The American President approved the Tariff Bill on Wednesday, and
it comes into force on Monday next. It will hardly be operative, however, for three months, as the ware- houses are choked with goods imported in anticipation of the Bill. It is curious to observe that even at this late hour two opinions prevail in America as to the operation of the Bill, the majority anticipating that it will keep out European goods, while the minority maintain that it will only make them dear. Onr impression is that the latter will be found to be the actual result, the American manufacturers being driven by greed, incessant strikes, and reduced demand to raise their prices to the precise level of importers' prices plus the duty. The consumers alone will suffer, and the export trade, which will be diminished by the higher prices necessary to meet increased expenses. The Treasury will be as full as ever, and the farmers who are not protected will find everything so dear that they will either become Free-traders, or, more probably, will demand in compensation free transport on railways for produce, or payment of their mortgages out of low-priced loans. There is one function which the Union certainly fulfils in the world,—it gives us all splendid object-lessons in political economy. If Protection fails there, where all climates and all soils encourage the most enterprising of all peoples, it will not succeed anywhere.
