Word: smoots
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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...
Never has discussion of the Hawley-Smoot Tariff died down. Soon after it was passed, many big exporters, notably automobile men (biggest manufacturing industry), wailed their fears of foreign reprisals. Most drastic and clean-cut fulfillment of these fears came when Canada, biggest U. S. customer, frankly upped all her rates to match. France and England, though taking no action (except on cinemas in France), complained so loudly that much ill-will was bred. Australia's almost complete embargo was a nationalistic move after the U. S. pattern. Only a series of revolutions have checked wall-building in South America...
Defense? Dr. Klein defended the Hawley-Smoot Tariff with figures more specific than theoretical. Said he: "In 19 representative countries all over the world, comprising most of our leading customers . . . our share in their import totals last year was almost exactly 20%. . . . During 1924-27 [the U. S. share] averaged 20.7%. . . . Preliminary figures for 1931 show almost exactly the same trend." As to imports, his figures proved that for the first quarter of this year, "whereas the incoming European wares subject to duty fell 33%, . . . those coming in free of duties declined...
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...
...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...