The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1913-04-16
= BANKERs, sEE BENBFIT.
Think New Tariff Will Relieve Con.
sumcrs.

features OF II more study. 1t was a
subject of general comment among
them. but so far what they think has
not taken concrete shape.
Louis Muller, q director in the First
National Bank and former head OF
the grain exporting firm OF Louis
Muller & Co., was among those who
freely expressed his views. He said
Merchants and manufacturers
who criticisc the tariff proposals of
the Ways and Means Committee seem
to think the large reductions will not
benefit consumers, but that the mon
ey which the Government loses will
so into the pockets of the middlemen.
l think this is entirely a wrong view.
Competition will regulate that matter
and merchants will not be able in the
end to hold out for larger profits than
are required to conduct their business
on a sound and reasonable basis.
Some manufacturers will undoubt-
edly have to adjust their business to
changed conditions. II they cannot
get labor cheap enough to compete
with foreign fabrics, they will have
to shift until they can. When they
realize that the change is permanent
they will have to do as many Of us
did when protective duties stopped
importations and fight it out on other
lines.
"a just government ought to favor
no one class at the expense of others
unless the public good requires 1t. 1t
certainly Is pity to pull down a fine
structure that has served its purpose,
but this is a matter Of common occur
renee when its destruction is neces-
sary TO avoid obstruction in public
improvement or when 1t can be re-
placed by another one that will COM
pensate for its loss and be more use
full in the future"
j. William Middendorf, Of hidden
dorf, Williams & Co., said he fully
approved the tariff policies Of the
Administration.
"All Of US have known since the
election" he continued, that a tariff
measure would be among the first of
the new policies President Wilson
would endeavor to put into effect. 1t
does not. therefore. come in any un-
expected and uncertain way. Having
anticipated 1t. II seems to me that
those who think they may be affected
have had timo enough in which to
prepare for any anticipated change.
President Wilson has said that he
intends to do nothing that will injure
the business interests OF the country,
and believe him. In all his acts he
has shown the utmost conservatism,
and I think We can fully rely on him
to be equally as prudent in this mat
ter.
II have no yet givon the tariff bill
the careful attention that I intend,
L
made OF some parts OF 1t I cannot
think that 1t will have any unsettling
influence.
THE country needs reductions, and
needs them badly. In many directions.
IL seems to me that the pending bill
strikes M at those commodities
duty and takes this tax off those neces-
stiles which are most in demand.
Surely this Is prudence and of a kind
that will result In much benefit. In
my judgment.
II think 1t can also be taken as Sig
nifcant that this tariff bill is not going
to upset any settled and legitimate
business enterprise because the New
York stock market has shown no
signs OF distress since it's provisions
were made public. This is always q
good barometer of how new policies
are regarded by those most concerned
The market has advanced on the news
and following the Presidents ad-
dress 1t had a firm upward spurt
This Is index enough for me that no
business harm will follow the enact
ment OF tariff bill along the sug-
gested lines"
Eugene Levering. president OF the
National Bank of. Commerce. believes
that the enactment Of the tariff will
do more general good than it will
work individual injury to special in
terests.
We all knew the change was
coming" hc said. therefore every
careful business man, l should think,
VIII have arranged to put his house in
order TO meet it. There can be no
two opinions, TO my mind, that a re-
vision downward in the tariff is alb
solutely needed. Whether the present
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