The Paducah evening sun. [volume] (Paducah, Ky.) 1906-1929, 1909-03-29


-. The Tariff. 49,
AS TO the tariff. little progress has
been made, though quite as much as
expected. IL mast be taken for
granted that the worst Is known in
the matter of revision The Payne
bill. while containing some glaring
defects, was upon the whole a meas
nre which indicated an earnest effort
towards tariff revision. 1t is con-
ceded that the rates as reported in
that bill were the lowest which could
be possibly enacted. Consequently
the worst Is Known as 10 changes OF
that character, and the probabilities
are that during the discussion many
changes will be made. and these will
be chiefly In the direction of higher
rates than those named In the origi-
nal draft. This, of course, while dis
couraging to tariff reformers, viii be
to manufacturers and
others dependent upon tariff sup
port. The great body of manufac-
tuners and merchants are now more
injured by uncertainty than by amy
probable revision. Their chief desire
Is to have these problems and irTi-
tating discussions ended in order that
they may go ahead with plans and
work either contemplated or begun.
There is no doubt that a great deal
of business Is being held back await
ing the settlement of these vxexed
problems. This dizziness in business
Is. moreover. being further aggra-
waited by weakness shown in many
commodity markets. The declines In
prices have not been confined to
sueel and copper. for nearly all of the
principal merchandise markets show
more OF less weakness at first hands.
As result of tariff uncertainty and
weakness In prices many orders are
he'd in suspense. and business Is
being transacted upon a purely hand
to-mouth basis. Production Is being
eurtailed, wages are frequently being
reduced. and II might as we'll be con-
coded as not that we are in the midst
of a. period of reaction which should
have worked itself out year ago as
the natural sequence of the panic,
but was delayed because OF the power
full restraint imposed by the steel
trust and other similar combinations.
IL Is a question as 20 whether con-
Is no. going on at a more
rapid rate than production in many
lines OF goods. Not infrequently
shelves are bare. and we're the tariff
settled and confidence regalned as to
prices II is quite probable that an
accumulation OF orders would be dis
closed. which would quickly give
business a new and substantial start
There is no doubt that many orders
and many new enterprises are now
held back purely through lack of
and when this disappears
we may confidently expect at least
a partial revival OF business activity.
Possibly this may be deferred until
the crop outlook becomes more b.
suned; but In any case underlying
are sound and the process
OF REIMBURSEMENT now going on is
paving the way for healthy revival
at no very distant date. The recent
failure of the steel trust to reverse
the law OF supply and demand-al-
though II did succeed in deferring Its
operations for fully a year-was in
itself a most suspicious omen. That
lesson will not soon be forgotten. and
in future these great combinations
will necessarily be more careful as
to how they interfere with the forces
Of nature; for laws OF trade in the
end are Just as omnipotent and are
derived from just the same source as
all other great laws in the natural
world.
Gold Exports.
Gold exports have ceased for the
line being owing 10 easier conditions
m the foreign money markets and
the possibility OF a slightly firmer
tone on this side. The Bank OF
England reserve is now exceedingly
high, and as much of the gold re-
emily shipped has gone 10 strengthen
he reserves OF the British joint-stock
banks easier conditions promise TO
prevail in London. In April we may
COX for a reduction in the Bank OF
England rate. The war cloud, which
has threatened the near east, is also
disappearing, the situation abroad
low being comparatively free from
Uncertainty. On this side monetary
onditions indicate continued ease,
lltnough with the approach Of April l
ONE temporary firmness would Gre
tie no surprise. SO long as general
rade and speculation retain their
resent inactivity however, easy
! money wiz not disappear. AS far as