New-York tribune., 1910-04-26
SHERMAN DEFINES ISSUES
Tariff in General and Payne Law
in Particular, He Says.
PLEA FOR MORE PROTECTION
Present Measure May Wipe Out
Deficit by End of Fiscal Year
Revision by Friends.

St Louis. April 25.-Predicting that
tariff 81 general and the Payne law in par
ticulsr was sure 10 be the principal issue
of the coming national campaign. Vice
President James :. sherman in a speech
before the Citizens Industrial Association
tonight said II was his duty as protec-
zionist 10 defend the policy. lie predicted
that not during the ltfe Of any living
American would the policy be abandoned
Air Sherman SAID in part:
] an one of those oid-fa shioned pro
4ectionists who believe in American wages
and the American standard OF living ana
that the nav 10 maintain these Is 10y doing
our own work Such faith. however. docs
not preclude the occasional revision OF our
tariff and the changing OF duties. elther
Mp or down. 10 meet changed conditions
in our industrial and commercial transac-
But my faith does include the Judgment
that such changes should be made by the
friends and not by the enemies OF protec-
zion. This was our creed and our promise
20 the people N the last national cam
psgn, and ] believe that the pledge was
fulhiled and that the tariff was revised
substantially and succeSsfullv
No previous tariff law was more care
fully prepared or more eXhauStlvely con-
sidered than the law which went into effect
last August il was not satisfactory 70
al No tariff law ever was or ever viii
be bur il was the best law we could get
ano its basic principle is protection.
As Revenue Producer.
First. from a revenue standpoint no
question of its success exists During the
fiscal year 10 date our receipts have been
over So. coo. 600 more than during the cor
responding months Of last year. year
ago now cur defcit. that Is the excess Of
ordinary expenditures over ordinary re-
ceipts. was SO 900 900. now il is only about
SIS 90. 90. and IL seems safe 10 assume
that that deficit viii he small II not en-
tirely wiped out 10y the end OF the hsoal
year
In fact. in this particular the trainers
of the Payne law builded even better than
the new Law would give a Surplus during
Its first year. II is true that expenditures
sre ntle less tnan last year put me
gain 20 the Treasury is largely due 10 the
new tariff.
Mr.. Sherman pointed out that the return
70 the fun volume Of employment had been
pronounced u was not questioned. he
said, that al artisans and mechanics Were
busy and that. with few exceptions ali
v'orkingnen We're wei employed on full
time and - the highest wages in the cOun-
try s history. lie continued:
Hardly a day passes that We DO not note
the increase OF wages granted by some
railroad or some industrial enterprise. and
y b. estimated that the advance IN wages
which VIII be granted this year viii equal
the stupendOus sum o. S550.eo0O0o While
this splendid result has come TO the wage
eernerS and % n a fair assumption that
II must have come first TO the employing
classes, il has also come in equal measure
20 our farmers
In fact one % the reasons for the de-
crease ln exports 81 fOOdStuffs is because
the farmers can market almost their entire
output az home and at the highest prices
ever received ny them.
There ar two significant features Of the
present state Of our foreign commerce. In
the first place. 4 is necessary that our ex-
ports should exceed our imports hv some
$4,000 CO. annually in order to make good
our foreign obligations and prevent the ex-
port OF gold.
Displacement of Production.
And the second, and 20 me the more i'm
rortsut. feature Of this great increase in
our imports IN manuta actured and partlv
nanuf actured goods is the displacement OF
American production.
10 danger need be feared. said the
speaker, OF enacting tariff law which
would be prohibitive. LAS long as We
provide large volume Of employment and
prevalent high wages for our people he
said, so long viii the aCcruing prosperity
enable US TO buy abroad such a quantity
Eitlce. Will continue 90 net revenue
70 meet our expenditures" He said in
conclusion;
II we do not anticipate and prepare. IL
we open the custom gates too far. then
We shall invite and have an avalanche OF
foreign goods thar viii close our mills
and drive our lsborers 20 idleness. Then
VIII wages and prices fan and compared
20 the consequent calamity an6 disaster
1hat WEI follow the depression of 1895
viii be as a summer shower compared with
an eQuinOCJial storm.
Congressman J. Sloat Fassett. of New
York, advocated ship subsidies. Exon
gressman J. A. Watson, Of Indiana, and
Joseph ". Fordney. OF Michigan, also spoke
briefly.