Every evening, Wilmington daily commercial., 1921-03-10

importations to negligible quantity nnd
would lead to retaliation from other
countries The Republican party has as
great task before IL as IL has ever
faced. After every tariff law the party
has gone down to defeat. although all
these laws. the Mckinley, Dingley ana
Payne Aldrich laws We're enacted when
the party was agreed upon the necessity
of IA high tariff law. quite the opposite
condition exists today. Wall street is
opposed to any immediate interference
with the Underwood tariff. on the
ground that higher tariff schedules
will end all business relations with the
stricken foreign countries and lead 10
a very serious condition at homo.
Few of the important. well established
industries asked for any change In the
schedule during the hearings the ways
and means committee conducted. some
OF the new Industries that grew up
during the war. such as tho dye INDUS
try especially. and those engaged I'm the
mining OF tungsten. asked for higher
rates. hut the steel industry as a whole
indicated satisfaction with the present
rates. These engaged In the making
of automobiles insisted that change
I'm rates would stinle tho industry In
I
business. In truth, about the only
American producer who took tarin re-
vision seriously was the farmer. who
conceived the idea that no was being
injured hy Canadian imports of farm
and foodstufYs. Canada Is sending win
ter wheat and some lumber into the
United states but not In sufI'Cient guam
titles to iniure the home market. Ex-
40
tho imports That country is now ono
Of tho best customers of the United
states and 10 disturb this business II
is argued. would mean thnt the United
states would suffer in the end Ca
madam officials have announced that II
the tariff is raised to the disadvantaKe
Of the country. u viii no compelled TO
adopt retaliatory measures.
No Reason for Increase.
In truth. the situation is that there
is no ron son 20 increase the tarin
schedule now. There Is very little com
ing from abroad as compared with the
power ri foreign countries to buy of
us as soon aE a credit system Il es
"a hlished Experts say II the tariff
schedules are raised 20 tho disadvan
taee ~ Europe our surplus products
can not he absorbed. and the result
there will no an overprodurtiou here
which will quickly lead 70 prices drop
ming below production costs in some
respects.
PenroSe Would Prefer Delay.
An theac conditions arc fully realized
hv the advocates of protection n
Senator Tenrcsc consulted hiH own
wishes and followed his intimate knowl
edge ~ conditions he would not counsel
a revision of the tariff for another wear.
untf such time as normal industrial
conditions ~ home and ahroad appear
II is believed however that he viii hr
led aIcnR by the clamur among tho
western congressman for tho imposi
tion ~ 2 higher tariff on farm products
as a means If haltirg the falling prices
on farm commodities. which is the frst
Indication Of a return u rormalitv and
deflatjon of war prices.
Nj ponrose and Representative
Nicholas IouEworth ~ the House WAYS
and means committee believe that the
prosperity cf the country can ~ best
served ~ a revision ~ the war revenue
laws fret and tariff revision under
taken later in the wear They saw that
over, taxpayer is struggling under the
biE taxes and IL production is 81 con-
tiruo There must he come relief put
this relief can not come through man
made laws II can come only through
The practice Of economy tho reduction
of government expenses. and the lor-
pinE IN of unnecessary expenditures
This saving can not he large hut t
would help some
Ir the next o- months the govern
mont under its present laws viii hc
called upon to pay about IS o0p ono 600
This great payment results from the
cancellation OF tho Liberty honds the
war savings bonds and treasury ccr-
tficates. II is believed that the special
session Of Congress 10 pass laws to rc-
fund the obligations into long term
bonds SO that some Of tho expense ~
the war can be carried by future gen
orations About "a per cent Of the wal
cost has heeu paid for hy tho present
taxpayers through direct taxation II
this plan is followed the taxes can be
reduced slightly in the next 16 months
The Republican leaders are deiermin-
ed 70 repeal the excess profit taxes.
which have yielded about $500 600 600.
They say that these war taxes. a s well
as the taxes on transportation and soft
drinks. can be repealed without the
necessity Of resortirc 20 a salas tax
Those who are supporting such action
say that Increased tariff schedules Will
bring in about $3.50. 600 600 and that the
remainder OF the loss from excess
profit and other taxes can he made up
from direct tax Of - per cent on cor
porations or a tax on undivided sur
plus.
The fiscal policy TO be pursued by the
special session Of Congress viii he dis
cussed and probably decided IN a ten
tative way at a conference this week in
which Secretary Of the Treasury Mel
Ion. treasury experts and Republican
members of the House ways and means
and senate finance committees viii
rlattiCinatP