New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-07-26
THE NEW TARIFF AND IIS rNo1i"'

Tho majority for the Tariff bill on SATURDAY
,,,s inst what had been anticipated, Senator
Io,os acting with the Republicans, as he did i'll
ro,orting the bill. and also Senator McEnery, Oh
Iauisiana while Senator Kyle refused 10 DE
nairad AGAINST IT, and four silver Senators ao-
soptad themselves without pairing. win the
seven Senators paired in its favor. the Dill had
tho sunnort OF forty-scven, but the voting Oh
critical motions indicated that there were other
votes which it might have commanded IL 'he!
had been needed The truth Is that practical men
Of all parties had come to desire the restoration
of the protective policy as the only sure ana
sneedv mode of lifting the country out or the
nrostration to which it had been condemned LOT
more than four years by Clevelandlsm ana Tree
trade. The opposition to the measure was 10 a
large extent perfunctOry and hctitous, maoe
only in the hope Of securing some local partisan
advantage or some concession which the ma
jority would not grant
The ouestion of chief interest now is whether
The uplifting and recovery Will be as speeo!
and complete as all desire On the race OF
things il is obvious that the long delay mas
created conditions which will affect some
branches of business much more than others.
The wool business may not improbably be de-
pressed for some time by the pressure 10 reailze
ON vast quantities of foreign WOOL imported lor
sueculation the domestic manufacturers having
a, the same time taken large proportion OF IL
wears supply. Exact figures as 10 lmpor'a'ohs
cannot yet be given, nor is the quanti'y Oh oo-
nestle and foreign wool brought over May 1
accurately known. because many OF the ilanu-
facturers had even then taken su1lcieht s'ocN
for a considerable time ahead. III IS hot iii
probable that the desire to realize on speculative
holdings may render the markets disappointing
for some months especially If rather large
share of the domestic production has also
PASSED into the hands of speculative dealers AT
the West, who are looking for much hlgher
prices than seaboard markets warrant. WIFI
out doubt the growers will find their advantage
In the end. and will be encouraged 10 increase
their fiocks this year. But If the Senate had
not sneedlv given notice that the provision of
the House making new duties apply 10 imports
after April would not be adopted. the I'M
mediate result for woOl-growers would have
been different
Imports of wooen goods have been large, and
the worst Of II is that nobody can tell how
much they have been undervalued-how far
below the selling value is the invOced value
embraced in official reports. 1t may be consid-
cred. however that the importers and agents
were especially anxious in this case not to have
goods held up at the custom houses by any dis
pute about their valuation. and for that reason
The undervaluations during the last month or
two may have been smaller in proportion than
usual In some grades Of wOollen goods the
imports in anticipation probably represent more
than half years requirements. but in others
much less and. owing to the difficulty OF de-
termining in advance what styles and qualities
win he popular. il may be found that the de-
nand has been met TO less extent than has
been feared In any case. the imports at their
greatest have not represented more than third
of the domestic production in value, when the
mills were fairly employed, and an expansion
in home demand may be expected with general
revival OF business.
There are some minor branches Of trade in
,icipatcry imports. but probably the iron, cot
ION boot aud shoe. and leather manufactures
will not be much affected. and in these, as In mos,
minor branches. the immediate future depends
mainly upon the disposition and ability OF con-
sumers TO purchase, and the desire of dealers
10 replenlsh stocks before prices advance 1t is
therefore of the highest importance that the
coming crops and the foreign demand for them
will In all probability lead nearly half the con-
sumers-namely, those directly engaged In agri-
culture or living in farming regions and de-