Pueblo chieftain., 1921-02-20
EMERGENCY TARIFF WILL DE
But OUT or TT WILL COME A
CAREFULLY PREP AIRED MEASURE.
Question Of Tariff So Bound Up With That Of the
Allied Debts to America, Legislation Cannot
Be Hastily Passed
will be introduced as soon as the new

will be introduced as soon as the new
session gets underway.
As it usually takes about nino
months for a tariff bill to go thru
Congress. We can take it completely
for granted that after a few weeks we
can look forward to practically the
entire remainder of the present year
as a forum for argument about what
this country is going to do as to tariff
policy. At the same time there Is now
and will be for many months to come
a subject that is certain to involve an
almost equally large degree OF ndn DIS
cussion. This subject is the 10000
100000 debt that various European
governments owe us.
That these two subjects arc indis-
solubly united Is known by every per-
son that has a students interest In the
tariff, and by everybody else who has
thought into tho future with any de-
gree of thorouGhness. In the course
OF time, this fact, that the two sub
jects are indissolubly united, will be
known to congress. Already in the
debating over the emergency tariff
now dying, some glimmerings of light
appeared in the utteranees of few OF
the speakers on both sides.
The Choice Before Congress
Put in simple terms for tho infor-
nation of the casual reader, the rela-
ton between high protection and fore
ign loans may be stated roughly in
these sentences. IL the SO. 600. .ooo coo
owed to us by foreign governments is
to be collected then this country must
give up the high protection policy
which 1t has hitherto pracuced. stat
cd the other way round II this country
is to follow a policy OF high protec-
ton. then 1t must give up the expecta-
ton OF collecting our foreign loans.
NO N rnvnTnnentS that 0wc
us $40 COO, 900. 600 and tho European
municipalities and private citizens
that owe US some a.ooo. 100000 more.
cannot pay those debts, nor even tho
interes. on those debts. in gold. They
can only pay them In goods. II We
adopt tho policy of high protection
they cannot pay in goods.
In all the recent debating on tho
tariff thero were Just five mon who.
in their speeches, seemed to show that
their minds were beginning to be awtfe Q
of n dawning light of the effect that
portectional policy. By tho fact that
recently we have become a large lend
er OF money abroad. 1t WAS natural
enough that tho Democratic leaders
should SEQ 1t first. for IT is a condition
that plays into their hands.
Tho truth Ia. we are face to face with
party rcalignment on this subject OF
protection. Congressman Raincy saw
II as least dimly. when he said. We
may approach a time when there Will
be a rsalignmcnt OF parties, but so
far as l am concerned, no matter
whether that reslignment occurs or
not, / propose 20 stand for the princi-
pies for which my party has stood.
Apparently. Congressman R1iney
wasn't very comfortable about this
new recruit to the Democratic rsnkH-
He was n little startled to find among
the ragged remnants of his party n
mysterious stranger In frock coat
and n SILK hat, a capitalist castcrner
that pays big taxes; invests money in
foreign loans and wants II made pos
sible for Europe to repay those loans.
OF course there Is still a huge part
Of the prosperous and capitalist sec
tions OF tho east that has larger
stake in their role OF manufacturer
than In their role OF investor. but that
Is right where tho cleavage comes.
A large section of tho Republican
party that has formerly recognized no
God but protection is now certain to
consider whether they had not better
bow down to tho God OF facilitated i'm
ports from Europe
only Two ways Out.
or course. there are Just two and
only two ways out for this high pro-
~ parn ctry,npN