Word: mccumber
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Chairman Fletcher and the five new commissioners yet to be appointed will take office Sept. 16 when the old Tariff Commission expires. In eight years the Fordney-McCumber tariff was flexed 33 times. Last week a new system of advisory boards was being worked out at the Commission's headquarters to accelerate flexing, to give President Hoover quick recommendations for rate changes he has been awaiting ever since he signed the new act last June...
...fault, Senator Smoot hung on against this two-year gale of religious disapproval, worked, waited, prayed. At the feet of Aldrich and Penrose and Lodge he became an apt pupil. His ascent to power in the Senate was steady and unspectacular. When North Dakota in 1922 retired Porter James McCumber from the Senate, Senator Smoot slipped his awkward frame into the chairman's seat of the potent Finance Committee?a legislative eminence comparable to the religious height of Mormon Apostle. Ever since he has dictated and executed the tax and tariff policies in Congress of the Republican administration...
...routine order. France having lately an- nounced large tariff raises on similar U. S. products, it was mandatory for the U. S. Department of the Treasury-unless otherwise advised by the U. S. Department of State-to reply in kind, under a "countervailing" clause of the Fordney-McCumber Tariff Act of 1922. But in light of the current tariff imbroglio of France and the U. S. (see p. 18), during which the U. S. Department of State had been at pains to explain that the U. S. tariff policy is not discriminatory, newsgatherers naturally went scurrying to the Department...
...crimination" against U. S. goods. The note gave a detailed explanation of the U. S. tariff law. It opposed firmly the principle of reciprocity and demanded that France grant the U. S. most-favored-nation treatment under pain of sanctions authorized by Article No. 317 of the Fordney-McCumber Tariff Act, which empowers the President to increase by 50% the duties on the goods of a nation discriminating against the U. S. The French Government took the matter under advisement. An answer was thought likely to be despatched to Washington as soon as the French Cabinet had reviewed the situation...
...Fordney-McCumber Tariff. Typical of U. S. tariff rates on French exports are works of art (under 100 years old), 20% ad valorem (that is, upon the U. S. valuation), silk wearing apparel, average of 60%; walnuts (France exported $4,861,000 worth to the U. S. last year) 4¢ per pound unshelled, 12¢ shelled; precious and semiprecious stones (not including pearls), 10% ad valerem on uncut stones; perfumes containing alcohol 75% ad valorem plus 40¢ a pound; perfumes not containing alcohol 75% ad valorem; soaps and soap preparations from 15% to 30% ad valorem. These are the chief French...