The Ontario Argus. (Ontario, Or.) 1???-1947, 1916-06-22
Low TARIFF IS BLOW
TO NORMAL TRADE

blicity association, through It's presi-
dent, Jonathan Bourne, Jr., today
gave out the following statement at
it's Washington headquarters:
"Emboldened by their unchalleng-
cd assumption that the democratic
administration has brought whatever
degree of prosperity this country ia
now enjoying, the democratic nation
al committee now expressly asserts
that the democratic party has over
come the period OF depression and
has placed American industry on its
feet again.
1.-THE chief factor in determining
Industrial conditions is the balance
OF trade The following table shows
our monthly balances OF trade be-
ginning with October, 1913. when the
Underwood tariff law was enacted,
and covering a period of IA months.
from which IL will be seen that at
the time the democratic tariff be-
camo effective the monthly balance
was largely in favor OF the United
States but Il steadily diminished un-
I'll April. 1914, when the balance OF
trade was against US and continued
against us until September, one
month after the outbreak of the
European war:
October. 1913. Elk. exports, $780,
976,15s.
November. 1913, ex. exports, S97.-
S33,s56.
December. 1913, ex. exports, $4s.-
9O0.104.
January. 1914, ex. exports. s49.-
713.394.
February, 1914. ex. exports. $685.
s4s,40s.
March. 1914, e1. exports, s4,7S6.-
ESQ.
April, 1914. ex. imports, $11.345.-
GO6.
May. 1914. OK. imports. s2,i76,S96
June, 1914. OK. imports, $457,4O6.
July, 1914. ex. imports, s5,53S.S44
August, 1914, ex. imports. sl9'-
39s.776.
September. 1914, ex. exports, sie'-
247.722.
October. 1914. ex. exports. $780,
e3o.650.
November 1914. ex. exports. S7s,-
4i1.27i.
December. 1914. ex. exports $780,
976.Ol3.
''From that time forward the
monthly balance of trade In our fay-
or steadily increased until II reached
more than 5000. 900. 900, unparalleled
in this or any other country.
Our Increase exports were made
up chiefly OF commodities used In
war. During i2-months' period
prior to the influx OF war orders our
exports of 81 commodities necessary
for maintenance OF armies amounted
to anly s5O5. .34S, 900, but In the first
12 months OF the war the exports OF
these same commodities leaped 20 the
unprecedented sum OF si,blb'b42-
600.
"The fact that the war caused the
great increase in demand for our
products is further demonstrated by
the record which shows that our ex-
ports TO nations at war or adjacent
nations through which supplies we're
transmitted, increased nearly BILL
lion dollary in the l2-months' per-
iod, while there was no material IN
crease in exports TO all the rest OF
the world.
"The figures presented apply only
10 foreign trade conditions. There
are other, and, perhaps. no less Inn
portant factors which have been ma
terially influenced by democratic ad-
ministration. For instance, prior 10
the beginning of the war American
tourists were spending in Europe
sums estimated at from $3OO'OOO'OOO
TO $500, 100000 annually, this con-
stituting net outgo for which we
had no corresponding income The
war not only shut off this expendi'
ture. but induced American citizens
TO spend a corresponding sum at
home, thus helping to give employ
ment to American labor.
again, as everybody knows large
amounts of American bonds and
stocks we're held by foreign investors
TO whom we paid interest and diVid-
ends amounting annually TO many
millions of dollars. After the reop'
ening of the stock exchanges more
than a billion dollars worth OF these
securities we're returned to us and
were bought by American investors
here.
mot only have these factors con
tributed in an enormous measure &c