The New York herald., 1921-07-18
American Valuations.
They Are Part of the Fordney Plan
of Protecting Home Industry.

To THE NEW YORK HERALD: There is
evidence which will show the impartial
observer that in the midst of the COM
plicated conditions now existing abroad
combinations with great potential wealth
have been formed to take advantage or
these very conditions and capitalize
them for the purpose of dominating
world trade. Germany is cited particu-
iarly as suffering from the heaviest or
burdens, yet in THE New York HERALD
OF July 8. in an article headed Trade
War Awaits Stinnes's Arrival" we are
told that the German capitalist has
n ade a huge fortune during the war
and now controls industries with a cap
ital of s,0o0.Oo0,ooo marks; that he Is
Luilding a great fleet to carry German
PRODUCTS and world trade, with the idea
of domination of world business.
1t would hardly be cafe to consider
him as anything but what he is--a hard
headed business man of marvellous
grasp and wonderful ability. Hearings
before the Ways and Means Committee
show that German exporters have been
selling TO us not at the lowest possible
price to get trade but at price which
is making great profits for them.
The truth of the matter is that the
depreciation of foreign currency in the
countries which are competing with our
industries Is enabling them to export
and pay our duties under the present
inadequate tariff with big profit to
themselves and the importer. and the
da in, he IN ri io
that the rates will be insufficient to en-
able domestic manufacturers TO Keep any
substantial part of the business they
developed during the war;
It, Is quite evident that the manufac-
turers In those countries are preparing
to food the markets of the world with
their goods and that the huge comblna-
tions-we would call them trusts and
try to legislate them out of existence
are for the purpose of gaining by an
economic war what they failed to get
by force Of arms. To that end they are
prepared to exploit their underpaid labor
tC the utmost and their labor appears
to be perfectly willing to be SO ex-
plotted. Their answer to higher duty
will be, as heretofore, a reduction of
price, so the proponents of a tariff for
revenue should be satisfied.
The only feature of the proposed bill
which can possibly give the foreign man.
ufacturer and our altruistic importers
occasion for alarm Is that providing
for the assessment OF duties on Ameri-
can valuation. Reduced 70 simple terms
that means that instead of compelling
our customs appraisers to nx duties on
declared foreign values. ofttiines less
than actual costs but difficult to de-
termine accurately, duties will be az
sessed on American values easily deter
mined. II is this part of the proposed
bill which is drawing the fire of the I'M
porters and against which all of their
efforts are being concentrated.
Without this clause no advance In
rates which timorous Congress Is
likely to enact will suffice to protect
many Industries The only alternative
course would have been measure pro-
vding for an adjustment OF exchange
rates and this would not have beon ef-
fective against the cheap labor of the
Orient. THOMAS III. HALL.
JERSEY CRY, July 16.