The daily times., 1921-09-08
UNSETTLED
World Trade in Chaotic
State and Values Too Un-
certain. Foreign Exchange
Must First Be Stabilized as
Well as Cost of Manufacture
ing.
(By David Lawrence).
0by DIV To Id " SLINtJ
Copyright, 1921, by The Daily
Times.

Times.
Washington, Sept THE death
knell of tariff legislation this year has
been sounded. President Harding still
expresses the hope that Congress may
pass u tariff measure this year but
the true state OF Administration feel
ing about what Will happen IS eX-
pressed by Will Hays, Postmaster
General who after long conf ence
at the White House the other day pre-
pared 4 speech for delivery in Cle*@- /
land VIII 'ch has irst been released
and Conta.ns this significant pre- iit- !,
tiou:
Referring to one phase Of the ac.i- !
witty at Washington, peculiarly econ
omic-the tariff. To thoughtful men
there must be approval of a certain +
hesitation and disposition to be eau
.tious and determination to he sure
footed in the consideration OF this
subject. If I were to attempt to ex-
state of mind of Congress and
thoughtful men about the tariff, it
would seem to me that it amounts to
a feeling that the present year is not
manent tariff bill to last for many
years to come Conditions through
out the world are too chaotic to be
able to foretell exactly what is need
or
which tariff is built namely the
cost of manufacturing in various Eu-
Eropean countries and relation to our
own cost of manufacture and the
| European countries with relation to
the value of our own currency is at
the present moment as fluctuating as
QuickSand and as unforseeable in the
! tariff built upon such a foundation is
difficult, of course. 1t has been
| thought by many that we could over
come these handicaps by a device
which we called American valuation,
and which provided that all customs
duties should be estimated upon the
value of goods at the time when they
arrive in the United States and in
terms of American money Looking
carefully into this, it has been
thought that this device might not
overcome the handicap and further
might have boomerang effect ON
our own interests. The end of it has
been that we have appropriated $1OO,
600 to investigate this device and
otherwise determine what might be
done to help up toward writing a
| permanent tariff. These conditions of
fluctuatio nand instability which
make the writing of permanent
tariff so difficult at the moment may
in some measure be relieved after the
disarmament conference has taken
place and we have accomplished steps
which the President has in mind for
the adjustment of our international
relations -
If Will Hays were simply the usual
Cabinet philosopher his utterances
might not carry as much significance
as they do but he was chairman of
the Republican National Committee
and managed the last presidential
campign during which time hopes
for a tariff were expressed by many
Republicans only to be Offset by Wig
orous opposition from New York
bankers and business men who be-
lieved that America as a creditor ma
tion should not erect tariff bill
which would keep Americn ships
from carrying return cargoes. The
truth is the Administration has dis
covered that the export trade of the
United States is not an insignificant
factor in a business revival and that
ways nd means must be found not
only to finance but to stimulate i'm
d