Word: tariff
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Through his latest move in the field of finance, President Roosevelt has given a good indication of his diplomatic mettle, and at the same time has very definitely strengthened the bargaining power of the United States in the approaching tariff parley with Messrs. Herriot, Bennett, and MacDonald. It was very neatly timed. With seeming Machiavellian finesse, Roosevelt waited until the European statesmen were in Mid-Atlantic, definitely isolated from home counsels, before he announced America's abdication from the gold standard. Their arrival in New York should find them considerably non-plussed...
Admitting, even charging, that the world was led into economic war by the tariff policies of Presidents Harding, Coolidge and Hoover, President Roosevelt hopes to lead the world to economic peace by his tariff policy. The Agenda Commission in its report flayed attempts at national self-sufficiency ("all seek to sell but not to buy"), manifested in retaliatory tariffs, embargoes, import quotas, export subsidies, and exchange restrictions which "throttle business enterprise." First objective at London is a tariff truce against more rate uppings. After that, attempts will be made to weed out such quota restrictions as Austria puts on tires...
...Jeremiah in a Republican wilderness, Secretary Hull long predicted ruin and woe from G.O. Policies on tariff and foreign affairs. Again & again he harped: "The practice of the half-insane policy of economic isolation during the past ten years by America and the world is the largest single underlying cause of the world panic. The mad pursuit of economic nationalism has proved disastrous...
...last year's Chicago convention Cordell Hull wrote his own Washington orders-the party platform planks on tariff and foreign affairs. The President remains the final executor of these orders and his Secretary of State, a lawyer by trade and training, functions as an obedient attorney of the Stimson type. But planted deep within the silent Hull ego is an attachment to the principles at stake that is older and deeper than President Roosevelt's, and a tenacity which may outlast that of the White House should the latter weaken...
...half a million farmers who till the fertile belt so successfully that they produce more than one fourth of Australia's wheat. Western Australians have long looked sideways at the Commonwealth's densely populated states, at the Eastern manufacturers who profit from the Commonwealth's high tariff, at the public works paid for by Australia's huge borrowings since the War. To humor their grudge, the State Legislature last December scheduled a state-wide referendum on two choices: 1) a Commonwealth convention to revise the Constitution; 2) secession from the Commonwealth. The rest of Australia remained...