Word: tariff
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...party protected business against cutthroat domestic competition by granting patents, and against foreign competition by levying tariffs. It won other votes by handouts: land to farmers as free homesteads, Treasury funds to Union soldiers as pensions. It won election after election. "What could you do with a party that had emancipated the slave, saved the Union, given everybody a bounty in land or tariff, assured businessmen of prosperity and poor men of a full dinner pail...
Died. Walter Runciman, Viscount of Doxford, 78, onetime Liberal M.P.,* President of the Board of Trade (1914-16, 1931-37); after long illness; in Chathill, England. In 1931 Runciman drafted, under Tory pressure, the emergency tariff that ended Britain's 80-year-old free trade policy; in 1938 he was unofficial mediator in the Czech-Sudeten pre-World War II crisis...
...World's Shmoo." Taft and Malone were in a lonely minority. The only real debate came over an amendment which would retain the "peril-point" procedure added to the bill last year by the Republican 80th Congress. Under this provision, the Tariff Commission determines how far a tariff can be reduced without "threatening serious injury" to the U.S. industry concerned. The President can go below the peril point in negotiating reciprocal trade treaties, but if he does, he must publicly report his reasons to Congress...
...Veep's Prerogative. Democrats had their answers ready. The peril-point procedure, they said, would induce caution verging on stagnation in the Tariff Commission; how could anybody safely predict a peril point for years in the future? It was also an open invitation to every industry to bring terrific political pressures to bear on its behalf. "With the peril-point amendment," argued Majority Leader Scott Lucas, "we abandon our position as the economic leader in world affairs . . . We cannot say to the rest of the world: 'From now on the primary factor in our tariff system is protection...
...Reader Battle's typical coat is divided roughly three ways: tariff charges are about $18.50, U.S. traders (who bear the costs of handling & merchandising) get $31.50. The remaining $50 goes to the English manufacturer, who can then pay his bills for imported wool...