New-York tribune., 1891-05-17
EUROPE AND THE M'KlNLEY BILL,
Ex-sPEAKER REED SHOWS HOW THE MEASURE
HAS BENEFITED CERTAIN COUNTRIES
THAT LOUDLY COMPLAINED OF 1T.

Ex-sPEAKER REED SHOWS HOW THE MEASURE
HAS BENEFITED CERTAIN COUNTRIES
THAT LOUDLY COMPLAINED OF IT.
London, May l6.-Thomas b. Reed, lately Speaker
OF the United States House Of Representatives, who
has been visiting Rome, devoted himself almost en-
tirey to sightseeing there. and, after thoroughly IN
spScting Rome went to Naples, where he visited
vesuvlus. Pompei, Capri, and other neglboring
places Of interest He Is now understood TO be in
Northern Italy To correspondent of the Associated
Press, who interviewed HAM, Mr. Reed was disin-
cned to talk about politics. but when asked for his
observations concerning the Mckinley bill he grew
fmore communicative, and said:
/ "The Mckinley bill has been very unjustly criti-
clsed and satisfied that the people Of the United
States, when they come to understand It's workings,
viii acknowledge that ii is most valuable measure,
measure intended to encourage both our foreign
commerce and our domestic industries. 1t will sumu
late our foreign commerce by the large number OF
articles on which the duties have been reduced, or
which have been added to Che free list. It will smu-
late domestic industries by reason Of the reduc
ton In the duties material and the Increased
duties on very few articles OF necessity which have
been largely imported but which we have hitherto
been unable to manufacture prohtably think that
with this sufficient protection our manufacturers
will be able TO establish these Industries on
frm q footing those which need no increase in
protection. 1t may be that the duties on Brussels
carpets, Silks laces, champagnes and some other
articles Of luxury have been advanced. But the
average household expenditure for them viii bear no
comparison 20 the amounts paid for these articles
which, by reason OF lower rate Of duty on the manu-
faetured artcle or the material, be bought
for reduced pnces.'
1T was extremely unfortunate continued Mr..
Reed, that the bill Went into effect Just before
severe financial panic, When the failure of Barring
Brothers with liabilities OF 100000, 900, seemed to
shake the foundations of the strongest houses when
general insolvency seemed TO stare the whole COM
mercial world in the face and was only averted by
the prompt and Joint action of the Bank OF England
and Englands nanciers, with the tens Of millions Of
dollars drawn from all Europe and the United States
when the combination of untoward circumstances was
such as had never before happened; when, bn anci-
patton of large profits merchants had ordered from
Europe in many instances, even before 1t known
what the rate Of duty would be, goods In such quan
ties that, even with easy money market, the
capacity Of our merchants to pay for them would
be severely tested. Under such circumstances the
failure Of the Barings occurred, and American secun-
ties the only securities salable In large quantities
held in England, were thrown on the New-York mar
BY the United States Treasury Of some forty or Fifty
e for d" cUns u shf eject 70
such circumstances, 1t was not an extremely difficult
clal difficulties due solely to tho Inherent de-
fects Of the measure
complain so loudly of the ruin that the Mckinley bill
has wrought to their trade They complained that
their industries affected to such extent by tho
measure that through their efforts the Austrian Cow
enment was forced TO seek TO draw other nations into
measures of reprisal against the United States Not
wlthstandng these complaints the facts proved that
the exports for the first three months under the opera
ton OF the bill increased 90 per cent the
corresponding quarter Of 1900. Here in Italy tho
merchants and the press reechoed the wangs of the
balance Of the European press until they discovered
that had the bill been specially devised for the pur-
pose 1t could not have been better adapted to increase
so per cent of our purchases from her are the
free list, 81 per cent are admitted at reduced rate
Of duty. IL per cent at the rate, while the duty
advanced on but per cent.
The commercial alliance Of the central States OF
Europe which certain Powers endeavoring 30 bring
about is evidence that the commercial nations are not
slow to take every possible precauten TO protect and
stimulate their trade-and that is exactly the policy
on which the Mckinley bill is founded: am very
confident that the next few years will be years OF
will prove to be favorable both to our domestic manu-
factures and to our foreign commerce."