Milford chronicle., 1922-10-27
THE RESTORATION
OF PROTECTION

Washington-"The signing by Pres
ident Harding of the protective tariff
bill brings to a close an era of Demo-
cratic free trade which has lasted al
most exactly nine years, and ushers in
a period of prosperity the duration of
which will depend largely on the span
of control allotted by the American
people to the Republican party" de-
clares the Republican Publicity Asso-
citation, through its President, Hon.
Jonathan Bourne, Jr. "a cursory re-
view of the effects of the Underwood
Simmons tariff law, just repealed, is
pertinent on this occasion, bearing in
mind that the evil workings of that
law were suspended by world war con-
ditions beginning ten months after it's
enactment and persisting down to
1921.
"The Underwood-Simmo law took
effect October 4th, 1913. In the words
of Mr.. Underwood on the final pass
age of the bill, there was not line
of protection in it. The theory of the
measure was that increased imports
would result in lower prices, larger
revenues from customs, and expand
ing eXports-the more we bought from
others, the more they would buy from
us. At that time we were enjoying
normal foreign trade which in the
decade 1904-1913 aggregated nearly
$4,000, 100000 in imports and almost
$4,000, 100000 in exports, OF a favor
able balance Of trade averaging about
$500,000,000 annually. Six months af-
ter the Democratic law took effect,
the monthly balance turned against
us, and it continued against us down
to September, 1914, when war orders
from Europe began to turn the scale
the other way. The adverse balance
in August, 1914, was 19,400,000. At
the outbreak of the war in Europe
nearly 100000 Americans were out
of employment because of industrial
depression, and in the big centers Of
population the only wheels which re-
volVed regularly were those of the /
soup-cart.
"The war gave an impetus to Amer
ican industry, agricultural and manu-
featuring, the like of which has never
before been experienced, and the YES
sells of the allied powers were loaded
to the primsol marks with food and
munitions of war to support the
Cause. Democratic politicians made
capital of this blood-and-iron \ COM
merce, and Secretary Redfield of the
Department of Commerce braZenly de-
clared that but five per cent of it was
attributable to the war, while the re-
should be credited to Demo-
cratic policies. Following the war,
Europe found her warehouses swept
clear of raw materials, and her cities,
farms and industries deruded of sup
poses. So the demands for American
products continued. From 1915 to 1921,
we exported $4,000, 100000
worth of goods from this country, or
1t the rate of $6,000,000,000 annually.
Of this vast export value 62 per cent
vent to Europe, and since European
Mills and farms were in no position to &
Keep up their foreign trade, we were +
by North and South Am ;
erica, Asia and Africa to meet their {
c
"The calendar year 1920 found our t
oreign competitors securing strong L
POSITION in our domestic market, evil t
Ienced by $5,278,000,000 worth of inn L
Dorts, "a per cent of which were food Y
tufts competing with our farm pro- 2
ucts. The Republican Platform, il
written in 1920, recited: The uncer- t.
ain and unsettled condition of inter- S
ational balances, the abnormal econ '
mic and trade situation of the world, h
nd the impossibility Of forecasting p
ccurately even the near future, pre- d
lude the formation of a definite pro- E
ram to meet conditions year hence. U
ut the Republican party reaffirms its C'
elief in the protective principle and q
lodges itself to a revision of the tar q
as soon as conditions shall make it u u
ecessary for the preservation of the = =
ONE market for American labor, ag- ~
culture and industry The follow y. IS
rs of Wilson and Cox re-afirmed the -
additional policy of the Democratic
arty' on the tariff. tr
"The import record of 1920 made
,me protective legislation impera- W
We, and on May 9th of the following
ear the Emergency tariff bill was
gned by Mr.. Harding, having been
,toed by President Wilson a few Is
onths previously. With one or two
,ceptions favorable to the South, be
rm products had been on the free
st in the Underwood-SimmOns law.
he Emergency law materially re- "I
ricted this class Of imports, at the
me time adding to the customs rev. FL
lues. Coming at a time when the
rmers were badly hurt by Demo-
attic defation and free farm pro- ~
lets, it performed its work admir- n
IN, &c q stOn-gan measure ~