New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-11-29

toward recovery. One OF the most serious enect9
of the proposed reductions in tariff schedules
will. 1t is recognized, be the further restriction
Of the consumptive capacity Of the workers on
wages. and the experiment Of tariff reform"
must be undertaken with consumption already
heavily reduced, and with the certainty Of
heavier reduction before the machinery Of trade
and industry can be adjusted to the Democratic
basis.
The time chosen for this step toward free trade
is also particularly unfortunate owing to the
approach OF the usual January settlements. The
stress OF the year has been severe upon even the
strongest mercantile houses, and the meeting OF
obligations maturing with the new year has
been watched with some solicitude. Business
started up with new courage when the Repub-
lican electoral success Of early November oc-
Cured for 1t was believed that the majorities In
Ohio and Massachusetts would keep hands or
the tariff, except In the most conservative
fashion. But now merchants fear that the
faulty Of the Administration threatens trade
with blight upon the coming spring business,
when already dead autumn season has gone on
the records The fight to defeat the worst features
of the Wilson bill will absorb the energies that
otherwise would be devoted to building up conf
dence and starting all the wheels Of industry
once more in motion.
Elsewhere will be found expression q
Views from bankers. men Of finance, merchants.
coal and tron capitalists and others who feel
the Importance OF the proposed disturbance OF
trade and industry. The subject is looked at
from different points Of view. some rejecting
industries that are directly menaced, and others
merely the general effect indirectly produced by
specific injury Through all the opinions given
the feeling OF anxiety or alarm is obvious, and
the notes Of protest will doubtless grow larger
as the assembling Of Congress brings nearer
the threatened danger. Amusement is ex-
pressed that in view Of the state OF the Ma
tional finances, with an admitted deficit OF
$7O.OOo,OOo confronting the Treasury, and with
this gold reserve maintained with difficulty
around $685. 000, 900, the tariff scheme OF the Ad.
mnstration should boldly embrace features
that will lessen the revenues Of the Govern.
ment and leave the only alternative the
proposition for an unpopular tax upon Incomes.
WALL STREET AGAINST THE BILL.
The sentiment OF Wall Street is strongly against
the proposed tariff revision. But although there
was a recovery In values from the first acute
depression experienced Monday. there was
significance In the theory upon which the rally
was effected. The bill will never pass" was
the general comment OF easy-going SPECTATORS.
Its revolutionary character was 80 universally
argue against the intentions OF sincerity upon
the part of their party leaders in Congress
Rrayton Ives, president OF the western Ma
tional Bank in hS comments illustrated the
caution with which bankers were prone TO ds-
cuss the proposed measure. without being IN
a position" he said. ITO express myselr ae.
cidedly on all the features OF this BILL ! may
say that It Is natural and reasonable to expect
that the result Of this proposed measure, or
even OF it's agitation, will be TO produce doubt
and uncertainty among business men m ana axsrv
In business and manufacturing circles wnicn
otherwise would have come with great deal OK
rapidity. have not studied the measure wlon
as to the effect Of special features In the piiI
but 1t is fair to say that many OF them are OF
such radical character that they mus. Upset s
calculations already formed and, therefore, eeE''
ously interfere with business"
Henry w. Cannon, president OF the ChaS7
National Bank said: Il regard the Dill as SIM
ply tentative and believe that 1t will be SUD
jected to material amendment and modinca,
ton. In the mean time. 1t will only be natural
for the business community to enter INTO any
new engagements with extreme timidity
General Samuel Thomas. who is extensively In.
terested in railroads and cognate industries at
the South was unwilling to discuss In detail the
sent b is a mystery to
me In all its details" he remarked. "as l nave
not yet had time to give 1t close enough STUDY.
duties is open to strong objection Our states.
men have heretofore rejected this metnoa 81
tariff taxation because experience has taught
that II opens the door to extensive undervalua-
lions and robs the Government OF iesitma.e
revenue There are many articles. forming IN
the total an immense part OF the tarin revenusSS
where the duties collected will largely depen9
upon the manipulation which may be praEsssss
In billing the cost OF the imported goods. Under
the ad vaorem system an immense army OF "a
merit appraisers must necessarily be empioyext
and the Appraisers stores would become is'
plum In political patronage. l., x,,h
"While believe that this country Is r'cn
enough and great enough to adjust itseli w
this bill or any other. II IL greatly 10 DC
GREETED that 1t should be introduced a. iii
period. The country has just passed throuS ~
q crisis which bore heavily upon the pest .. "s;
and what was needed was repose that sno 'r
permit an entire recuperation Il Is most III
fortunate that these changes should pe p, nS
posed before industry had fully recovercu. ~mr
merchants who have already lost their au.a so
trade can ill-afford to have the spring sca as
by renewed uncertainty ana s ~, =.
The first and severest effect will be ien y
the laboring classes, for any ad1ustmsn,. u, n'.
be made by the reduction OF wages: In.s ShsS
necessity In the execution W ~
Is mere theory OF the books, ana mowesSs