The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1893-08-04
$685.
TIE EXTRA SESSION.
Congressman English on
the Financial and Tariff
Questions
HE IS A B~lMETALLIST.
Will Vote For the Repeal of the
Sherman Law-Aore Cur
rency Needed.
Special to The Jerseu ctr Ne,cs.


Before going he talked with a reporter
on public matters now prominent before
the country, his most important state
ments being about the tariff.
DIR. English asserted vigorously that
the Chicago platform did not smean the
destructiou. even the crushing of the
tariff. but merely a reform Of the McKin-
ley act so as to equallzs duties upon
various imports according to the ~latter's
standing toward American goods Of the
same kind. If the Chicago platform does
mean the razing of the protective tariff
wall. DR.. English say: ne does not stand
ulon that platform.
Iu reply TO q question as to the cause
of the present business depression, hs
said;
L intend to vote for the repeal of the
purchasing claus OF the Sherman act,
be ause / think the law is vicious la
permitting the Government to speculate
Ii silver and issue debased coin. Butt
do not make the silver law the scapegoat
for u financial difficulties. 1t Is a verv
inconsideraDle factor. Considering that
The banks of this country, within the
last three years, have contracted the cur
rency TO an enormous extsnt, the issue of
notes under the Sherman PURCHASING
clause has assisted to prevent more serious
disaster.
THE CAUSES OF THE FINANCIAL DIFF
GUILTY.
THE causes of the present difficulty,
outside Of the Sherman law, are to be
found, first, in the contraction of the cur
rency by the withdrawal of the circula-
ton from banks, which has taken cur
rency from the West and South, giving
them no money to move Their products
and causing them a los OF many millions
Oh their crops.
1.-The second cause is over-importation.
Witnin the last fiscal year we have i'm
ported, 10 round numbers. ST., 100, 000, coo
worth of foreign products, the e. eates6
amount ever Known; while our exports
have not reached $500, 000, COO. l say his
with reserve. because | have not STATISTICS
at hand this moment, and speak from
emor But an Inspection of the re-
cord will show. / believe, that | am sub
stantially correct.
"Ihe cause # this over iInoo ~rtation, or
rather The OCCASION, in my Judgment,
was the improper grazing Of dutiss ia The
so-callad Mckinley tariff. Thu was "
patched up measure, the result OF a COM
promise Of Interests Which suited neither
political parry; though, nAviug been done
under the Republican Administration,
the republicans found themselves Dound
to defend it even against their better
Judgment.
Tine difficulty ia now 10 regrads that
tariff in an equitable way so rs 10 pro-
duce The Required revenue, its main OBJ
ject. without on the one side injariug
y oyer interests. or on the other aT5rdlng
subsidies to some favoriteS.
1T will require wisdom and prudence
in she Democratic party and the frank
ana honest assistance of the Republican
party TO make ii tariff as 1t snould be
maize.
REFORM THE TARIFF
"Tae Chicago platform is 10 reform and
not 10 crash duties. At all eveAIs, l do
not stand on any auch platform OF de-
strurtion.
n form, not destroy. the tariff. is the
object.
'fhe third cause of our present
troubles is made up OF over trading,
over sptculhtiug aud a general optimism
which becomes Il madness with the
American people TT certain periods. 1t
eliminates i'll disaster, in cycles of about
twenty years. Thus, in 1915 and 1917, we
iiad Il financial di-aster, commonly called
Il panic. III 1855 aud 1887 it required. 10
1850 and 1887 IL came again, Later on it
leuped II little faster. aud we haIi a panic
i'll 1873 Now, twenty years later. it
comes agalu.
I'VE snail recover from 1t after we
hav- settled accounts aud opened n new
set VI buOkS-bO D6 IOIlOWeU III turn OV
prosperity. mat speculation aud reck-
Iessness. 10 eud n disaster aoout twenty
years from uow."
"Dr. English" said the reporter. "do
you think the rules of Congress will so
be ch tnged as To prevent the ilibuster-
lug Of tne silver men?"
Il think Congress should ave the
power, after full liberty of debate on
moth sides has been given, and the sub
Ject exhausted, to come to a vote against
all d~tlntorv tactics. It had th It power in
the last Congress through the Committee
on Rules, but 1t might pe proper to make
4 more speedy determination of the mat
teri
do you think the tariff will be taken
up before the regular SEES ion.
II have no power to answer this exa3t
", but have 40 douo5 the COMMITTEES GU
Ways aud Means will be instructed to
a measure, ana IL we take a
recess, they will sit to hear all parties in
50 as 60 arrive at as clear a
judgment as DO ,sible.
1T will take mouths before q proper
tariff eau be framed; first because of the
desire to uneetGle business matters as
little as possible, but there the present
relieve US OF II part of that
caution; and, secondly, in Older carefully
to solve the problem of producing the
proper revenue, aud yet grading the
duties SO as TO aid. directly or indirectly,
our own Industries When in competition
with those or the foreigner"
MORE CURRENCY NEEDED.
"Wha substitute do You favor for this
act, If repealeds'
II have hough OF none directly. We
need more currency, In order to transact
the business of the country. We have
little. II we Iasnly Increase it, we
may proceed TO the opposite extreme of
initiation, which is also mischis vous. The
platform favored the repeal
of the tax on State bank Giro alation. II
every State adopted the same sound gen
eraI banking law that exists in New
Jersey and New York. and from which
the National Bank act was borrowed,
there wonld be no danger of what is
known as wildcat currency
But other States lave not these laws
With our present experience they would
be forced TO them, or elss their irredeem-
able currency would not travel beyond
their borders.
IF constitutional-and I have not ex-
nmined the points sufficiently TO deter
nine-a sup Element to the Banking act
be passed, allowing Il rebate on the
tax of SO per cent, whenever the State
the circulation by receiving de-
posirs OF bonds. approved by the Cover.
nor and the proper financial officers of
The State. This might be better-remem-
Der. l say smight-than the absolute re-
peal of the tax.
II do mol favor the Issue by the Gov
of an unlimited number of
for q very piaiu reason.
When the banks issue currency, it Is
ioaned to business uea on sufficient Sc
astHkr ON npotttarfv or i hats l,1oi.