Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1891-07-10
LIVING ISSUES.
SOME TELLING TRUTHS con-
CERNlNo PROJECTIONS. I
il M.kiNLEY BILL.

Are Cost tully AIkvo
% the Ouestsea .: ths Mous.
THE M'kiNLEY BILL.
Ex.Sps .ksr Essd Tells Hsw u win RuilA
VI Americas Isdasts.ss.
Hon. Thomas h Reed, lately Speaker
OF the United States House OF Repre-
sentatives, has been visiting Rome, aBd
devoted himself almost entirely to sight
seeing there. After thoroughly doing
Rome he went to Naples. where he VS.
tied vesnvius. Pompeii, Capri, and other
attractions In the neighb0rho0d. ToA
correspondent Of the Associated PresA
who Interviewed him, Mr.. Reed was dis
inclined to discuss politics, but when
asked for his observations concerning
the the Mckinley bill the e~x-Speaker
became nor communicative And said:
4The Mckinley bill has been very nm
justly criticised, and l am satisfied that
the people Of the United States, whom
they come to understand Its workings,
will acknowledge that 1t Is . INST yalua-
Bile meAsuro--a measure intended TO IN
courage both our foreign commerce And
our domestic industries. It 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
and the Increased duties on q very few ar
ticles Of necessity which have been largely
imported, but which We have hitherto
been able to manufacture probably. 4
think that with this sufficient protection
our manufacturers will soon be able 10
establish these Industries on As firm .
footing as those which need no increase
In projection. II may be that the duty
on 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 . 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, .that the bill VENT into
effect in . time Of, or was followed soon
by, q most severe financial panic; whom
the failure Of Barring Bros, with
liabilities Of 500, 600, 600, seemed to
shake thu 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
Bank OF England and England's inan-
ci<rs, with tine tens Of millions of dol
lars drawn from all over Europe and the
United States; when the combination
OF untoward circumstances was snch
a. had never before happened: when, In
e. - - rnORtu N &c
had ordered from Europe, in many in
stances even before 1t 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, aud securities-the only securi.
ties salable in large quantities held in
England-were thrown on h New
York market In such immense quaint.
ties that the disbursement by the United
States Treasury Of some $40, 000. 600 OF
$50. 600, 900 seemed but q drop In the
bucket to stay the demand for money.
Going into effect under such ctrcum
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 81
loudly Of the ruin that the McKinle!
bill has wrought to their trade. They
complained that their industries wer'
affected : such IN extent by tn
measure that through their efforts tn
Austrian government was forced to seel
to draw other nations into measures o
reprisal against the United States. Not
withstandtng these complaints the fact
proved that the exports for the hrs
three months under the operation OF tn
bill were increased 80 per cent. over tn
corresponding quarter OF 1890.
"Here In Italy merchants n tn
press re-echoed the waiting Of the bal
ance Of the European press until the
discovered that, h&d the bill been spe
cially devised for the purpose, 1t coul
not have been better adapted to increAs
: her trade with the United States, for b
its provisions so per cent of Dur pul
! chases from her are ON the free list; >
, per cent are admitted ut . reduced rat
Of duty; IL per cent. at the same ratt
l while the duty was advanced on but
I per cent
sThe commercial alliance Of the ceI
: trail states Of Europe, which certai
Powers are endeavorlng to bring ab0u
!. Is evidence that the commercial nation
are not slow TO take every possible pr
! caution to protect and stimulate the
: trade-and that Is exactly the policy Q
. which the Mckinley bill IL founded.
. II am confident that the next 70
: years will bear great prosperity 70 Il
Q United States and will prove to
favorable both to our domestic mani
features and TO our foreign commerce