Word: tariff
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...group was completely satisfied with the House bill. The schedules on tobacco, wines and spirits alone escaped some sort of alteration by the committee. Out of the 626 paragraphs in the 1922 Tariff Law which this measure amends and replaces, 233 were changed. President Hoover's insistence upon "limited" tariff revision produced shifts in about one-third of the rates, practically all of them upwards. In the chemical schedule, for instance, there were 39 changes?33 up, six down...
...keep the proper balance of protection. The rate on high-grade raw wool was jacked up from 31¢ per Ib. to 34¢ with corresponding increases on finished woollen articles running through the whole schedule. These increases to manufacturers made the farmer rage, since they tended to continue the existing tariff disparity between Husbandry and Industry...
Commission Changes. Changes were proposed in the Tariff Commission to bring it under close Presidential control. The old membership would be swept out of office. Seven, instead of six, new commissioners would be appointed, at higher salaries. Two-party representation on the Commission would be abolished. With this new Commission, the President could utilize the flexible provision of the tariff law (50% changes in tariff rates at a stroke of the pen) with great facility...
...bill retains foreign valuation, i. e., the value the foreign producer sets upon his article, or the price for which he sells it in his own country. But cunningly woven into Administrative language is a new threat against foreign producers who undervalue their imports to cheat the U. S. tariff. If the U. S. appraiser is not satisfied with the foreign valuation placed on an article for import, he may apply U. S. valuation, i. e., the value of similar articles produced and sold...
...Revolt." The reception of the new Tariff Bill in the House was so muddled, so many grievances of special groups were so massed together, as to give the appearance of a major revolt against the Hoover-dominated Committee which drew the Bill. The old axiom, "The tariff is a local issue," was never more clearly demonstrated...