Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-04-13
Proposed Tariff
Intended to Restore
Buying Power PEOPLE

w dShlngton. Apr. l2-An 'all-
American tariff bill' will be passed
before the adjournment of the pres
ent session of Congress. Chairman
McCumber Of the Senate finance
committee declared in q formal
statement tonight
BY reporting the bill on the basis
of foreign valuation" Senator Nc
Cumber said. the committee wishes
to give the Senate thorough oppor-
tunity of debating both the American
and foreign valuation principles.
While the committee has based the
rates on foreign valuation. it has, at
the same time. the latest and most
accurate idea obtainable for convert
ing ad valorem duties based upon
Ifoieign valuation. into its equivalent
based upon the selling price of the
imported article in the United States.
In case there is any change in
policy in the Senate or in conference
there will be little difficulty in chang
ing rates to correspond with the
policy adopted In other words the
basis of valuation is still open for
ference with the House.
The measure he said, Twill be the
first national tariff bill in our his
tory" adding that throughout its
| preparation the Senate committee
| had "endeavored to lay the founda-
, ton for an era of nation wide pros
rerity.'
THE public" he added, will
recognize this bill as a consumers
tariff" Its object is 70 restore tic
buying power OF the consumer. \
| During the first three months of
/ this year there were 7ol7 business
failures in the United States against
1872 in the same period last year
and 1,G27 in 1920. These failures. in
Il large measure. have been due to
the diminishing purchasing ability OF
the average American consumer.
"The fundamental principle OF
tariff legislation. therefor. at this
time, is to provide work. to increase
production and restore the consum-
er's buying power.
while the present unsettled con-
ditionS everywhere existing renders
the work of those engaged in max
ing a tariff bill extremely difficult it
that of all times in tie history of
our country this is the time when a
protective tariff is most needed BY
the American people.
1--WE have written this tariff on the
basis both of protection and revenue
! We have made no rate SO high that
it will shut off reasonable foreign
competition in our American mar
kets. nor so low that the American
manufacturer. with reasonable econ
omy of production cannot hold his
| full share of the American market.
! We have tried to protect the Amer
| lean producer. believing he is entitled
to the first consideration. We have
tried to maintain tire standard of
! labor wage in the United States and
| higher standards of living in this
country, believing this policy is for
the very best interest Of both the
producer and consumer. At the
same time. we have tried to carefully
guard the interests of the great con-
Stunning public.
1--WE have given the agricultural
interests of the country a better
standard of protection than has ever
Leen given in any previous tariff bill.
Duties under the Senate amendment
will be considerably less than those
proposed by the House. We are GER
! tain that we have placed no duties
above a necessary protective basis"