The Hartford herald. [volume] (Hartford, Ky.) 1875-1926, 1921-08-03

/ Republican economists, has not for
| gotten, and his newspaper, the
J Washington Herald, has recently
called attention to these changed
conditions with particular reference
. o the tariff question. In its issue
of Feb. 9, 1921, the Herald editorial
ly pointed out the difficulties, II not
impossibilities, of equitable tariff
adjustment, which apparently has
been unheeded by the junker tariff
makers and their beneficiaries, the
highly protected campaign contribu-
tors. 1t said under the above cap
ton:
1t is one thing to be the worlds
greatest debtor nation and quite an
other to be the worlds greatest
creditor nation. 1t is another dis
turbing factor to have a compare
tive equality among the money of
all nations change so that this is the
only one of the great trading ma
tions, whose money values have not
greatly deprecated as compared to
that of its commercial competitors.
1t is a vexing element to have these
relative values as variable as is the
number of competing nations.
$50 tariff that would adequately
protect American industry as to
Great Britain might be wholly in
adequate as to France, Germany or
Italy. Another variance of this
problem is found as to Japan, as to
the new Europe and all the neutrals.
1t would take not a. fixed infiexible
tariff law. but financial legerdemain,
to adjust these differences, equita-
bly, and readjust them with constant
exchange fluctuations.
"Yet this is but a start in the
! labyrinth of tariff adjustments, il
there is to he a tariff revision. Not
only does Europe owe this govern
ment $4,000, 900, 900 on which it
cannot even pay the interest, but
European governments and traders
owe American traders and our peo
pie in commercial debts and on Sc
curities, over S3,OOO,O00,000 more.
ut is recognized by everyone that
the bulk of this combined credit.
far greater than was ever carried
by any other one nation. must be
paid in goods and materials. II can
be paid in no other way, and that
means imports. A high tariff would
tend to prevent, through our own
act. the payment of those debts due
us.
There is a growing feeling which
may become conviction, that not on
ly any increase of exports from the
United States will depend upon an
increase of imports. but that even to
maintain an equality of exports will
demand this greater proportion of
imports. On this event the present ,
credit relations depend; while only !,
trough greatly expanded imports
can credit capacity and credit
stability be expanded.
But even more than this come
the feeling that Americas own
domestic purchasing power is quite
dependent upon Europe's ability to
buy and pay. Even in foods, the
products of the farm, Europe has an
eager market for all American sur
plus, If it can make on this ex-
change. But it cannot pay.
IF this surplus can go where it
is wanted and needed, the farmers
will have the money to spend II 1t
has to stay as now on the farms and
in elevators, the farmers will be in
their present financial stress and
have to take reduced price on all
their crops. What is true-if true
of the farmers is equally true of
all products of the mills and fac
tories.
at is comprehenGng this wholly
new American situation, that is Civ
ing lot of high protectionists
pause. 1t has ranged the financial
powers OF the country back of a
policy of 'leave it alone" II is
winning converts among just the
folks"
Democrats First For Disarmament
No one will deny to President
Harding any credit which may be
due him for his proposal to call
conference of the principal allied
and associated powers on the reduc-
tion of ornaments. II by the inclu-
sion of China as one Of the confer
ring powers a peaceable solution is
found for the Far Eastern question
there will be additional cause for