New-York tribune., 1896-01-21
THE QUESTION THAT CONES FIRST.

II is rcported and hoped that the Senate VIII
nave the Tariff bill reported this week. III So
tha. body may profitably set aside other matters
ON which speedy action is not possible, in order
to ottcmpt. at least. something Of practical hep
to the business Of The country. Tho uncertainty
about future duties on imports Is one Important
causc for the delay Of that enlargement Of plr-
chases which was expected after January l. ana
has become so painfully necessary to the great
industries. Dealers are not disposed to pay
priccs now asked for manufactured products
after the sudden and great rise Of last summer
and fall. because greater decline thah HIS !''
appcarcd may be expected with reason unless
new t,IlicS should give more full deIeh'' aS'i'S'
foreign competition. Neither are manufacturers
anxious to take orders or contracts III pi'S'h
priccs and still less to reduce prices Iar 'noush
70 meet The ideas Of dealers. when the cost OF
wool. ore and other materials may be suddenly
increased by new duties. Hence Stasnatioh
which the people have right TO expect the Sen
ate to terminate soon as possible
Another reason will move prudent Senators TO
avoid delay. Nothing need be said just now Ol
,bc possibilities Of foreign disturbance. though
!, Is all nonsense TO talk so seriously about for
cicn olcstions in the Senate IL that body Is not
comnrtent and willing to provide ample revenue
f,r such nrecautjons as are obviously needed
Eut the existing state Of trade takes Sold OUT oi
the country constantly even now, although III 'i'e
same time temporary preparations Tor the p"'
chase Of bonds brings gold into the country
Thai curious state Of facts warns congress ho"
strong are the forces which VIII take goid OUT
as soon as bond purchases have been maze. Dc-
ccmhcr exports were large but no such ou'Waru
movement of cotton or Of brcadstuffs can be rN-
nectod again until next winter. ana thc iili III
domestic exports after January, now h'"H
over. WAS S2jOOO.0OO last year. S2l'oo""" Il"
1sol and from December TO February. Io''' II
u,s so7 OO0OOO Right at this season naturaiI!
h,cins an outro of gold when no special cause
nrovcnts and this year the short cotton crop
T.. likely to make the future ouso of specie
,,r,or than usual If disturbance In Sou'h
,frica mr. in the Bosphorus or in Chinese waters
omoun,s 70 ANYTHING serious. the drain on thls
oo,,,rv for cold will be suddenly Increased.
rho r,ct that we are now buying foreign goods
in octual value far beyond the invoice value
while American mills which might produce sn'h
Goods are largely idle. will not be overlooked.
II is the KEY Of the situation. lf II were pos
.,hle only 10 cut of the differentiation of 1m-
port,-that j.. 10 make the actual Val''' "i E"o'N
imported not greater than the present reporter
yalue-that alone would 20 far 10 prevent 'n'
loss Of gold ana 10 start American mills. hu'
the Senate has also 10 consider 'hat ne -"'"
goes out Of the Treasury. The banks do mol owe
II and IL they furnish The gold 10 "hapi" III
uorters 10 pay their bills, viii not thereby 'N-
baust their specie but properly turn ih'o
IN. Treasury the legal tenders which the I'M
portcrs collect and offer for purchase of the goa.
Uencc fine outco from the country which III"
nrcscnt tariff makes inevitable involves CORE
sponding outgo from the Treasury
ONLY mart Of thc gold paid for bonds viii come
from other than commercial reserves. which VIII
have 10 be speedily replcnish'd. The Secretary
has in the main acted upon the earnest advice
Of The. Tribune iE modifying the bond call so
,hot moro time will be given for payments, and
ca tho, National banks generally have some op-
portunity TO aid, but the provisions made were
no, early enough nor have they been complete
enough TO insure very large subscriptions from
private sources. Already some OF the gold 10 De
maid In Is being withdrawn from the TrraSury
More will be Withdrawn before the purchase,
and still more after payments have begun II
dnes not lie in the power Of Treasury officials
IN determine from what source or for what pur-
nose come the demands for redemption of notes,
which they have to meet. Without any war De-
tween other nations without any acute diiii-
Guilty between the United States ana any o'hcr
Power. there Is consequently certainty mat
the Treasury can only be rcplenshcd In part ana
for n short time, until the revenue has been IN
creased and the excessive imports checked.
Senators Of both parties know these facts. II Is
in the air that important steps affecting forri%h
relations may soon be taken. The PRESIDENT
would be mad TO take such steps. and Senators
would be mad to approve them. without iirs' pro-
yiding for an adequate revenue ana safer bai-
ancc of trade between this and other countries.