The Idaho Republican. [volume] (Blackfoot, Idaho) 1904-1932, 1921-08-29
FINANCIAL RELIEF
UP TO CONGRESS
President Of Large Com
pany Gives Views on
Future Prosperity

CHICAGO, Ill.-Replying Friday
to numerous inquiries from cham-
bers of commerce and business men
thruout the country on the factors
necessary for a return Of prosperity.
John G. Shedd, president Of Marshall
Field & Co., threw responsibility
onto congress.
"My judgement on our future
prosperity will be formed on CON-
gressional action on three great
problems confronting us-namelA,
the tariff, taxes and transportation \
said Mr.. Shedd in his statement.
Returns from the agricultural
sections show an assured crop and,
If the farmers are enabled to earn q
fair return thru marketing their sur
plus products abroad, it will mean
that great buying power, now
stagnant, will be revived. The Ford
ney tariff bill is the important
factor toward this end, and it is vital
that congress be made to understand
that law that prohibits our buying
products of foreign manufacture will
make 1t impossible for Europe to
purchase our surplus farm products,
raw materials, etc. Europe can only
pay in its products; it has not the
gold.
"This tariff bill now before the
finance committee of the United
States senate contains many pro-
visions destructive to American busi-
ness, and will impose upon the con-
sumer the burden of higher prices.
Chief among it's Objectionable fea-
lures is the so-called American val
uation plan.' Upon commodities
upon which advalorem duties are
assessed, duties are to be computed,
not upon the foreign market value.
as in all previous acts, but upon the
Wholesale selling price at which
similar domestic merchandise is sold
in the principal markets Of the
United States; or, in cases where no
similar goods are made in this
country, upon the wholesale selling
price of the imported article or
other like imported articles. The
basis of foreign exchange is regarded
as the chief reason for this pro-
vision.
"The theory that exchange cheap
ems the product is not in accord with
the facts, as in our experience we
have paid in these countries where
deprecated currency exists in many
instances over 1000 per cent higher
costs than those Of pre-war times,
and on many invoices this rule has
been so positive that it is almost a
truism..
"The merchant who must buy his
wares six months to year or more
in advance and be compelled to make
such purchases with no idea Of what
some American expert or manufac-
tufer thinks should have been paid
for the goods, is mot only placed in
an impossible position, but is actu-
ally prohibited from trading in
foreign goods. 1t is my judgment
that this particular feature of the
tariff bill will be so destruc-
tive to the revival Of American busi-
ness that forceful protest should
be sent to Washington.
Transportation rates must be
lowered, and yet the capital en-
ployed in our great transportation
systems must be enabled to show a
profitable return. The rules govern
Ing the working hours and pay of the
workers must be changed so
that the tremendous existing waste
of man power be eliminated, which
in itself would warrant much lower
rates and yet permit
The railroads to operate on a profit
able basis.
"Our crops being assured; con-
trolling most of the worlds gold
supply; Europe owing us a huge !,
iebt that can only be paid, however,
oy our conservatively purchasing her
goods, it is my judgment that the
exercise of wisdom by congress in
ts enactments on the problems Of
he tariff, taxes and transportation
will stimulate business and the early
'eturn Of prosperity.
ION the other hand, IL poor judg-
nent is used in framing the laws on
hese three great questions, we will
10 doubt stumble on thru period Of
business stagnation and
lnrest. Salt Lake Tribune.