Ceredo advance. [volume] (Ceredo, W. Va.) 1885-1939, 1907-08-14
STRINGS TIGHTENING
SOME SIGNS OF MORE STRINGENT
MONEY CONDITIONS.

'Hdt hesuit "ouio ocSH W DC INC
Logical Consequence Of UnsettIing
Business Confidence by Premature
Tariff Agitation and an Unwise For
eisn Trade Policy.
Not long ago the Des Moines Capt.
| tai. Republican newspaper, review
ing the tariff ripping action of the Ma
tional Association Of Manufacturers,
remarked:
IF there is to be tariff ripping, you
had better tie the string a little tight
er around your pocketbook."
Has the tightening process already
begun? There are many men emf
nent in circles of industry. commerce
| and finance who think they see signs
of tighter conditions. Why do they
think this? Reasons are not wanting.
First among these reasons for think
ing that period of frightened pocket
books is at hand is the growing ten
dency to disturb sound business con-
| ditions. For more than three years
past this tendency has taken the form
OF agitation for tariff revision.
To agitate for tariff revision is no
new thing in the country's history.
The party that was out has always
| agitated for the revision of the tariff
made by the party that was in. But it
is new thing in American politics
| for the party that is in to wholly dis
credit and completely undermine
| tariff of its own making. Yet this is
what has actually happened.
Tariff revision talk has become so
fashionable in the Republican party
that those who deprecate tariff dis
turbance as bad for business, bad for
labor, and bad for prosperity. are cen
sured as obstructionists, enemies of
progress, worshipers of fetch, stand
patters. Yet these men have only
stood for stability of business cond-
tons and for postponement of tariff
agitation until revision should be
plainly required in the general inter
est.
Nevertheless, the rage for tariff dis
turbance has gone on and on, encour-
aged by ambitious politicians, and
helped along by newspapers which
find II easier to recklessly criticise
than to judiciously commend. until at
ioSt OH iuHucuJldl DOuy OI american
producers, manipulated by free trad
ers and selfish interests bent upon ex-
panding their own foreign trade at the
expense of other lines of domestic in
dustry, has put itself on record as ia
voring tariff revision "at the earliest
practical moment" and in the mean
time the installment of a general sys-
tenn OF reciprocity in competing prod
ucts.
Is there not in all this enough to
tighten money strings?
Then, to crown all. came govern
mental interference in favor of tariff
instability in the form of a CONNER
cial arrangement whereby foreign pro-
ducers are by means of openly recog-
nized differentiation privileges per
mitted to escape the full payment of
the tariff duties prescribed by law.
Just how far this extraordinary
straining Of executive authority for
the benefit of foreign competitors is
going 10 go in the direction of unset
thing and demoralizing domestic indus
trial conditions no man can with GER
tainty predict. The new arrangement
some time will be required i'm which
to demonstrate it's workings Detri-
mental consequences are confidently
predicted by wise, experienced and
conservative men, and a feeling of
alarm is already manifesting itself
among many lines of domestic produc-
ton.
1t is believed that in giving to com
peting producers in the lower. wage
countries the right to undervalue their
goods exported to this country the
tariff has already been revised down.
ward by diplomatic dicker and exec.
utive sanction.
III is believed that a dangerous prec-
edent has been established when tar
In schedules can be by indirection al.
tered without the knowledge. consent
or approval of congress, and without
consulting the domestic interests GER
tain to be affected
Is there not enough in this to tight
en- money strings?
First. a persistent determination to
create business instability through tar.
iff revision downward.
Second. the actual revision of the
tariff downward through the German
agreement. which is to be followed by
similar agreements with other coun-
tries
Taken together there would seem TO
be enough i'm these two conditions TO
account for the tightening OF money
strings.