Word: tariff
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...strong though invisible influence of President Hoover himself, check-reining runaway tariff desires...
Senator Smoot was obviously upset at the abuse to which tariff revision had been subjected. To the complaint that Industry was benefiting over Husbandry, he retorted: "The House Ways & Means Committee and, so far, the Finance Committee, by gestures, have given farmers and producers by far the best of it. . . . The Democrats are so anxious to make political capital out of the situation that they are imagining all sorts of rates and unjust schedules...
Significant tariff developments last week...
Sugar. Senator Smoot accepted a sliding scale tariff for this most controversial item in the bill. Because his State, Utah, is a great producer of beet sugar; because the Mormon church, his church, is vitally interested in beet sugar, the sugar schedule was to have been Senator Smoot's well-protected pet. That he favored a sliding scale which he admitted would produce rates lower than those proposed in the House bill (3? per lb.), made even his Democratic opponents gasp in astonishment. They accepted his plan as another indication of the receding high-tariff tide. When pressed...
Rudolph Spreckels, head of Spreckels Sugar Corp., great refiners, had suggested the sliding scale sugar tariff and obtained for it the President's cautious approval. Complex in operation, its purpose would be to stabilize the retail price of sugar at 6? per lb. (present price: 5?). The tariff would run from 1? to 2.4? per lb. As the retail price of sugar went up, the tariff would go down and vice versa...