Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-03-04
PRESIDENT WILSON VETOES
FORDNEY TARIFF BILL

practices ana economy, and the fact
that he has the assistance OF scieu-
tific nd practical agencies which in
respect to variety of activity, OF per
sonnet. and of financial support. ex-
cecd those of any other two or three
nations in the world combined. There
Is little doubt that tho farmers OF
THIS nation will not only continue
HhainlE TO supply the home demand.
nut VIII be increasingly called upon
10 supply large part of the needs OF
the rest of the world.
What the farmer now needs 10 NOT
ohiE better system of domestic
marketing and credit, but especially.
larger foreign markets for his sur
Pius products. Clearly. measures az
this sort Will not conducc tn nm nv
i'ansion OF the foreign market. IL is
not littic singular that Il measure
winch strikes Il blow 1T our foreign
trade should follow so closely unon
the actIon of Congress directing the
resumption of certain activities of the
war Finance Corporation especially
III the urgent insistence of rcpresen-
tativcs OF the farming interests who
believed that its resumption would
improve foreign marketing. Indeed
when one surveys recent activities In
the foreign field, and measures en-
''." affecting the foreign trade. one
cannot fail to be impressed with tho
fact that there is consistency onl, in
their contradictions and inconslsten-
cics. We have been vigorously build
ing up great merchant marine and
providing for Improvement of mar
k"tinS in foreign countries bv the
passage of an export trade law and
of measures for the promotion of
banking agencies in foreign coun-
tries. Now II appears that we pro-
pose to render these measures abor-
tive in whole or in part.
Intended ns Foundation.
II imagine there is little doubt
mat while this measure is temper
airy, ii is intended as a foundation
for action of similar nature of q
very general and permanent charac-
ter. 1t would seem TO he designed to
nave the way for such action. II
there ever was time when America
had anything TO fear from foreign
competition. that time has passed
cannot believe that American pro-
ducers, who in most respects, are the
most effective in the world. can have
any dread of competition when they
view the fact that their country has
come through the great struggle OF
the last few years. relatively speak
ing. untouched. while their principal
competitors are, in varying degrees,
sadly stricken and laboring under adj
verse conditions from which they
will not recover for many years.
Changes Of a very radical character
have taken place.
The United States has become a
great creditor nation She has lent
certain governments of Europe more
than $4,000, 100000. and as u result or
the enormous excess OF our exports
there is an additional commercial in
debtcdnegs of foreign nations to our
own of perhaps not less than $4,000
600. 900. There are only three ways
in which Europe can meet her part OF
her indebtedness. namely. by the es-
Establishment of private credits. by the
shipment of gold. or Of commodities.
II is difficult for Europe To discover
the requisite securities as II basis for
the necessary credits Europe is not
In 4 position ut the present time to
scnd ~ the amount of gold which
would be needed. and We could no;
view further large imports OF gold
into this country without concern.
''i'nc result. |" say the least would
L." 81 larger disarrangcmcnt Of inter-
NAT ional exchange and disturbance OF
have Europe settle her debts gov
crumcntal or commercial. We mus. be
prrrarcd TO buy from her, and If we
.As ta.a .,vsf as. he. at
materials, or. unis'cn products. We
must he prepared to welcome COM
nndi;ies which we need aud which
Europc will he prepared, with no lit
tie pain. to send US.
No Timc for barriers.
clearly. this Is no time for the
erection here Of high trade barriers.
II would strike 4 blow at the large
been made by many OF our great in
duStricS To place themselves on an
export basis, II would stand in the
way of the normal reimbursement of
world: which is as vital To the well
fare Of this country as to that OF all
other nations. The United states has
Il duty TO itself as We'll AS to the
by widening. not by contracting. its
world markets.
This measure mas only slight in
tcr"st so far as It's prospective rev
=
mated that the aggregate addition to
tn" nations income from it's opera
tiOr for ten months would be less
than $4,000 ace. and. of this more
than half would arise from the pro-
posed duty on sugar. Obviously. this
aud much more can be secured in
ways known 10 the Congress. which
would be vastly less Durdcusomc to
The American consumer and Amcri-
can industry.
The rates. however. have a pc
GUITAR interest. In practically every
ease the. either equal or exceed those
established under the Payne Aldrich
net, IN which the principle OF pro-
lection reached it's high water mark
ard the enactment OF which was fol-
lowed by an effective exhibition OF
protest on the part Of the majority
OF III" American people. | do not
believe that the sober Judgment OF
'hc masses cf the people OF the ma
iion, or even Of the special class
whose interests are Immediately nj
r"ctcd by this measure. will sanction
u return, especially i'm view of con
difions which lend even less justin
cation for such action. 10 policy az
i"g station for selfish interests which
VIII foster monopoly and increase the
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