The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-04-26
ViCe-Pres. Sherman Takes
Long Look Ahead In St.
Louis Speech
POLICY OF PROTECTION
GROWING VERY FAST
Mr.. Sherman Shows Benefits That Have
Accrued to the Country BY the
Working of the New
Tariff Law

ST. Louis, April 25-Predicting that The
tariff in general and the Payne law in
particular is sure to be the principal is
sue of the coming campaign, Vice Pres
ident James S. Sherman In a speech here
tonight said it was his duty as a pro-
tectonist to defend the policy. The
speech was delivered before the Citizens
Industrial association.
He said the policy of protection is grow
ing and that it is to be national rather
than political one. The forecast was
made that not within the life span of any
present living American will the policy
be abandoned
IT am one of those old-fashioned pro-
tectionists who believe in American wages
and American standard living" said the
Vice President, land that the way to
maintain these is by doing our own work
Such faith, however does not preclude
the occasional revision of our tariff and
the changing of duties either up or down,
to meet changed conditions in our in
dustrial and commercial transactions
But my faith does not include the
Judgment that such changes should be
made by the friends and not by the
enemies of protection said Mr. Sherman,
this was our creed and our promise to
the people in the last national campaign,
and believe we can claim that the faith
was kept the pledge fulfilled and he
that the tariff was revised substantially
and successfully
Carefully Prepared
Continuing. he 81 i'd:
mo previous tariff law was more care
| fully prepared, or more exhaustively con-
sidered than the law which went into
effect last August. 1t was not satisfac-
tory to all. No tariff law ever was.
ever will be. but It was the best law we
could get and its basic principle is pro.
lection.
1T has now been in operation over nine
months and we can observe the results
end determine whether or not it is a suc-
cess and a beneficial measure. This we
cannot do as partisans but business
men we can. and it is in this spirit in
tend calling your attention to the results
and operation of few of its features
First, from a revenue standpoint
question of its success exists During the
| fscal year to date our receipts have been
over S50, COO 900 more than dur ug the cor
responding months of last year. A year
ago now our defcit-that is the execss
of ordinary expenditures over ordinary re-
ceipts-was s7O,000,000. now 1t Is only about
SIS. 900, ,000 and 1t seems quite safe 70 as
sumo that that deficit will be very small
II not entirely wiped out by the end If the
| fiscal year.
I'm fact. in this particular the trainers
o. the Payne law builded even better
than they expected, as no one predicted
that the new law would give us a sur
plus during Its first year 1t is true that
year. but the gain to the treasury Is
largely due to the new tariff.
Workingmen Well Paid
"It will not be questioned that all
our artisans and mechanics are busy. and
| that with few exceptions all our work.
| ingmen are we'll employed and not only
employed on full time, but at the highest
wages in our history.
Hardly a day passes that we do not
| note the increase of wages granted by
some railroad some industrial enter
prise. And it is estimated that the adj
vance in wages which will be granted
this year will equal the stupendous sum
of s5G0,000,000
while this splendid result has come
to the wage-earners-and 1t is fair
sumption that it must have come first
to the employing casses-it has also come
In equal measure to our farmers
I'm fact, one of the reasons for the
| decrease IN exports OF loOuStullS Is pc-
eau the farmers can market alfcost
their entire output at home and at the
highest prices ever paid them.
$50 it seems that Sufficient revenue
| Is derived from the new law; We have
full employment for all our people, and
| the greatest reward for, labor, whether
on the farm In the factory or on the
railroads, ever known in our history, and
that means from 80 to 100 per cent more
than the reward of labor in other lands,
| is with III.
"1he universal desire is that such con-
ditions will continue.
surely, then. we ought to give such
| a tariff law fair trial.
| "While, however. we may be content to
await further developments of the law,
II is quite proper and consistent to note
what effect Il is having and make you
| look at our Industries. Today all seems
| well but we must have thought Of the
morrow and should note carefully the
| results from day to day, from week to
week and from month to month"; In or
der that we may be fully prepared to act
! wisely and well when the time comes
| again. as 1t will come, for another revi-
| sion.
! American Imports
rOur imports during the first eight
| months of the present fiscal year exceed
ed those of the corresponding months of
| the last year by over SO9,000,000, or at
the rate of over s3o0.0o0,000 a year. The
| increase in the imports OF foodstuffs Is
| irima terial, almost the whole increase
being In manufactures and material for
use in manufacturing, nine-tenths OF
which could undoubtedly have been made
in this country. t-ff
\ ITO that extent then. American pro-
l,duction has been displaced and at least
s25o0OO,ooo of American wages paid to for
eign laborers.
There are two very significant fea-
! lures OF this present state of our foreign
commerce. In the first place, it is neces-
sary that our exports should exceed our
imports by some sSooooo,o0O TO s4o0 00o0.o00
annually in order to make good our for
eign obligations and prevent the export OF
| gold. ~
"And these items, to me the most
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