Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1910-04-26

I
tariff in general and the Payne law in
particular were sure to be the prin-
cipal issue of the coming national cam
paign, Vice President James S. Sher-
man in a speech before the Citizens
Industrial Association tonight said il
was the duty as a protectionist to de-
fend the policy. He predicted that not
during the life Of any living American
| would the policy be abandoned.
| Il am one of those old fashioned
protectionists, who believe in American
wages and American standard of liv-
ing" the Vice President said
And that the way to maintain these
| is by doing our own work. Such faith
however, does not preclude the occa
sonal revision of your 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 include the judg-
ment that such changes should be
made by the friends and not by the
enemies OF protection. This was our
creed and our promise to the people
| in the last national campaign. and
believe that the pledge has been fulfill
ed and that the tariff was revised and
substantially and successfully.
mo previous tariff law was more
carefully considered than the law
which went into effect last August. 1t
was not satisfactory to all No tariff
law ever was or ever will be, but it
was. the best law we could get and its
basic principle is protection.
nine months, and we can study the re-
suits and determine whether it is a
successful and beneficial measure.
First, from a revenue standpoint,
no question of its success exists.
II believe it will not be questioned
that the return to a full volume of en-
ployment has been pronounced. And
not only are our workingmen employ
ed 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 or 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 $500, 100000. While this splendid
result has come to the wage earners
and it is a fair assumption that it
must have come first to the employing
| classes, it has also come in equal
measure to our farmers.
In fact one of the reasons for the
| decrease in exports of food stuffS is be-
cause the farmers can market almost
their entire output at home and at the
highest prices ever received by them
while we may be content to await
further developments of the law, II is
proper and consistent to note what eff
feet it is having and may continue I"
have on our Industries. Today all
SENS well, but we must have thought
of the morrow and should not carefully
the results from day to day that we
NAV be prepared to act wisely and well
when the time comes again, as it will
come, for another revision. Some
duties may still be too high. some may
need no change and some, it may be
thought. should be increased. il we are
to continue to do our own work. and
maintain our present volume of en-
! ployment and high standard of wages
and living.
imports of food stuffs indicated for
this year is immaterial, almost the
whole increase being in manufactures
and material for use in manufacturing
nine tenths of which could undoubted
ly have been made in this country.
ITO that extent then, American pro-
duction has been displaced and al least
| $3.50, 900 900 of American wages passed
to foreign laborers.
There are two significant features of
this present state of our foreign COM
merce In the first place, it is neces-
sary that our exports should exceed our
imports by some $350,000 annually in
order to make good our foreign obliga-
lions and prevent the export of gold.
And the second, and to me the more
important feature of this great increas sc
in our imports in manufactured and part
ly manufactured goods, is the displace-
ment of American production.
Il will not assert that up to the pres
ent time 1t has endangered any American
| industry. With the increased volume of
| employment that has come with the new
tariff law and the great increase in wages
and consequent purchasing power. has
come an ability to absorb these imports
in addition to the absorption of domestic
| production.
Il call attention to this condition OF az
| fairs for the one purpose of asking If 1t
| would not be well to examine closely into
| the matter of increased importations and
to consider whether, when we again re-
wise the tariff, it will not be necessary
to check a sentiment for further down.
| ward revision and perhaps instead resort
to revision upward to some schedules.