New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-07-15

THE DOUBT ABOUT THE SUGAR SCHEDOLE'
Speaker Reed is said to have informed the
Senate conferrees that he will have no part In
fastening upon the Republican party the dis
favor which would be produced, In his opinion,
by the adoption Of the Senate schedule as to
sugar If the report is true many Senators Will
presumably rejoice, for they could not have
known when they voted for the schedule that
1t could be made the basis Of an advance in
sugar stock from 118 June 1, before its final
form was fixed, to 1876 at the close on Tuesday,
when It was still supposed that the Senate
schedule as modified would be adopted
rise of twenty points in a stock of $7oOOO,OoO
does not directly benefit any persons to the
amount Of S15,OOO,OOO. as some imagine, because
the holders of most Cf the certificates do not
sell at all on current fluctuations. But 1t does
reflect business estimate Of the benefit con-
ferred upon the company through legislation
proposed although that legislation doubtless
seemed to the Senators who favored 1t need
full measure for protection 1t IL probable that
many of them would not have approved 1t II
results in the stock market had been foreseen
With men whose character predisposes them
to expect corruption and shonesty In others 1t
is the fashion to attribute every decision when
results in especial benefit to anybody, not TO an
unbiased Judgment, but to selfish motives.
There are in the Senate, among those who favor
the schedule adopted many Senators or CHAR
acter so nigh and of personal integrity so well
proved and spOtless that not even political
cpponent could think them personally capable
of corrupt acts. The course which such men
did take no one can doubt with honorable mo-
tives. cannot form presumption or dlshonor
as respects other Senators less thoroughly
rro1, u IL
Gated and difficult one. ana the fact that Sena-
tor Judged certain differental necessary TO
prevent the swampng of American refiners by
German bounties Is not In the least reason
for irpugning his integrity Those who do not
agree with the judgment of Republican Sena-
tors In this particular may with good sense and
decency refrain from attributing to them i'm
proper motives without reason.
The movement in the stock market has shown
what those who know most Of the refining busi-
ness think the schedule as modified by ln1Or-
NAL understanding. would be worth to the hold
ers of stock. 1t is safe to cssume that many
ReDublican Senator's desire not TO support
settlement which will invite public disfavor
1t is not their wish to expose Republican prln-
ciples to popular prejudice nor the prosperity or
the country to any risk of another Democratic
reaction Even If they are not sure that meas
IRE is unjust, they may judge 1t most ineXpedl-
emit From current accounts this appears 10 DE
the feeling of many Republican Representatives
who have fresh knowledge Of the feeling or their
constituents and it is not hard to believe that
many Senators agree with them
One fact is frequently overlooked In consd-
ering this problem. namely, that the regular
session Of Congress next winter can speedily
| remedy any defect which results In harm to an
! American industry. but cannot as easily reduce
a duty which cannot be proved to be higher
than safety requires If a low differental IN
favor of refining should be followed by In
| creased importation of bounty paid refined
sugar as some apprehend, that fact would
prove the need Of higher duty and the posi-
bility of raising larger revenue special
| Get to remedy such a defect, after definite
proof, could be passed without much doubt or
difficulty. But II the duty should he fixed
somewhat higher than is necessary or wise, IT
would be practically impossible to obtain defl-
mite proof of the fact, and the attempt to re-
duce duty by special act would be attended
with the utmost difficulty. All things consid-
cred, It is better for the Republicans to err on
the side Of safety, as respects public opinion or
| their action, and It will hardly be denied that
there Is some risk of disfavOr and loss In adopt
ing measure which adds more than sixth
| TO the market value of sugar stock.