Word: tariff
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...Constitutional prerogative of the U. S. Senate is the right to ratify all U. S. treaties with foreign Governments. And one of the chores the Congress as a whole has most enjoyed is the writing of tariff bills. Under the New Deal the key to both these powers has rested in the slightly baggy coat pocket of pale, poker-faced Cordell Hull, Secretary of State. By calling the reciprocal trade pacts "agreements" and not "treaties," he kept them out of the Senate; by adopting the most-favored-nation principle in the trade agreements, he kept Congress' porky hands...
...Kansas complained in a letter to Mr. Hull that the proposed Argentine trade agreement would injure the U. S. farmer and cattleman. Last week he got back a restrained but politely savage answer that it was "folly compounded" for farm spokesmen in the light of the Smoot-Hawley tariff experience, "still to cling to the delusion that the farmer has something to gain from embargo or tariffs...
...himself shared the inability of the country at large to shake off the spell of the Rough Rider; but Pringle's evidence makes it clear that in certain essential particulars Roosevelt left his friend to face the music. T. R.'s liberalism had somehow avoided the high tariff; Taft had to cope with that. T. R. had swung the big stick against the trusts; Taft had to make it connect. T. R. had been supple enough to play politics with a conservative Congress without seeming to do so; Taft had to temper Uncle Joe Cannon and was promptly...
...fact, Taft was too scrupulous for his own good. In his private letters he said the things he should have said in public. He was almost smug about refusing to use his patronage powers to bring Congressmen into line. He outmaneuvered the silken Senator Nelson Aldrich on the tariff, forced substantial cuts, then watched the whole country go hog-wild over a headline which twisted a few forthright words in one of his speeches. The muckrakers were abroad in the land and Taft lacked T. R.'s flair for handling them. The great "scandal" of his administration...
...Texaco and Socony-Vacuum the Barco oil is welcome. Both sell overseas (there is a 21? tariff on oil imports to the U. S.) and neither has enough oil for its distribution system. In a warring world they will doubtless find buyers for their Colombian oil, but may bring it to the U. S. to be refined. Last week old Virgilio Barco was many years in his grave, but his son Jorge (pronounced Horkhay) Barco, in Cúcuta, had himself a few drinks as the royalties began to accumulate...