New-York tribune., 1900-11-19
AMERICA AND ENGLAND.
A REACTION AGAINST MKINLEY WHICH
DID NOT COME OFF - REFLEX
INFLUENCE OF AMERICAN
POLICIES IN ENGLAND.
London. November 10.

1
minded OF a doIsful feast which I attended a
! few years ago. 1t the fftieth anniver-
sary Of the repeal Of the Corn laws when the
Golden Club held a jubilee dinner which re-
| sembed a lodge OF sorrow. with funeral baked
| meats. Mr.. Courtney. Lord Kimberley and
| Lord PlayfaIr were the chief speakers and thew
had the melancholy function OF explaining away
| the unfulhlled prophecies OF the great apostle
| OF Manchester. such the condition OF agri-
culture In England. the conversion Of the world
to Free Trade. and the reconciliation Of mankind
in the bonds Of universal peace. They contend
ed that fifty years experience in England had
established the wisdom OF the repeal Of the Corn
| laws. and that nothing whatever proved
| by the prosperity OF the United States. Ger
many and France during the same period be-
| cause it self-evident that every one OF
these Protection countries would have been bet
| ter of under Free Trade. I remember that Mr.
| Courtney remarked that the Mckinley tariy
| had brought about a great popular reaction in
| the United States which had carried hack into
| power Mr.. Cleveland. the Peel OF America, an
! unconscious but real convert to Free Trade In
| like manner he believed that Mckinley Prasi-
| dency would certainly cause another great re-
action in favor OF Free Trade. and consequently
| he did not despair Of the future OF the United
States.
| II the English press be a true witness. nobody
in the United Kingdom. except possibly Mt.
| Courtney, now desDairs OF the future OF the
| United States. The unconscious but real con-
vert to Free Trade" undertook the revision OF
the American tariff on English lines with most
| destructive effects. evidenced by com
| plete paralysis OF business collapse Of National
| credit and a shrinkage of prestige abroad and
an immence increase Of the National debt The
Mckinley Presidency brought with it the enact
ment Of the Dingley tariff. restoration Of pub
| lie confidence and revival Of all business in
terests. great and costly under
| taken with treasury trimming over, and Amer
! lean prosperity again became the marvel Of the
modern world. Mr.. Courtney's forecast OF an
| inevitable reaction in favor of Free Trade in
| America has not been fulfilled; but he ought
| not to be blamed for that for that IS the nat
ural sequence 70 all Cobdente predictions. Presi-
| dent Mckinley has been reelected. and by the
concurrent testimony of the English press that
| is the best possible augury for the future OF
| America
For many years there a favorite theory
| in England that the adoption OF a low tariff in
the United States would stimulate the home in
| dustries in the United Kingdom and open %
| them the greatest market in the world When
| the Wilson tariff was adopted there was prac-
| ticaI opportunity for testing this theory. The
| immediate effect was highly beneficial to
| few interests. notably the Yorkshire worstad
and WOOllen trades, Dut the Improvement NaS
| only temporary and it was followed by period
| Of commercial depression in the United States,
with a marked decline of the purchasing powers
| of that market. With the Dingley tariff there
| was reversion to the National policies which
| Mr.. Courtney's American PEEL had interrupt
ed, and with the revival OF prosperity came
vast increase OF consumption and purchasing
| capacity. The English mercantile community
has learned much from this recent chapter Of
| economic experience abroad The truth is
| perceived. that England has more TO gain
| from the continuance OF American prosperity
| than from the adoption OF a low revenue tariff
| based on English lines. The great Industrial
| nations are mutually dependent upon
| other and the prosperity OF one is blessing
| TO all. Tariff changes which paralyze the ener-
gies of one are highly detrimental 20 the welfare
| of all Prosperity is, indeed. a stronger bond
for keeping nations together than Free Trade
| would have been, II Mr.. Cobden's most opti-
| rnistic dream had been fulfilled.
This recent chapter OF American experience,
| which has been brought to a close by the re-
| election of President Mckinley. is exerting 4
reflex influence in England. The greatest war
] since the Napoleonic period has been carried
| through at high cost. and 1t has been financed
| on the conventional Free Trade lines. The Chan
| ceuor OF the Exchequer. Sir Michael Hicks
| Beach, is an old Tory in politics, but all he
knows about national finance he has learned
| at the feet of Liberal GamalieIs. His inan-
| cial measures during the last year have
| been precisely those which Sir William
! Harcourt, consistent Liberal economist
| of the Golden school. would have adopted
| if he had been in control of the Treas
ury. He has run up the income tax to a shiI-
ling, devised a new stamp duty. increased ths
! taxes on wines. tobacco and tea. and, after
| throwing as large a share of the burdens OF
the upon a limited body of taxpayers as he
thought would be endured. he has borrowed the
remnant and increased the national debt, While
these simple in arithmetic have not dis
closed any originality financial genius. Sir
Michael Hicks-Beach has remained loyal 10 the
Golden fetch. Sir William HarcOurt has CON-
plmented him upon his methods, and during
the recent political canvass there was crit
icism OF the financial administration rom thu
Opposition side.
There are many signs. however, Of national
discomfort with the exhausting burdens OF dl-
| rect taxation, kept at high tension during
protracted period of peace. and then nearly
doubled in time of war The financial history OF
the South African war is regarded not only BY
alarmists but also by sober minded observers
warning against dangers which lie ahead
They assert that direct taxation has reached its
limit and is causing discomfort which may be
to carry out costly measures OF naval constru-
ton and imperial defence without widening the
area OF taxation. A thoughtful writer in the
current number of The National Review" has
these plain comments upon the financial situU-