Word: smoot
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Dates: during 1930-1939
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...economics things are not easily clarified. Even were the rivers of trade flowing smoothly it would be difficult to gauge what effect the Hawley-Smoot Tariff with its 20%, damming up has had on their courses. With Depression's storm agitating the rivers, translation of direct cause into direct effect is hazardous. Yet the Tariff issue remains big, promises to be 1932'$ political common denominator. Taking advantage of the flexibility clause, interested parties have caused 12 revisions since the bill passed, have had 181 applications turned down. A turndown last week was given to Brooks Bros., old-time Manhattan haberdashery...
Around the Virgin Islands prevail the old Danish tariff law (average rate: 7%,) instead of the U. S. Hawley-Smoot Act (average rate: 39%). Danish currency is likewise legal tender because the islands' bank continues to operate under its original Danish charter. The U. S. Congress appropriated $600,000 to put the black islanders back on the land, 90% of which is owned by a score of rich foreigners. Emigration to the U. S. has cut the islands' population in a decade by 15%, down...
While H. R. 17054 was still before the Senate Finance Committee for perfunctory consideration, President Hoover did an extraordinary thing that foreshadowed his veto. He wrote an informal but public letter to Chairman Reed Smoot listing his objections to the bill, warning Congress that the bill would retard prosperity by placing an additional burden on the credit and business of the country...
...hammered away. But as he expected, his words changed not a single ballot. By the impressive vote of 72-10-12 the Senate passed H. R. 17054. Not one Democrat voted against it. The twelve anti-Bonus Republicans were: Borah, Fess, Goff, Hastings, Hebert, Metcalf, Morrow, Moses, Phipps, Reed, Smoot, Walcott...
...President Hoover last week began to flex "injustices and inequalities" out of the Hawley-Smoot Tariff Act. On the recommendations of his new Tariff Commission he cut the rates on woodflour (33¼"% to 25% ad valorem), pigskin leather (25% to 15%), straw hats ($4 per doz. plus 60% to $3 per doz. plus 50%), maple sugar (8? to 6? per lb.). Upped were the rates on woven wire fencing and netting (45% to 50% and 60%). Explanation of the Commission's celerity in investigating these rate cases was its use of foreign invoice values on imports...