Word: tariff
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Defense. When debate opened in the House, the bill's principal author, Chairman Hawley of the Ways & Means Committee, gave a three-hour lecture on its meaning. His chief points were: 1) tariff protection means Prosperity; 2) rates on basic commodities (beef, butter, wheat, wool, etc.) were first fixed, then related products were adjusted therefrom; 3) minor crops were given special protection to induce farmers now producing surplus cereals to turn to them as crop variants; 4) "apparent changes greatly exceed actual changes" in the bill; 5) "We should be self-sustaining and self-sufficient...
Perspective. To fit the Tariff into a broader economic perspective, Chairman Hawley pointed out that the total domestic trade of the U. S. averages 90 billion dollars per year, foreign trade nine billions. Of this foreign trade, five billions are in exports, four billions in imports. Of the imports two and one-half billions come in duty free, one and one-half pay tariff. In short, only about 1½% of all U. S. trade is in the form of competing foreign commodities, dribbling over the top of the tariff dam. The dam is important, not because of what comes over...
Tennessee's Cordell Hull alone harked back to the old Democratic dogma of "tariff for revenue only." The proposed increases he said would cost the country 175 millions per year. His Democratic colleagues, pledged to protection at the Houston convention last year and by their presidential candidate, sat silent...
...when enacted, have upon the cost of living? Such politicians as Massachusetts' Senator Walsh were quick to raise the old cry of "outrageous and exorbitant duties on food products," to predict direful increases in household expenses. More practical men, outside of Congress and familiar with food distribution and the tariff's effect upon it, were ready to believe that the retail buyer would not see much change in his meat and grocery bills. Operations between producer and consumer by the much-maligned Middle-Man would, experts explained, serve as a buffer between farm prices and store prices. Illustration: The corn...
...Adopted a resolution for a survey of Richmond, Va. battlefields. Received the tariff bill from the Ways & Means Committee: began debate upon...