Every evening, Wilmington daily commercial., 1921-04-26
Circulation Every 1890
Evening Yesterday lCCOO
TUESDAY. APRIL -. 1921.
THIS TARIFF QUESTION.

THIS TARIFF QUESTION.
In the mass Of propaganda which |
naod4 every newspaper otiice-speciai
,a,ad.uca written by special press !
.,.,ufs who are calling upon the stars
1, witness our .lfercd need Of a high
tnrin waI around infant industry.
comes occasionally a htt q economic /
r,c, compiled by the Guaranty Trust
,onpany of Ncw York city.
business tryiur 70 influence the
t.a.rur 81 the country. tn dcmagogue
ataat without reading ~ articles in
... Yet rrre Same representative
nr tue 4s stoadyinE
n,.a.,. vn.. a-l,, T. e,rt.dn men who
j., urth.r than thcir noses, and
vino ,,uuat uud.rstnnd tho simple pro
f..a.a. tnt ne welfare ~ me Who'll"
u,oe important than any given part.
wtaa ne arerts q various indus
,.u ..ur.rs from newspaper
onc. t Washington and back arain,
,ra i tnrt wake me seeds e
vU Il heaven e protect some
.n uar, inc economists e this
n.aL ,ry r,nd,rlnr 4 rial public ser
IS po.nurp out The fallacy q the
i SIS tuiG doctrine,
rh, Guaranty survey" az economic
.lrW 81 th. United states which has
l..r .anrucd by tn Guarantee Trust
company n Now York city. contains
..n, salient facts which should hc re-
memhercd in these parlous days whom
current Thought 50 frequently IS coiored
4, the representatives 81 various inter
u Who care not tinker's damnation
N. welfare of the entire country,
h.t who rh,nk only in terms Of their
Il .or.l brad and butter.
n IA, did not know that tho follow
,re extract cau'c from great national
l.re.ne house. tho reader would natur-
nh, n. ncvc that i Was written 10y some
college professor q the free trade
school. Yet 1t was pcnned h> banker.
uno has sense cnourh 10 SGT the right
respective On this tariT matter. It
both interesting and illuminating,
r. i shows that sane business men,
y bo are advancing no particular in
ot.strv realize that ALL American in
,l.str..s Will prosper II we offer our
iareicn purchasers the opportunity to
mark, their goods with US. The ex-
tr,oi 1llows
Although this legislation is urged
4, b.haIf ~ thc farmers OF the coun-
r., i doubtful II the placing Of
i.mp. ~ embarro AGAINST imports at
tD.s um, vii remedy the conditions
..mr.aturd OF Measures Of this char
a..a can Ur4ly produce results which,
i m. end WIN prove uueconomic and
usound and viii not reach the funda-
mental cause of the present unfortunate
I..sh, IN which the farmer is now placed
h respect Of ms uusold products.
A,.u relief of the present condi-
M come only through tn creation
j. u,o markets and outlets for the
duc.. q thc farmer and not in arti-
ial., increasing IN, price Of goods
entering INTO domestic consumption.
Thus result can be accomplished best
h. opening ar our foreign markets to
take over our surplus supplies.
The enactment Of such tariff bill
vould bc step backward N the cstab-
hshment OF normal industrial condi-
mons. IN, late war has brought radi-
cal changes in the relative positions Of
tnc countries of the world and the
Tor nation. instead Of debtor nation.
Following the Civil War. q high pro-
tective tarin. with now and then tenn
prar9 reductions. was maintained; and
at the cIuse Of the Nineteenth century
average rates were higher than az the
beginning Of the period. Notwithstand-
iug the tendency Of the high rates 10
exclude foreign goods from our markets
Ill, harmful effects were limited by
IL, fact that throughout the period we
ver, 4 debtor nation. The annual ex-
,,-s ~ exports maintained. with two
uulmportant exceptions. from 1874 on
represented in large part the payment
a. interest and dividends on foreign
capita invested in this country.
Toda. the situation is quite the re-
verse b is not possible for Europe tC
send securities sufficient % establish the
nrcessar, credits Neither is Europe
~ position 70 send us gold in the
quantities which would be required