| that the people Of the United States.
when they come to understand its work
ings, will acknowledge that it is a most
| valuable measure-a measure intended
to encourage both our foreign commerce
and our domestic industries. 1t will
stimulate our foreign commerce by the
large number Of articles on which the
duties have been reduced or which
have been added to the free list. 1t
will stimulate our domestic industries
by reason OF the reduction in the duties
on raw material and the increased duties
on very few articles of necessity
which nave been largely imported. but
which we have hitherto been able to
manufacture proftably. l think that
with this sufficient protection our man.
ufacturers will soon be able to establish
these industries on as firm a footing as
those which need no increase in prOtec-
ton. 1t may THAT the duty on Brus-
sells carpet, silks, laces and champaign
and some other articles of luxury have
been advanced. But the average house
hold expenditure for these will bear no
comparison to the amounts paid for
those articles, which, by reason of a
lower rate OF duty on the manufactured
matter or on the raw material, can be
bought for reduced prices.
1T was extremely unfortunate. con-
tinued Mr.. Reed. that the bill went
into effect in timeof, or was followed
soon by, most severe financial panic:
when the failure of Barring Bros.
with liabilities of 800. 100000, seemed
to shake the foundations Of the strong
est houses; when general insolvency
seemed to stare the whole commercial
world in the face, and was only averted
b. the prompt and joint action of the
Bank Of England and England's finan-
ciers, with the tens Of millions Of dol
lars drawn from all over Europe and
the United States: when the cOmbina-
ton and untoward circumstances were
such as had never before happened:
when, in anticipation of large profits.
merchants had ordered from Europe.
in many instances, even before it was
known what the rate of duty would be,
goods in such quantities that even with
an easy money market the capacity of
our merchants to pay for them would be
severely tested. Under such circum-
stances the failure OF the Earrings &C.
Cured. and securities-the only secur-
tiles salable in large quantities held in
England-were thrown on the New
York market in such immense quanti-
ties that the. disbursement by the
United States treasury OF some $40, 000.-
COO or $50, 900. 600 seemed but drop in
the bucket to stay the demand for
money. Going into effect under such
circumstances. it was not an extremely
difficult matter to convince thousands
o. voters that the financial difficulties
were due solely to the inherent defects
OF the measure. Why, look at the case
OF Austria, whose merchants complain
SO loudly OF the ruin that the Mckinley
bill has wrought to their trade. They
complained that their industries were
effected to such an extent by the meas
ure that through their efforts the
Austrian government was forced to
seek to draw other nations into meas
ures Of reprisal against the United
States. Notwithstanding these COM
plants the facts proved that the reports
for the first three months under the
operation Of the bill were increased so
per cent over the corresponding quarter
OF 1890
Here in Italy merchants and the
press reechoed the wailing of the bal
ance of the European press until they
discovered that, had the bill been es-
pecially devised for the purpose, it
could not have been better adapted to
increase her trade with the United
States, for by its provisions so per cent
OF our purchases from her are on the
free list: "a per cent. are admitted at a
reduced rate Of duty: u per cent at the
same rate, while the duty was advanced
on but I per cent.
The commercial alliance Of the CEN
tral states of Europe. which certain
powers are eudeavoring to bring about,
Is evidence that the commercial nations
are not SLOW to take every possible pre-
caution to protect and stimulate their
trade-and that is axactly the policy
on which the Mckinley bill is founded.
Il am confident that the next few years
shall bear great prosperity to the
United States and will prove to be favor
able both to our domestic manufacture
ers and to our foreign commerce"