Word: tariff
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...morning last week Chairman Reed Smoot of the Senate Finance Committee, distressingly fatigued after months of tariff-writing, was marched to the front portico of the Capitol by a dictatorial movietone cameraman. He was instructed to make a speech on the Hawley-Smoot (tariff) bill. For an audience the cineman commandeered Senator William Edgar Borah, hastening by to the barber shop for a much-needed haircut. Senator Smoot extolled his bill. Senator Borah looked glum. When the speech ceased Senator Borah turned, walked away. Cried the cineman, no student of tariff politics...
...epitome of the strained feelings engendered by the tariff bill which the Senate Finance Republicans last week finished drafting. Best Democratic comment was by Representative McClintic of Oklahoma: "The working man may worry because his shoes will cost a dollar or two more but truffles for his paté de foie gras are on the free list. . . . His sugar bill goes up as does his milk bill and his meat bill but he can get Gobelin tapestries for his humble home duty free...
...attorney for U. S. Steel Corp. Well he knew what the steelman wanted. Also on the job was Pennsylvania's Joseph R Grundy, arch-lobbyist for manufacturers The sequence of recent events: 1) The Finance Committee by a vote of 7-to-4 first rearranged the manganese ore tariff on metal content, in effect increasing the duty above the 1 cent per Ib. level. 2) From Moscow came the announcement that U. S. Steel Corp. had signed a five-year contract with the Soviet for from 80,000 to 150,000 tons of Georgian manganese ore per annum...
...protests U. S. manganese producers who charged that the Senate Republicans were favoring great Eastern corporations potent in politics. Connecticut's Senator Hiram Bingham was one of the two Republicans whose vote change caused the manganese rate change. His explanation: "The White House wanted it." Even high-tariff Chairman Reed Smoot, incensed at his committee's inconsistency, ironically observed that the market value of U. S. Steel stock had increased "only a hundred million dollars" after the last fortnight's slump precipitated by an increase of the Federal Reserve's rediscount rate...
Having disposed of last-minute details, the Senate Finance Committee last week completed its rate revision of the Hawley-Smoot tariff bill, made public its handiwork. Its Republican members then took up the administrative provisions of the measure, which, by the system of valuation determined upon, will point the entire legislation up or down...