Word: tariff
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...Immaterial." In an effort to clear up the discordant situation President Hoover summoned his onetime political friend, Senator Borah, who as chairman of the Foreign Relations Committee has the Treaty nominally in charge. Not since last year when their friendship was ruptured by tariff and farm relief differences had the President consulted the gentleman from Idaho. For 45 minutes Senator Borah, apathetic toward the Treaty's virtues, listened to the President tell of his hopes and fears, walked out to say it was "immaterial" to him when the Treaty was disposed...
Protests against the Hawley-Smoot Tariff Bill banked higher at the White House last week. Requests for a veto continued to flow in. Henry Ford stayed overnight with President Hoover to repeat his belief that the bill was "an economic stupidity." Albert Henry Wiggin, head of the Chase National Bank of New York, conferred long and solemnly at and after luncheon. Many another tycoon flayed the measure in public or prepared to protest when (or if) the bill should come formally before the President...
During the week the Textile Converters Association reversed its traditional pro-tariff stand and asked for the bill's rejection. The National Cigar Leaf Tobacco Association did likewise. The American Importers & Exporters Association urged a veto on the ground that the new tariff rates (highest in U. S. history; an average of 41% ad valorem on all dutiable commodities or 20% above the present law) "will cause ill will and reprisals which will make it impossible for us to develop the export trade necessary to the continued prosperity...
...would sign the bill because politically he could not afford to do otherwise that the White House took pains to emphasize that he was still "open-minded" and would "study the bill thoroughly" before acting upon it. That was to say, President Hoover would do no less on the Tariff Bill than he does on all legislation-refer it to the interested departments, in this case Treasury and Commerce, for technical opinions. If the President should choose to veto the bill, he would count on Secretaries Mellon and Lamont to supply him with expert reasons for so doing...
Never a Veto. Athwart the "open-mindedness" of the President and the public surge for a veto stood this large historical fact: in 140 years of U. S. tariff making no President has ever dared to veto a tariff bill. President Cleveland came closest to open disapproval when he allowed the Tariff Act of 1894 to become law without his signature...