Sturgis advertiser. (Sturgis, Dakota [S.D.]) 1887-1???, 1891-07-09
Z He LlVIN e. ISS UIES
SOME TELLING TRUTHS CON-
CERNING PROJECTIONS.

9 x &
SOME TELLING TRUTHS COM
cERNING PROTECTION.
One by One the Refugees OF Free Traders
Are Cast Down Americans Fully Alive
to the Question of the Hour.
THE M'KiNLEY BILL.
Ex-Spe .lyer Reed Tells How It VIII Rufld
UP American Industries.
Hon. Thomas B. Reed. lately Speaker
of the United States House of Repre-
sentatives, has been visiting Rome, and
devoted himself almost entirely to sight
seeing there. After thoroughly doing
Rome he went to Naples, where he Wis
tied Vesuvins, Pompeii, Capri, and other
attractions in the neighborhood TO
correspondent of the Associated Press,
who interviewed him, Mr.. Reed was dis
inclined to discuss politics, but when
asked for his observations concerning
the the Mckinley bill the ex-Speaker
became more communicative aud said:
"The Mckinley bill has been very un-
Justly criticised, and / am satisfied that
the people of the United States, when
they come to understand its workings,
will acknowledge that it is a most yalua-
Bile measure--a measure intended to en-.
courage both our foreign commerce and
our domestic industries. 1t will stimu-
late 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
ard the increased duties on a very few ar
tic;es of necessity which have been largely
imported, but which we have hitherto
been able to manufacture profitab,y. l
think that with this sufficient protection
our manufacturers will soon be able to
establish these industries on as firm
footing as those which need no increase
in projection. 1t may be that the duty
or Brussels carpets, silks, laces, and
champagne and some other articles of
luxury have been advanced. But the
average household expenditures for
these will bear no comparison to the
amounts paid for those articles, which,
by reason of q lower rate of duty on
the manufactured matter or on the
raw material, can be bought for reduced
prices.
at was extremely unfortunate" con-
tinued Mr.. Reed, shat the bill went into
effect in a time of, or was followed soon
by, a most severe financial panic: when
the failure of Barring Bros, with
liabilities of $100,O0O,O00, 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
by the prompt and joint action of the
Of Etnr I'm n1
ciers. with tine tens of millions of dol
lars drawn from all over Europe aud the
United States; when the combination
of untoward circumstances was such
as had never before happened; when, in
anticipation of large profits, merchants
had ordered from Europe, in many in
stances even before it was known what
the rate of duty would be, goods In such
quantities that even with any easy
money market the capacity of our mer
chants to pay them would be severely
tested. Under such circumstances
the failure of the Earrings oc-
Cured, and securities-the only securi-
ties 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, 100000 or
$50, O0O, 900 seemed but drop In the
bucket to stay the demand for money.
Going into effect under such circum-
stances, it was not an extremely difficult
matter to convince thousands of 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
affected to such an extent by the
measure that through their efforts the
Austrian government was forced TO seek
to draw other nations into measures of
reprisal against the United States. Not
withstanding these complaints the facts
proved that the exports 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 re-echoed the wailing of the bal
ance of the European press until they
discovered that, had the bill been spe-
cially devised for the purpose, it could
not have been better adapted to increase
her trade with the United States, for by
it's provisions so per cent of our pur-
chases from her are ON the free list; 81
per cent are admitted at o reduced rate
of duty; IL per cent. at the same rate,
while the duty was advanced on but
per cent.
"The commercial alliance of the CEN
trail states of Europe, which certain
Powers are endeayorlng 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 exactly the policy ON
which the Mckinley bill is founded.
II am confident that the next few
years will bear great prosperity to the
| United States and will prove to be
| favorable both to our domestic manu-
features and to our foreign commerce. !"