Word: tariff
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Asked if elimination of tariff boundaries would lighten the work of naval conferences by removing one of the causes of war, Professor Friedrich said, "Yes, I am convinced that the principle of free trade is sound, but to put it in practice is a difficult matter. Now obviously you can't abolish all tariffs suddenly. What is needed is a policy of long-continued, gradual reduction, and it is woefully hard for a country to stick to such a policy when the government changes every four years or oftener...
...sugar make a bad tariff brew. Oil men discovered that fact for themselves last week when their efforts to trade sugar votes for oil votes foundered disastrously on the Senate floor...
...weeks ago only three Senate votes were mustered for a duty on oil. Into Washington then marched a vigorous oil lobby. Last week 27 senators voted for an oil tariff. It was not enough. The proposal was beaten by 39 Senate votes...
...lobby's very zeal defeated its purpose. Not twelve hours before the Senate voted on the oil amendment to the tariff bill, the Senate Lobby Committee had uncorked a gusher of damning evidence which fairly swamped the oil lobby's chances of success...
Behind the drive for a tariff of $1 per bbl. on crude oil were these economic facts: last year the U. S. produced about a billion barrels of oil. Its net imports, free-listed, were about 53,000,000 bbl. Largest importers are Standard of New Jersey, Standard of New York, Gulf, Royal Dutch Shell. When, as a conservation measure, President Hoover tried to induce U. S. oil producers to limit their output, the American Independent Petroleum Association balked. These independent producers argued that it would be futile to limit U. S. oil output so long as the four...