Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1891-05-18
THE MCKINLEY BILL.
SPEAKER Red on Its nHsots on Euvo-
psan T6ade.

LONDON, May 17.--ThomAs b. Reed has
been vi,iting Rome ard Naples. Mr.. Reed
vas disincliued to discuss politics with q
correspondent of the Associated Press but
concerning the Mckinley bill grew more
communicative, and ssid;
1T was extremely unfortunate that the
bill went into effect in time that was fol-
lowed soon by most severe financial panic,
when the failure Of Barring Bros, with
liabilities Of 500 900, 900, seemed
TO shake the foundations Of the
strongest houses; when general insol.
vency seemed to stare the whole COM
cisl world in the face, and was only averted
by the prompt and iolnt action Of the Bank
Of England and Enlsnd's fpanciers, with
the tens of millions Of dollars drawn from
all Europe and the United States; when
the combination OF untoward circumstances
were such as had never before happened;
when, in anticipation Of large profits, mer-
chants bad ordered from Europe, in many
instances, even before II was known Whist
the rate Of duty would be, goods in such
qusntities that, even with an easy money
market the capacity Of our merchants to
pay for them would be severely tested.
"Under such circumstances the failure Of
the Bsrings occurred, and American secur-
iies, the only securities sslable In large
quantities held in England, were thrown on
| the New York market in such immense
| quantities that the disbursement by the
| United States treasury Of some forty or
| fifty millions seemed but drop in the
bucket to stay the demand for money.
Going into effect under such circum-
| stsnces. 1t was not All extremely difficult
m stter to convince Thousands of voters that
| "a .;.I Ia. A.
the Inherent effects of the measure. Why,
look at the case of Anst'ia, whose mer-
chants complain 80 loudly Of the ruin that
the Mckinley bill has brought TO their
trake. They complained thst their indus
tries were affected 10 such an ex .snt by the
measure that through their efforts the Aus
irian government was forced to seek 10
draw other nations into measures Of re-
p-issl aRsins. the United States. Not
with.tanding thsss complsiuts. the facts
proved that the exports for the first three
months under ths operation Of the bill were
increased GO par cent. over The correspond
ing quarter Of 1890.
| Here In I.aly merchants and the press
echoed the wsiilngs Of the balance Of The
European press until they discov cred that.
had the bill been specially devised for the
purpose. it could no. have been better
adapted to increase her trade with the
United Statep, for, by its provisions, 80 per
cent. Of our purchases from her are on the
free list, "a per cent are admitted at r..
duced rate Of duty, IL per cent. at the same
rate while tho duty was advanced on but
per cent. 1.-The commercial alliance Of the
central states OF Europe, which certain
papers are eadesvoring to briDg about, is
| evidence that the commercial nations are
no, slow to take every possible pfecautioD
to protect aud stimulate their trade--and
that 10 exactly the policy on which the Nc
Kinley bill 10 founded" II am very conf.
dent that the next few years will be years
Of grsa. prosperity In the United States.
snd ,hst they will prove to be favorable
both to onr domestic manufacturers and to
our foreign commerce"