The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-03-27
how BUSINESS SUFFERS.

A contemporary whose political neceS-
stiles oLljge it to apologize for the new
tariff Ldl tells us that tariff changes
disturb business only when they move
in one direction. When duties are to
be cut down, then, it says, manu-
facturers, being in doubt as to their
ability to continue in business under
rates that reduce their profits, must
take in sail and curtail production. and
business in general is brought to a
stanc5tiI Until the new conditions are
in effect, But when duties are to he
raised, it informs us, then there is no
reason why anybody Shout be appre-
rhensive, but on the contrary, the fu-
tufe of trade is serene and rosy.
The facts that con.r ldict tllj3 are
scattered all over the current news 1e-
ports of the day. A very serious DIS
turbance of the ordinary conditions of
trade and finance on account o. the
passage of the Dingley bill is all aady
in evidence. The enacting clause of the
Dingley bill provides that The duties
prescribed in it shall be levied ''on and
after May 1, 1897" 1t is also arov:ded
that the repeal Of the existing tariff
is to take effect on the same date.
The intention of the trainers of the hill
is undoubtedly to forestall a possibly
protracted debate in he senate that
might allow importers to bring in i'm
mense amounts of all kinds of COM
modities under the existing schedule.
and thus defeat the operation Of tba
new act for a year or more to come.
For this reason they propose to make
the law retroactive, in case it should
not be enforced until after the LIST dav
of May.
Now, this in itself introduces an ele-
ment of chaos into the busin ess world
Nobody knows whether such legislation
Is within the power of congress or not.
In recent case before the supreme
court the decision of the court was
mat 1t would not make the operation
Of a tariff law retroactive, unless the
intention was expressed so plainly in
the act itself that there could be no
installing it. Now, no manufacturer
and no importer can possibly tell
whether the old act or the new one
will be in force after the LIST of May
If the Dingley bill does not go through
the senate. as it certainly will not he
fore that time Therefore, every day
from the LIST of May up to the date
when the Dingley bill receives the sig
nature of President Mckinley is a day
of business chaos. Whether trade is
carried on at a profit or a loss and
what is the amount in either case, can
be determined only after the questions
involved have been carried into the su-
preme court of the United States.
Again, the prospect of tariff changes
has been, and still is, causing
a connection in the money mar
ket and such fluctuations in treasury
receipts as have seldom been known. In
the last issue of Bradstreet's there
is note of the tremendous rush of i'm
porters to withdraw goods from bond
ed warehouses and pay duties on the
same before any snap act could posi-
bly, get through congress. On Mon
day, March Is, ''the total payments ag-
gregated $2,17S,515, almost double those
of the Saturday previous, and twenty
seven times the average daily pay
ments during the first week of March"
For a long time the average customs
receipts have been less than $780,
900 a day. During the first half
of March the treasury received not
less than $4,000, 600 from customs
duties. This money, Of course, had to
be Withdrawn from the banks and TAX
en- out of the ordinary course of bust
ness to pay duties on goods that would
not have been withdrawn from bond
for months yet in the ordinary course
of affairs. Sog hundreds OF millions of
dollars worth, OF merchandise are be-