The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1921-06-21
BANKERS LINE
UP AGAINST
HIGH TARIFF
Charge Interests Which Here
tofore Have Advocated d
Wall Are on Side of Import
ers-Farmers Block Bill.
VEXATIOUS
PALLADIUM NEWS BIrREAU

PALLADIUM NEWS BTREAU
WASHINGTON, June 21.-Efforts
being made by certain banking inter
ests of this country to prevent the
adoption of customs duties which will,
it is asserted, adequately protect Am
erican industries and American Labor
are being deplored by Republican lead
ers on the ways and means committee
of the house of representatives, which
IS now framing a permanent tariff bill.
They also characterize as sho r.
sighted the policy of many farmers in
urging protection for their own pro-
ducts and opposing it for manufac-
! tured articles, Such a policy, it is
! said, blocks the effort to bring back
prosperity TO the great industrial cen
| ters of the country and TO the thous
ands of workmen who depend upon
| these industries for their livelihood
Taking No Part.
Apparently farmers in eastern In
diana and western Ohio are taking no
part in the movement which the tariff
makers complain of, for an investiga-
| ton reveals the fact that only very
| few farmers in these sections of the
| country have taken up the tariff Ques-
| ton with their representatives in con-
| gress.
Charges are made that important
American banking interests have here.
tofore been as strong advocates 'of
1yN,- at
facturers, but that now there seems
to be a new alignment of interests
which has put the big bankers on the
side of the importers and, apparently,
out of sympathy with efforts to pre-
vent the flooding of the American
home markets with foreign-made
goods.
Causes Row
The attempt of a combination of in
ternational bankers, persons inter
ested in foreign trade and some of the
farmers to prevent tariff protection
i. for American manufacturers has
caused considerable of a row in the
ways and means committee.
Rep. John Q. Tilson, very active
member Of the committee. has been
leading the fight for adequate protec-
ton of home industries.
Strictly American industries are
passing through a period not only of
depression, but of real danger, the in
duStrial protectionists of the commit
tee assert, but, they point out. the
alignment of interests has shifted
Heretofore, the banker and the manu-
facturer had a common interest, and
together they upheld the structure of
American business for the benefit OF
both capital and labor. With the great
increase of international debts has
, come an increase of opportunity for
profitable banking relations abroad
and, it is said, this opportunity is not
: being neglected by certain American
banking interests. This will mean.
. Representative Tilson and his support
ers say, that American industries will
. lose the help of very powerful ally
A few great American industries which
: are able to compete in foreign markets
will gain, under the present align
, ment.
Point Out Danger.
! Herein lies the danger. Represent
= atIve Tilson warns, for, he says, it is
: not the prosperity of a few large cor
| porations but that of the many indi-
l viduals and the many small business
: organizations, engaged in agriculture
as we'll as manufacturing, and their
employees, that must be the chief con
cern of congress.
= Representative Tilson has stated TO
! the ways and means committee that if
: American industries are neglected
: there can be no real or general pros
perity for the farmer, the manufactur-
er and the workingman. He has as
serted that if in order to stimulate in
ternational trade we permit an increas-
ing amount of foreign-made goods to
| enter our markets, an increasing num-
| Der of American working men will be
walking the streets of the industrial
centers looking for work, and the
farmer will be looking in vain for
D some one TO buy his produce.
2 Vexatious Problem.
Never in the history of ariff-making
: has any committee of congress had a
! more veXatious time than the present
r ways and means committee, torn bv
conflict in thought among the members
= and bombarded with cross-fire of con-
2 ficting data and arguments from
. Clashing interests. At no time in the
] worlds history have the basic facts
S regarding costs of production, ex-
Y change and return cargoes been so un-
e certain quantities from which to
/ figure.
4 The one question of putting the tariff
), on American valuations rather than
4 on foreign valuations has led to en-.
=, tanglements that seem impossible at
i this time.
VsA1uAu. ...,.