Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1921-12-09

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! out Of our grant of war credits. Wit
the hands of the executives held impo
tent to deal with these debts we ar,
hindering urgent readjustments amonl
our debtors and accomplishing nothing
for ourselves. think'it is fair for tn,
congress to assume that the executiv,
branch of the government would adop
no major policy in dealing, with these
matters which would conflict with tn,
4 purposes of congress in authorizing tbs
loans, certainly not without asking con.
4 gressional approval, but there are
minor problems incident to prudent
loan transactions and the safeguarding
of our interests which cannot even be
attempted without this authorization
It will be helpful to ourselves and II
i will improve conditions among our
debtors if funding and the settlement
of defaulted interest may be negotiated
Merchant Marine.
The previous congress, deeply con-
cerned in behalf Of our merchant ma
Prime, 1920, enacted the legislative ship
ping law, designed for the upbuilding
of the American merchant marine.
Among other things provided to en-
courage our shipping on the worlds
seas, the executive was directed to
give notice of the termination Of all ex-
isting commercial treaties in order to
admit Of reduced duties on imports
| carried in American bottoms. During
the life of the act no executive has
complied with the order Of the con-
gress. When the present adninistra-
ton came into responsibility 1t began
an early inquiry into the failure to ex-
ecute the expressed purpose of the
Jones act. Only one conclusion has
been possible. Frankly, mem''ers OF
house and senate, eager as I am to, join
you in the making Of an American
merchant marine commensurate with
our commerce, the announcement OF
our commercial treaties would involve
us in a chaos of trade relationships and
add indescribably to the icopfusion Of
the already disordered commercial
world Our power to do so is not dis
puted, but power and ships, without
comfy of ofrelationship, viii not give us
the expanded trade which is insepara-
bly, linked with a great merchant ma
rine. Moreover the applied reduction
of duty, for which the treaty denounce-
ments were necessary encouraged only
the carrying Of dutiable imports Ito
our shores, while the tonnage which
pnfurls the flag on the seas is both
free and dutiable and the cargoes
which make nation eminent, in trade
| are outgoing, rather than incoming. Y
Permanent Tariff Law. 4
There is before y6u the contempla5
ton of enactment OF what has been
termed permanent tariff law, the
word permanent" being used to dis
tirguish it from the emergency act
which the congress expedited early In
the extraordinary session and which Is
the law today. I cannot too strongly
urge an early completion of this neces-
sary legislation. 1t is needed Ito sta
bilize our industry at home; 1t Is. es-
sential to make more definite our trade,
relations abroad. More, it is vitalfto
the preservation Of many Of our iown
industries which became so notably the
lifeblood Of our nation.
There is now, and there always will
be, storm of conflicting opinion about
any tariff revision. We cannot go far
wrong when we base our tariffs on the
policy of preserving the productive ac-
tiyities which enhance employment and
add to our national prosperity. -.
Must Save Ourselves. p.
We are creditor nation, not by nor
NAL processes, but made so by war. 1t
is not an unworthy selfshness to seek
to save ourselves when the processes
of that salvation ara not only not de-
MED to others, but commended to
them. We seek to undermine for 9TH
ers no industry by which they subsist;
we are obligated to permit the under
mining of none Of our own which make
for employment and maintained activ-
tiles. - -.
At this point must disayow any de.
sire to enlarge the executives powers
or add to the responsibilities of office.
They are already too large. If there
were any other plan would prefer it.
There is manifest difference OF
opinion about the merits Of American
valuation. Many nations have adopt
ed delivery valuation as to the basis
for collecting duties; that is, they take
the cost of the imports delivered at the
port of entry as the basis for levyins
duty. 1t is no radical departure, Ill
view of the varying conditions and the
disordered state Of money values, TO
provide for American valuation, put
there cannot be ignored the danger OF
such valuation, brought to the ieve'
of our own production costs making
our tariffs prohibitive. 1t might do 50
in many instances where imports ought
TO be excluded / believe congress
oupbt TO consider the deSirability Oh