New-York tribune., 1909-12-09
SEES LOW Err TARIFF
paYNE Law INCIDENT,
SAYS M4CVE4GH.
Secretary of the Treasury
Declares Republicans Hare
Changed Front.

IL
rsrtv has changed front and is now
,,srching toward lower tariffs. in which
movement the Payne tariff bin is only
8, incident, vas the statement made by
FRANKLIN MscVesgh, Secretary OF the
T-essury. al the annual banquet Of the
massachusetts, Bankers Association to-
night
Opening his address with a brief ref
e-ence 10 the currency question. Secre-
tsrv MacVeagh made q plea that the
hanking interests realize the great grav-
,,v AZ the ISSUE. and declared that unless
she bankers succeeded in adopting the
public instead Of the private point Of
view they would lose an opportunity 10
greatly influence the coming legislation
on the subject. That was all the Secre-
tarv had 10 say on currency. and he
passed 10 q discussion of the tariff and
the Payne law. He said IN part:
L. considering the results of the recent
tariff legislation n Is Indispensable, in my
iuScrnent "a keep two important factors in
mind The first rs that the Payne law is
but an incident IN q tariff revision move
ulent by ana within The Republican party.
ssnctioned and underta AIKEN by the party
moe and out Of Office. and by President
Mckinley with almost his last words. The
second Is that IL IS the resultant effect on
he movement which IL is important TO
take into account and estimate, and not
essentially. anything else. No one eE-
pected this greaI movement 10 complete
Itself I'm q single act Of legislation. and il
vas expected 10 be quite clear that the
legislation enacted last August did not
end The movement for tariff revision.
The friends OF tariff revision never ex-
I'd . =
or should complete the movement The
hope and expectation is entertained that
the Psyne blu ends the actual legislation
for the present. and il is not considered
advisable Immediately 20 turn IN again
and disturb business conditions And il
make 19sS M s tsr essiston az reTeT of the be
eutire law. so that, while We should
have 9 rest. Il Is not necessary thar We
dencs shown here IN Massachusetts, and
elsewhere IS 20 the effect that We shall
NOT bs permitted 10 become very fast
ssieep, u al eli.
An excellent reason for a reasonable
pOSJponeulent of attempts 81 further leg
islaflon n that il is universally believed
on the tar-r until We know better how
% legis .ate on II The opinion is practical
~ universal that We have seen the last
~ the log-roltng system OF legislation
upon such an important subject. and that
hereafter such legislation must be based
or facts and knowledge and scientific in
tween sections and different interests.
There is one great fact that makes new
tsrif epoch. THAT fact is that the Re-
T6sSeGs i las been marching toward
higher and higher Iariff. IL has now
fsced shoEt and is marching. no matter
psoe IS. toward lower tariffs. II has rec
-ognizad changed conditions. This Il q Won
oerfrn. radical and fundamental change.
the importance OF which has not been suf-
ncieut.Y r~CcgulZed.
n IS true thai the Payne bill does not
contain ss much downward revision as Tie
great ma ioritv ~ members Of The Re
publican party had wished. II is perfect
DE- well known that IN did not contain as
much ~ t.7t revision IS the President
wished. Bur the Payne hill as II passed
the House was an intentional and svowed
revision downward, and, though II was
modified before u was finally enacted, II
fn1f IS t stsnds II is p practical confir-
nation OF the new policy Of the Republican
party.
PersonsHv sy-mpathize with the new
'srl6 pClc, Il TIE Republican party. but 1
most heartily believe that, notwithstanding :
ing the vel aCkrowle6ged limitations %
rhe revision contained in the Payne bill.
n ought - hs accepted by the friends or
isrN revision as satisfactory achieve
lnent uroe~ all the circUmStS noes be
liave ma we ought not 10 have expected
ANYTHING else but a step forward. The step
forward has been taken, and later. n we
tnpose, when The time rs ripe, and We have
he-re- Information. hut within a period
far short az the lapses and intervals OF
time heretofore dividing tariff reVisions.
ne may 90 forward along the same con
say thc conservative lines. for II Is of
fne g-esresf consequence that. while time
er0lld not be ncedlessly lost. the revision
~ me tarlH should be conservative and be
dealt win co-servatively. sud not rsdi-
csly. nor with blood IN The eve, not with
hatred and malice and al Uncharitable-
ness.
Secretary MacNeagh closed his address
With a defence Of the tariff board. which
he said was an in portspt result Of the
Republican tariff legislation, on which
IRE country is 10 be congratulated. He
predicted that the tariff board would
prove itself competent 10 cope with any
situation which would be proper for
tariff commission. He declared he be
heyed it p great mistake TO minimize
thar part of the recent tariff legislation.
Three hundred persons attended the
banquet ~ which Alfred L. Aiken, of
Worcester, president 81 the association.
presided. Besides Secretary MacVeagh
fhe follow ing spoke: George Z Roberts,
president % the Commercial Bank. Chi
osgo; Samuel J Elder. OF Boston; Gov
efnor Eben s. Draper; George II. Ly-
man, Collector OF the Port OF Boston;
Edwin L. Curtis. assistant Treasurer OF
ne United States of Boston: Arthur B.
Chaplin, Massachusetts, Bank Commis-
Ecner, A l. Ripley. William 4. Castor
snd p 9. Wing.