Pueblo chieftain., 1921-12-07

1
ciencies In administration. I believe
further reductions may be enacted
and hindering burdens abolished.
In these urgent econimies we shall
be immensely assisted by the budget
system for which you made provisions
in the extraordinary session. The first
| budget is before you. Its preparation
is a signal achievement and the per-
fection Of the system, a thing impos-
sible In the few months available for
its initial trial, will mark its enact
ment as the beginning of tho greatest
reformation in governmental practices
since the beginning of the republic.
There is pending a grant of authority
TO the authoritative branch Of the
government for tbs funding and settle
mont of our vast foreign loans growing
out Of our grant OF war credits. With
| the hands of the executive branch held
| fmpotent to deal with these debts, we
| arc hindering urgent readjustInent
| among our debtors and accomplishing
nothing for ourselves. think it is fair
| for the congress to assume that the
executive branch of the government
would adopt no major policy in dealing
with these matters, which would con-
flict with the purpose of congress in
authorizing the loans, certainly not
without asking congressional approval
but there are minor problems incident
safeguarding OF our interests which
, can not even be attempted without
this authorization. 1t will be helpful
to ourselves. and 1t will improve con-
dit1ons among our debtors. II funding
and the settlement of defaulted inter-
est may ba negotiated.
The previous congress, deeply con-
cerned In behalf Of our merchant
marine. in 120, enacted the existing
shipping law. designed for the up
building of the American merchant
marine. Among other things we pro-
vided to encourage our shipping on
the worlds seas. your executive was
directed to give notice of the termi-
nation of all existing 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 this
order of the congress. When the
present administration came into re-
sponsibility 1t began an early inquiry
into the failure to execute tho ex-
pressed purpose of the Jones act.
Only one conclusion has been pos
sible. Frankly. members of house
and senate, eager as l am to Join you
in the making of an American mer-
chant marine commensurate with our
commerce. the announcement of our
commercial treaties would involve US
III a VI tidu6 ahA
add indescribably to tho confusion
of the already disordered commercial
world. Our power to do is not dis
puted, but power and ships, without
comfy of relationship, will not give
us the expanded trade which Is insep-
arably linked with a great merchant
marine. Moreover the applied reduce
ton of duty. for which the treaty
announcements werc necessary. en-
couraged only the carrying of dutiable
imports to our shores. while the ton
mage which unfurls the flag on the
seas is both free and dutiable. and
the cargocs which make a nation
than incoming.
1t is not my thought to lay the
problem in detail before you today.
It is desired only to say to you that
the executive branch OF the govern
ment. uninfluenced by the protest of
any nation. for none has been made.
II we'll convinced that your proposal.
highly intended and heartily support
ed here, is 80 fraught with difficult
ties and SO marked by tendencies to
discourage trade expansion. that In
vite your tolerance of non-compli-
ance for a very few weeks. until n plan
may be presented which contcmplatcs
no great draft upon the public trea>
sury. and which. though yet too crude
to offer It today. gives such promise
OF expanding our merchant marine
that It will argue Its own approval.
1t is enough to say today that We
are SO possessed of ships. and tho
American intention to establish n
merchant marine is unalterable.
that a plan of reimbursement. at no
other cost than is contemplated in
tho existing act. will appeal to the
pride and encourage the hope of all
tho American people.
There is before you the completion
Of tho enactment of what has been
termed permanent" tariff law. tho
word permanent" being used to dis
tinsuish It from the emergency act
which the congress expedited carly
in the extraordinary session and which
is the law today / cannot too strong
ly urge an early completion of this
necessary legislation. 1t Is needed to
stabilize our industry at home: 1t Is
essential to mako moro definite our
trade relations abroad. More, IL in
vital to the preservation of many or
our own Industries. which contribute
80 notably TO the very life blood of
our nation.
There is now. and there always will
he. n storm of conflicting opinion
about my tariff revision. We can
not go far wrong when VIC base
our tariffs on the policy of preserving
the productive activities. which en-
hance employment and add to our ma
tional prosperity
Again comes the reminder that we
must not bc unmindful OF the world
conditions. that peoples are struggling
for Industrial rehabilitation and that
we cannot dwell in industrial and
commercial exclusion and at the same
time do the just thing in aiding world
recognition and readjustment. We do
not seek a selfish aloofness. and we
could not profit by II, were 1t possible
We recognize the necessity of buying
wherever we sell. and the perman-
ence of trade lies in its acceptable ex-
changes. In our pursuit of marketa
We must give as well as receive. We
cannot sell to others who do not
produce. nor can we buy unless VIC
produce at home. Sensible of every
obligation of humanity. commerce and
finannn linked They in tho