The Tupelo journal., 1902-12-05
THE TARIFF.
1t Is n Subject That stands Apart from
the Trusts.

One proposition advocated has been the
reduction of the tariff as a means of reach
ing the evils of the trusts which fall with
merely would this be wholly ineffective
but the diversion of our efforts in such a
direction would mean the abandonment Of
these evils. Many, Of the largest corpora
tons, many of those which should GER
talnly be included in any proper scheme of
regulation, would not be affected In the
slightest degree. by a change in the tariff,
save as such change interfered with the
general prosperity of the country. The
lions as a whole is that the tariff makes
manufactures profitable, and the tariff
remedy proposed would be in effect simply
to make manufactures Improbable. TO
remove the tariff as a punitive measure
directed against trusts would inevitably re-
suit In ruin to the weaker competitors who
should be not by unwise tariff changes to
give foreign products the advantage over
domestic products, but by proper regula-
ton to give domestic competition a fair
chance; and this end cannot be reached by
any tariff changes which would affect un-
1avorabiy all domestic competitors, good
and bad alike. The question of regulation
of the trusts stands apart from the cues
ton of tariff revision.
Stability of economic policy must always
be the prime economic need of this country.
This stability should rot be fossihzation.
The, country has acquiesced in the wisdom
of the protective-tariff principle, 1t is ex-
~N|Ho HNNSbA AbAO l4dl Ills SNSIE
should be destroyed or that there should be
violent and radical changes therein. Our
past experience shows that great prosper
ity in this country has always come under
a protective tariff; and that the country
cannot prosper under ftful tariff changes
at short intervals. Moreover, if the tariff
laws as a whole work we'll, and If business
has prospered under them and is prosper
ing, 1t is better to endure for a time slight
inconveniences and Inequalities in some
schedules thar to. upset business by too
quick and too radical changes. 1t is most
earnestly to be wished that we could treat
the tarlff from the standpoint solely of our
business needs: 1t IS. perhaps, too much to
hope that partisanship may be entirely exo
GUIDED from consideration of the subject.
but at least it can be made secondary TO
the business interests of the country-that
is, to the interests of our people as a whole
Unquestionably these business interests
will best be served if together with fixity
of principle as regards the tariff we com.
bine a system which will permit us from
time to time to make the necessary reap
tional NEEDS. We must take SH%!rulng ma
care that the reappIication shall be made
IN such a way that it will not amount to
a dlslocation of our system, the mere
threat of which (not to speak of the pero
Iormance) would produce paralysis in the
business energies of the community. The
nrst Consideration in making these changes
clple winch unGerlies our whole tariff sys-
tem-that is. the principle of putting Amer
lean business interests at least on a fun
equality with interests abroad, and of AL
ways allowing a sufficient rate of entv r.
n more tnan cover the difference between The
IaDor cost here anC abroad. The well-be-
ing of the wage-worker, like the well-be-
Ing of the tiller of the soil, should be treat
eu as an essential in shaping our whole
economlc policy. There must never be any
change which will jeopardize the standard
Of comfort, the standar of wages of the
American wage-worker.
One way in which the readiustment
sought can be reached is by reciprocity
treaties. It is greatly to be desired that
u treaties may be adopted. They can
be used to widen our markets and to
give a greater field for the activities of
our producers on the one hand and on
the other to secure in practical shape the
lowering of duties when they are no
longer needed for protection among our
own people, or when the minimum of
damage done may be disregarded for the
sake OF the maximum of good accom-
plished. If it prove impossible to ratify
the pending treaties. and if there seem
to be no warrant for the endeavor to
treaties SO that they can be ratified. then
the same end-to secures reciprocityH
should be met by direct legislation.
Need of "A Tariff Commission.
Wherever the tariff conditions are such
that a needed change cannot with ad-
vantage be made by the application of
the reciprocity idea, then it can be made
outright by a lowering of duties on a
given product. If possible, such change
should be made only after the fullest
consideration by practical experts, who
should approach the subject from a BUSH
ness standpoint, having in view both the
particular interests affected and the COM
mercial well-being of the people as a
whole. The machinery for providing such
piled. The executive department has al
ready at its disposal methods of collect
ing facts. and figures. and If the con-
gress desires additional consideration to
that which will be given the subject by
its own committees, then a commission
Of business experts can be appointed
whose duty it should be to recommend
action by the congress after a deliberate
and scientific examination Of the various
schedules as they are affected by the
changed and changing conditions. The
commission would show what changes
should be made in the various schedules,
and how far these changes could go
without also changing the great pros
perlty which this country is now enjoy
ing, or upsetting its fixed economic pol
icy.
The cases in which the tariff can pro-
duce a monopoly are so few as to con-
stitute an inconsiderable factor in the
question; but of course If in any case
it be found that a given rate of duty
does promote a monopoly which works
i'll, no protectionist would object to such
reduction of the duty as would ~equalize
competition.
In my judgment, the tariff on anthra-
cite coal should be removed, n anthra-
cite put actually, where it. now is NOM
no effect at all save in crises; but in
crises it might be of service to the peo-
pie.
Needed Financial Legislation.
Interest rates are a potent factor in
business activity, and in order that these
rates may be equaliZed to meet the vary
ing needs of the seasons and of widely
separated communities, and to prevent
the recurrence of financial stringencies
which inJuriously affect legitimate BUSH
ness, it is necessary that there should be
an element of elasticity in our monetary
system. Banks are the natural servants
OF commerce, and upon them should be
placed. as far as practicable, the burden
of furnishing and maintaining a circu-
lation adequate to supply the needs of
our diversified industries and of our do
mestic n foreign commerce.; and the
issue Of this should be SO regulated that
a sufficient supply should be always
available for the business interests of
the country.
1t would be both unwise and unneces-
sary at this time to attempt to recon-
struct our financial system, which has
been the growth of a century: but some
additional legislation is. 1 think. desir-
able: The mere outline of any plan sufi1-
GENTLY comprehensive to meet these re-
quirements would transgress the appro-
PIRATE limits of this communication It
is suggested, however, that all future
legislation on the subject should be with
the view OF encouraging the use Of such
supply every legitimate demand of pro-
ductive industries and of commerce., not
only In the amount, but in the character
OF circulation: n of making all kinds of
money interchangeable, and, at the will
OF the holder. convertible into the estab-
lished gold standard.
THE LABOR PROBLEM.