New-York tribune., 1896-09-29
CREDIT ABROAD.
49,, supARMAN's ILL-TIMED EXCURSIONS
,v v,NANcE-A BRADFORD DE-
FENCE OF MKINLEY1sM
ENGLISH TRADE WITH
AMERICA

rrNCE OF M'KINLEY1SM -
ENGLISH TRADE WITH
AMERICA
London. September H.
An American acquaintance OF m'he' 'o''o -
Al. rsoovery of prices since the Vernloh' ee.'o"'
.,,arrad tn me a day or two ago. Ch''eo o'"'.'
e,ances have reached the lowest ieVe'' ""u ".'.
row steadily improve. II Mr.. shearnah oou'u
or,v 10 sn,o,ned from writing any more letters "
.r,. Times American securities wouiu 20 hie"e'
s,.erv aay in anticipation of Mckinney e'eo''o'
Ys ,bere no way OF letting him know no" '"o''.
,orr, he is doing. through exciting oisrus' u
,.orvth,ng American" i had not 'aheii So 'e''
.,,s q view as this Of Mr.. Shearmans essays Oh
.rar,can politics and finance. ana was haiuS
r-enared to convict him of the onehce Vi ui''e'
I,nr confidence abroad in the credit and good
faith OF his own country .,,
A. shearmsn's controversial methods are well
understood in America. Natclha'ioh 10 i''' i"'O
q. rscreat,on II an important election is i'm
handing he Is not concerned with the lmmeo'a'e
.ss,,,, which he regards as foregone conclusion
% he ciphered out from any pollticai a"anao'
WIZ. interests him is the issue of the succeeding
election four years in advance. with us curious
,,a,, ., tho action and reaction of the forces of
x,f,lllI
,,,ica, phenomena under analogous conditions.
r... l. ,r,e, no has been doing in London. AS
spm,ng that McKiney's election in November
hos hoen rendered certain by the action of the In
d,anapolis Convention, he casts long look ahead
o.a ,aus what will happen in 1900 History Will
reneat itself and the Republican party Will be de-
faated provided the Democratic party be not
again split into two factions contingency which
Nsi1 INN
IS as'wary and crcumspect as Greek oracle. He
,sver forecasts results outright. He invariably
,aoes his predictions with contingencies, so that
h,s ranutation as a carvoyant in the mysteries
., f,,ture politics Is always safe, whatever hap
pens
NOT CONTENT WITH AMBIGUITY.
II Mr.. Sherman had been content while In
London with forecasting in this ambiguous way
Interior Republican defeat four years hence as
the possible sequence of McKnley's triumphant
election and the subsequent reunion of the Oppo-
sItion. It would have been a harmless diversion
and he would not have incurred the displeasure
Of my American acquaintance. who was anxious
10 have him put under bonds not to disturb the
foundations Of American credit by writing letters
10 THE Times on any subject except Cobdenism
pure and simple But, inasmuch as his reputation
as prophet had been impaired in England by his
oversanguine forecasts of the prospects of the
Free Trade cause in America delivered at the an
nual dinners Of the Golden Club, he probably
considered it necessary to convince the public
here Of his impartiality a censor Of American
politics by attacking both parties and demon
strating that one was as untrustworthy as the
other in its treatment Of financial questions Inc
following passage is an example Of his method:
The Republican party was solely responsible Tor
the first Issue Of irredeemable paper money ana IL
still shares at least equal responsibility for keep
ing Government paper afoat by forcible legal-ten-
der law. All Democratic Judges in the highest court
united in declaring such acts unconstitutional, and
the Court so decided. Thereupon the Republican
party deliberately packed the supreme S9uTt WIN IN
the contrary and these Judges reversed the decision
and forever fastened upon us the denominations or
forced paper currency This fiat money, which is
far worse than silver currency. is thus entirely
he creation Of the party which nominated Mr. Nc
kinley, and he is an ardent admirer OF the system
The effect of argument of this sort which
aims to discredt the Republican party for carry
ing on the Civil War by means Of the green
back. and then redeem 80 II at its face value
In gold and to re ~nacn 1t for deliberately
packing the Suprems 'i.srt." and inventing fat
money, something that 'is far worse than a
silver currency.' hardly be beneficial to
American credit at a time when that party is
the stronghold and defence both of National
finance and of the highest judicial tribunal
against Democratic-P Populst assault. ! am con-
strained to believe that my American acQuaint-
ance is right, and that Mr. Shearmans eXcur-
sions in the realm Of finance are i-timed and
distinctly injurious since they tend to convince
foreign investors that while McKinleys election
has been rendered a foregone conclusion by the
organized action of the Gold Democrats Of In
danapolis, the party which has nominated him
and which is making a courageous fight for Ma
tional honor and morality is no better than the
iemoralized Silverite Reputation Democracy.
1t Is more important to reassure for
eign investors respecting the immediate triumph
of the Party Of Honest Finance. which is un-
equivocally committed to the fulflment Of Ma
tional contracts than it is to provide Delphic
cue for forecastng the result of the Presidential /
election OF 1900.
MKINLEYISM IN BRADFORD.
II is pleasant TO contrast with this American
augury the change Of sentiment which has been
wrought in Bradford the centre of English i
wooen manufacturing. respecting the issues of
American politics That is a district which has
rivalled South Wales in its detestaton of the /
author of the Mckinley tariff and, unlike the !
tinplate section. 1t profited largely during 1895 |
by the operation Of the lower schedules Of the |
Wilson German tariff. In that year there was |
an aggregate gain Of $40 so S92 in the exports |
or stun goods. worsted coatings, woollen goods |
ana similar fabrics from that district TO the |
Ohiteo states; and this irrespective Of /
responding Increases in the exports from the |
adjacent woollen districts Of Huddersfeld and /
Leeds Bradford is the last town in England |
from whch would have expected good word |
ior Major mckinley and his party, yet it is |
spoken with good grac, and with evident sin
certify by The Daily Argus" as quoted below:
And In spite OF the fact that Mr. Brvan is definitely,
pledged 10 policy OF free trade while Mr. NrKlnlev
y as uennltely pleused TO protection the general
feeling In This DISTRICT IS In faNor OF ~ re.lr 81 L.