The general tariff act has only partially gone into operation, some of its important provisions being limited to take effect at dates yet in the future.  The general provisions of the law have been in force less than sixty days.  Its permanent effects upon trade and prices still largely stand in conjecture.  It is curious to note that the advance in the prices of articles wholly unaffected by the tariff act was by many hastily ascribed to that act.  Notice was not taken of the fact that the general tendency of the markets was upward, from influences wholly apart from the recent tariff legislation.  The enlargement of our currency by the silver bill undoubtedly gave an upward tendency to trade and had a marked effect on prices; but this natural and desired effect of the silver legislation was by many erroneously attributed to the tariff act.

There is neither wisdom nor justice in the suggestion that the subject of tariff revision shall be again opened before this law has had a fair trial.  It is quite true that every tariff schedule is subject to objections.  No bill was ever framed, I suppose, that in all of its rates and classifications had the full approval even of a party caucus.  Such legislation is always and necessarily the product of compromise as to details, and the present law is no exception.  But in its general scope and effect I think it will justify the support of those who believe that American legislation should conserve and defend American trade and the wages of American workmen.

The misinformation as to the terms of the act which has been so widely disseminated at home and abroad will be corrected by experience, and the evil auguries as to its results confounded by the market reports, the savings banks, international trade balances, and the general prosperity of our people.  Already we begin to hear from abroad and from our customhouses that the prohibitory effect upon importations imputed to the act is not justified.  The imports at the port of New York for the first three weeks of November were nearly 8 per cent greater than for the same period in 1889 and 29 per cent greater than in the same period of 1888.  And so far from being an act to limit exports, I confidently believe that under it we shall secure a larger and more profitable participation in foreign trade than we have ever enjoyed, and that we shall recover a proportionate participation in the ocean carrying trade of the world.

The criticisms of the bill that have come to us from foreign sources may well be rejected for repugnancy.  If these critics really believe that the adoption by us of a free-trade policy, or of tariff rates having reference solely to revenue, would diminish the participation of their own countries in the commerce of the world, their advocacy and promotion, by speech and other forms of organized effort, of this movement among our people is a rare exhibition of unselfishness in trade.  And, on the other hand, if they sincerely believe that the adoption of a protective-tariff policy by this country inures to their profit and our hurt, it is noticeably strange that they should lead the outcry against the authors of a policy so helpful to their countrymen and crown with their favor those who would snatch from them a substantial share of a trade with other lands already inadequate to their necessities.