The Ogden standard. [volume] (Ogden City, Utah) 1902-1910, 1909-12-09
MACVEAGH SPEAKS
TO 800 BANKERS

Boston. Dec. S.-That the Republi-
can party has changed front and Is
now marching toward lower tariffs,
and that in this movement the Payne
tariff bill was only an incident. was
the interesting statement made by
Secretary of the Treasury MacVeagh
at the annual banquet of the Massa
chusetts Bankers association tonight
Three hundred persons attended
Boston, Mass, Dec. S.-Opening his
address with a brief reference 10 the
currency situation, Secretary Mac
Veagh made plea before the Massa-
chusetts Bankers association tonight
that the banking interests realize the
gravity of the Issue and declared that
unless the bankers succeeded in
adopting the public point of view in
stead of the private one they would
lose an opportunity to influence great
IL the coming Legislation on the sub
ject
That was all the secretary had to
say on currency and he passed 10 a
discussion of tho tariff and the Payne
law. He said In part:
In considering the results of the
recent tariff legislation. 1t is indis-
pensable in my judgment to keep two
important factors In mind. The first
is that the Payne law Is but an in
cident in tariff revision movement
by and within the Republican party,
sanctioned and undertaken by the
party itself and advocated by Fresi-
dent Taft in office and out of Office,
and by President Mckinley with al
most his last words
Resultant Of Movement.
The second is that It is the re
sultant effect of the movement which
is important to take into account and
estimate, and, not, essentially, any
thing else. No one expected this
great movement TO complete itself in
single act of legislation and It was
expected to be quite clear that the
legislation, enacted last August, did
not end the movement for tariff re-
vision, The opinion Is practically uni
versal that we have seen the last of
the last Of the log-rolling system Of
legislation upon such an important
subject that hereafter such legisla-
ton must be based on facts and
knowledge and scientific Investlga-
ton and not on mere bartering he
tween sections and different interests.
There is one great fact that makes
a new tariff epoch. The fact Is that
the Republican party has changed It's
front. Whereas 1t has been marching
toward higher and higher tariff, 1t has
now faced about. 1t has recognized
changed conditions.
1t Is true that the PAYNE bill does
not contain as much downward revi-
sion as the great majority of the
members of the Republican party had
wished. II did not contain as much of
that revision as the President wished,
But the Payne bill as it passed the
house. was an Intentional and avowed
revision downward. AS il now stands,
it is a practical confirmation of the
new policy of the Republican party.
Tariff Not Satisfactory.
Personally / sympathize with the
new tariff policy of the Republican
party, but | most heartily believe that.
Notwithstanding the well-acknowledg,
cd limitations of the revision contain
ed in the Payne bill, il ought not 10
be accepted by friends of tariff reyi-
sion as satisfactory achievement un-
der all the circumstances. | believe
that we ought not to have expected
anything else but step forward
Within period far short of the lapses
and intervals of time heretofore d.
viding tariff reyisions, we may go for
ward along the same conservative
lines"
Secretary MacVeagh predicted that
the tariff board would prove itself
competent to cope with any situation.
which would be proper for a tariff re-
vision He declared he believed it a
great mistake to minimize that part
OF the recent tariff legislation.