Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1921-09-14
SPEECH OF SENATOR A. A. JONES'
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| what would happen to the great
cotton crop of this country if we
were to put a ban upon any further
export. We export tWo-thirds OF
the cotton crop of the country. l
would like to ask anyone to point
out how we can increase our con-
sumption of cotton goods to the
extent of zoo per cent of our present
consumption. Again there is the
wheat crop. We are exporting this
year just about one-third of it. We
export wheat in large quantities
every year. We are large exporters
of copper every year, and various
other Commodities to which | might
refer. But wish to especially refer
to the meat production. We exported
meat last year to the extent of
about two billion pounds. l ask
you If that isn't of some import
ance to the meat growers of this
country? But, my friends, / don't
believe that you will be affected
by that argument that we ought to
build a stone wall around the
United States and live unto our
selves" | believe you know that
we are part of this other world In
an economic sense, and that we
cannot isolate ourselves and fight
lone battle. Let me call to your
attention another fact. We must
export If we are to prosper. How
DO we expect to get our pay? There
Is only about eight billions of dol.
lars Of gold in the world used as
money. The United States TODAY
mas 40 per cent of the entire sun.
ply, leaving to the rest of the world
a little more than three and one
half or four and one-half billion
collars in gold. The balance of
trade in our favor last year was
over three billion dollars. If they
paid the balance of trade for that
one year we would have taken
nearly all the supply of the rest IF
the world. But no one who Is
oognizant of that situation will say
that that is policy-that they
should pay in gold, Then there
are just two other ways by which
these commodities which we pro.
duce can be paid for. One is that
We may extend further credits.
just think for a moment! The
great banking system of this coun-
TRY today is congested with frozen
credits growing out Of financing
our foreign trade. We have finan-
ced these foreign countries already
TO the extent of about five billions
or dollars. How much further can
we go? Moreover, how much
higher do we want to pile the in
debtedness of the rest of the world
to the United States2 If we con-
tinue to pile it higher and highe.
without any reduction, where Is
the benefit to the people of our
nation During the war we loaned
to other nations about ten billions
of dollars. How do they expect to
pay It? We are burdened with
taxation today. We have these
credits due us. Don't we want
them paid in some way, and how
can we doH? You can't have il
paid in gold. Then there is only
one other method and that is to
have it paid I'm commodities of the
debtor country. Moreover we have
expended the billions in the up
building Of d merchant marine. 1t
has been the pride, I believe, of
the representatives Of this country
regardless of party. At any rate
the present president of the United
States pointed with pride to this
great merchant marine which we
had built up and made the avo wal
that the merchant marine should
be maintained. i ask how long
merchant ship can be maintained
il it carries goods only one way.
And that's what it means when
ever you say there shall not be
amy imprtation of commodities in
to this country. 1t absolutely de-
stroys the market for tho surplus
products which this country pro-
duces in abundance. 1t would de-
stroy the wheat farms of this
country; it would destroy the cot
ton growers of this country; 1t
would destroy the copper producers
of this country and the meat pro
ducers of this country-and many
others which I cannot enumerate,
will be absolutely destroyed, unless
this foreign trade is built up and
maintained. Now I want to ask you
my friends, if you are willing to
endorse the things which this lead
ership in the republican party Is
advocating and putting into legis-
latien bearing upon that subject!
Fordney Tariff Bill.
Just recently there passed the
house of representatives a tariff
bill, / wish / might have time to
discuss that bill somewhat in de-
tail. But that it will destroy indus
tries of this country l believe there
| is no doubt. Just before leaving
Washington. asked an expert
from the internal revenue division
of New York port who has been
employed by the finance commit
| tee, to give me his estimate as to
how the tariff bill which passed
the house, the Fordney bill, COM
pared with the Payne Aldrich bill
You will remember that the Payne
Aldrich bill was denominated one
of the highest protective and pro-
| hibitive tariffs which this country
| has ever had, and you will also re-
member that it wasn't long after
| the passage of that bill until the
party which passed 1t went upon
the shoals and the democratic party
| came into power. / asked this
expert how the rates in the Ford
ney bill compared with the rates
in the Payne Aldrich bill. The
| whole system is changed in the
two bills. In the Payne-Aldrich bill
as well as in every other tariff bill
which has ever passed in this coun-
| try, there has been so much of a
tariff based upon the cost of the
| commodity in the foreign country.
In this bill 1t is based upon Amer
lean valuation. That hides. my
friends, high protective feature,
lin my humble opinion, advanced
IL not for the purpose at least with
the result of deceiving the people
of the United States. will explain
what this means. We will take as
an illustration a SO per cent tariff.
Under the old law If there was
SO per cent tariff and the COM
modify cost abroad $500, the tariff
would amount to $1.00. Under this
bill, and assuming the commodity
cost about $500 let us figure 1t out
as a matter of arithmetic, what the
percentage is. That is so per cent of
the American sale price. In every
sale price there is one hundred
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