New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-01-05
TARIFF LAW.
lBY TELEGRAPH TO THE TRIBUNE.


BY TELEGRAPH TO THE TRrBrNEl
Washington. Jan. i.-Thc beginning Of a new year
naturally invites retrospection and suggests COM
PARSONS which may be both interesting and profit
able, well in regard To National affairs as to
those Of the individual citizen. 1t Is unhapplly
true at the opening of this year 1896 that II not
necessary to go back more than three years to find
the basis OF comparison which is the reverse Of
cheerful or encouraging. In his annual message to
Congress dated December 6. 1892, President Harri-
son found great satisfaction in being able to say
( that the general conditions affecting the com
mercial and Industrial interests the United States
are In the highest degree favorable" and that "a
comparison OF the existing conditions with those
of the favored period in the history o, our
country will. ! believe show that high a degree
OF prosperity and so general diffusion OF the com
forts OF life never before enjoyed by peo
pie" President Harrison also abe say that
there has been a time in history when
work abundant when wages were as
high, when measured by the currency in which they
paid by their power To supply the neces-
sares and comforts Of Mfe'
But the President by means unmndful OF
the dangers ahead on account OF the coming into
power OF political party pledged to the repeal
Of tariff law under which the people had enjoyed
the highest degree Of prosperity ever known and TO
the enactment OF a law Constructed solely with
reference to revenue that rate Of duty
should be higher because the increase will keep
open an American mil or keep up the wages Of
American workman" He fully realized that the
contention. II honest the part OF the
party wsgng It. had not been between schedules.
but between principles" and ne remarked that II
would he offensive to suggest that tho prevailing
party will carry into legislation the principles
advocated 10y IT, and the pledges given to the peo-
pie"
GENERAL HARRISON FOREsAw TROUBLE
The first mutterings OF the coming financial storm
had already been heard. and President Harrison
expressed his regret that the work ~ tariff
vision must be delayed FOR al least three months;
for the threat Of tariff changes Introduces so much
uncertainty that an amount not easily estimated
OF business inaciion and 81 diminished production
will necessarily result" lie also fore'aw that this
uncertainty might result IN decreased revenues
from custom duties" but hc could not f1r,sc" mat.
instead OF at least three months that STATE OF IN
certainty would prevail during period - twenty
one months and thon hc ended toy tho enactment
Of a measure which was in Hat violation ~ N"
professed principles and repeated pledges made 10
the people by the party in power. measure which,
while II has paralyzsd manv and mos, important
domestic Industries and brought others 20 the very
verge Of absolute run. has failed 10 produc" slf-
ncicnt revenue to meet 'hc current ordinary *
penscs Of the Government, The closing sentences
Of the annual message 81 lSc must have been In
dellbly impressed upon the minds ~ the American
people hy the bitter experiences OF ne last tff"e
years and yet # IS pertinent and may %" profitable
TO reproduce them here. President Harrison said;
And this hrler cxh,bl Of tho growth and pros-
per'ty Of the country Viii sivs ~ "..I u'nl
which to note the incrcas" or docadencc that new
gisave pohGb,es Wsy nt"f 'on A. n r'mer ani
prosperity should not observe TIE sam" rtics ~
increase that have characterize the past ta'r'y
years We carry the great impulse ana incr"'s"
Of these years into the future There lA n" i,as ~
surpass all other nations. AS Ne nave already done
IN some. There are NJ near tohl'iS l" OUT pos
sble developments R"irogr'ssloh "0uli NE u
crime
The symptoms o, financial lstrust and business
distress continued steadily to increase and grow
more acute. the Change for which the voters had
voted In November was coming ahead OF schedule
time within few weeks after President Har-
rison's last message was sent 10 Congress the
Presidcnt-e.ec, and the man whom he had chosen
TO be his Secretary OF the Treasury were appealing
FOR help TO the Democratic leaders In Congress
The Democratic House OF Representatives curty re-
fused II by rejecting February a motion to
consider "A bill to strengthen the National banking
system and repeal the buI!on-purchase provision OF
the law OF 1890. Nine days later the Republican
Senate responded by adopting by a OF - to
u an amendment to the SuniTy civil. bill auhoriz-
ing and empowering the Secretary OF the Treasury
10 issue and sell per cent bonds Of the United
States paynb.e In coin at the pleasure OF the Gov
eminent after five years. and 10 use the proceeds
thereof to maintain the fund for the redemption Of
United States notes and for other purpose what
s. ever When Senator sherman offered this amend
ment which had bean agreed TO By the Finance
Committee. he Informed the Senate that Mr.. Car
isle who had formerly (nnd until he resigned n few
weeks before been member Of that committee.
had appeared before the committee and submitted
a strong argument In favor OF the proposition. The
leaders OF the dominant Democratic faction in tho
House OF Tcprcscn tatives denounced the amend
nent in the strongest terms and declared that the
Sundry civil Appropriation bill should fail rather
h.
carried
CARLISLEs VACILLATING COURSE
The to-be Secretary OF tho Treasury began to
waver. He told Senators one thing and told tho
Democratic leaders, of the House contrary thing.
and so vaci,.ating his that II
declared by the leaders Of his party that he
changed his mind often he passed between
the Senate chamber and the Representatives. cham
Der" Late In February he visited Lakewood to
confer with the President-cec and before nc
turned nm arrangement had been effected which it
was believed would enable the Republicans aided
by a considerable number OF Democrats TO carry
the Sherman amendment through the House. on
the morning OF the day that the effort to be
made Representative Breckenridge of Kentucky,
received a dispatch from Mr.. Carlisle who was
stu at Lakewood. advising him and other Demo-
abandoned Since that time Secretary Carlisle has
Issued and sold bonds amounting to 100000 bear
ing a rate OF interest per cent greater than the
Republican Senate had proposed and he had ad-
vocated before the Finance Committee. and bonds
amounting to s62 3l5 600 bearing a rate of interest
per cent greater. and has used about $780, 10000
Of the proceeds to pay current expenses OF the
Government for which the ordinary revenues were
inadequate 10 provide.
If the President and his Secretary OF the Treasury
were gifted with Il degree OF prcscence such as
Senator Sherman Is credited with, II would be easy
TO infer that their motive in having the amend
ment dropped the belief that what did happen
was likely to happen-namely. the necessity OF
rowing money to pay current ordinary expenses of
the Government. That amendment provided that
the proceeds OF the short-t.me per should be
tn ba