The Farmington times. (Farmington, St. Francois County, Mo.) 1905-1926, 1921-07-22

there has been a.world war. But Her
bert Hoover, who perhaps ranks high
est among" Republican economists, has
not forgotten, and his newspaper, the
Washington Herald, has recently call
ed attention to essSehanged condi-
tionsswish s;psrtiedlnr referehce to the
tariff 4heAtion. In its issue of Feb.
9, 1921, The, Herald editorislly pointed
out the difficulties, if not impossible
titles, of equitable tariff adjustment,
which apparently has been unheeded
by the junker tariff makers and their
benefciaries, the highly protected
campaign contributors. 1t said under
the above caption:
at is one thing to be the worlds
greatest debtor nation and quite an
other to be the worlds greatest cred
itor nation. 1t is another disturbing
factor to have a comparative equality
among the money Of all nations change
SO that this is the only one of all the
great trading nations, whose money
values have not greatly deprecated
as compared to that Of its commercial
competitors. 1t is a vexing element,
to have these relative values as vari-
able as is the number Of competing
nations.
$50 a tariff that would adequately
protect American industry as to Great
Britain might be wholly inadequate as
to France, Germany or Italy. An
other variance of this problem is
found as to Japan, as to the new Eu-
rope and all the neutrals. 1t would
take not fixed infexible tariff law,
but financial legerdemain. to adjust
these differences equitably and read
just them with constant exchange
fluctuations.
"Yet this is but a start in the laby-
rinth of tariff adjustments, if there is
to be tariff revision. Not only does
Europe owe this government $4,000
100000 on which it cannot even pay
the interest, but European govern
ments and traders owe American trad
ers and our people in commercial debts
and on securities, over $3,0O0,O00,O0O
more.
at is recognized by everyone that
the bulk of this combined credit, far
greater than was ever carried by any
other one nation, must be paid in
goods and materials. 1t can be paid
in no other way, and that means i'm
ports. A high tariff would tend to
prevent, through our own act, the pay
ment of those debts due US. t'.'
"There is a growing feeling which
may become conviction, that not only
any increase Of exports from the
United States will depend upon an in
crease of imports, but that even to
maintain an equality of exports will
demand this greater proportiontnSf
imports. On this event the present
credit relations depend; while only
through greatly expanded imports can
credit capacity and credit stability be
expanded.
"But even more than this come the
feeling that Americas own domestic
purchasing power is quite dependent
upon Europe's ability to buy and pay.
Even in foods, the products of the
farm, Europe has an eager market for
all American surplus, if it can make on
this exchange. But it cannot pay
eff this surplus can go where it is
wanted and needed, the farmers will
have the money to spend. If it has
to stay as now on the farms and in
elevators, the farmers will be in their
present financial stress and have to
take reduced price on all their crops,
What is true-if true-of the farm
ers is equally true of all products of
the mills and factories.
at is comprehending this wholly
new American situation, that is Civ
ing a lot of high protectionists pause.
1t has ranged the financial powers of
the country back of a policy of "leave
it alone. 1t is winning converts
among just the folks"
...... g. -. 81