The Washington herald., 1921-08-27
SAYS PROSPERITY
OF NATION HINGES
ON SOLONS' ACTION
Tariff, Transportation
And Taxes Main Items,
Says Shedd. 3
SEES ASSURED CROP
Government Must Economic
In Expenditures to Re- :
lieve Tax Burdens.

CHICAGO. Aug. 20 Reply
ing today to numerous inquiries
from chambers of commerce and
business men throughout the coun-
try on the factors necessary for a
return of prosperity. John G. Shedd,
president of Marshall Field and
Company, threw responsibility onto
Congress.
my, Judgment on our future
prosperity will be formed on Con-
gressional action on three great
problems confronting us: namely,
the tariff. taxes and transporta-
uon." said Mr. Shedd in his state
ment
Returns from the agricultural
sections show an assured crop and
il the farmers are enabled to earn
a fair return through marketing
their surplus. products abroad. IT
will mean that a great buying
power, now stagnant. will be re-
viewed. The Fordney. tariff bill Is
the important factor toward this
end, and 1t Is vital that Congress
be made to understand that a law
that prohibits our buying products
OF foreign manufacture will make
it impossible for Europe to pur-
chase our surplus farm products,
cav materials, etc. Europe can
only Ply in its products; it has not
the gold.
This tariff bill now before the
Finance Committee of the United
States Senate contains many pro-
visions destructive to American bus
mess. and will impose upon the
consumer the burden of higher
prices. Chief among its objection
able feature is the so-called Amer
lean valuation plan. Upon CONS
modities upon which ad valorem
duties are assessed, duties are to
be computed, not upon he foreign
market value as In all previous
acts, but upon the Wholesale SELL
ing price" at which similar domes-
tic mercha ndise is sold in the prin-
cipal markets of he United States.
or in cases where no similar goods
are made in this country; upon the
wholesale selling price of the i'm
ported article or other like import
ed articles. The basis of foreign
exchange is regarded as the chief
reason for this provision.
Exchange Idea Erroneous.
The theory that exchange cheap
ems the product is not in accord
with the facts. as in our experience
we have paid in these countries
where deprecated currency exists,
in many instances over 1000 per
cent higher costs than those Of
prewar times. and on many in
voices this rule has been So posi-
tive that it is almost a truism.
The merchant who must buy his
wares six months to a year or
more in advance and be compelled
to make such purchases with no
idea of, what some American expert
or manufacturer thinks should
have teen paid for the Goodss, is not
only placed in an impossible posi-
ton but is actually prohibited from
trading in foreign goods. 1t Is my
Judgment that this particular fea-
ure Of the Fordney tariff bill Will
be so destructive to the revival OF
American business that a forceful
protest should be sent to Washing
ton.
Government Must Economic.
The government must economic
in its expenditures so that the
country can be relieved Of many
burdens of taxation. Industry and
the public at large will be happily
encouraged If Congress will
prmptly and ably revise our tax
laws effective January /. 1891. Cap
ital must be encouraged toward
business enterprise rather than be
forced to seek investments in nom
taxable securities. Costs must be
reduced So that commodities may
be sold at price within the
reach of all of the people
Transportation rates must be
lowered, and yet the capital en-
ployed in our great transportation
systems must be enabled to show
profitable return. The rules gov
erning the working hours and pay
Of the railway workers must be
changed so that the tremendous
existing waste of man power be
eliminated. which in itself would
warrant much lower transportation
rates and yet permit the railroads