Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1922-04-13
VAL UATION PLAN
IN TARIFF BILL
IS NOT SETTLED
Senate win Have a Chance
to Debate Foreign and
American Principles, Sen
ator MCCumber States.
tBy The Associated PressD

Washington. April 12.--An all
American tariff bill" VIII ps
passed beore adjournment Of the
present session of congress. Chair"
man McCumber, Of the senate
finance committee. declared in a
formal statement tonight.
"By reporting the bill on the
basis of foreign valuation" Senator
McCumber said, the committee
wishes TO give the senate thor
ough opportunity of debating both
the American and the foreign valu-
alton principles. While the
committee has based the rates on
foreign valuation it has, at the
same time, the latest and most ac-
rurate data obtainable for convert
ing ad valorem duties based upon
foreign valuation into its equivalent
based upon the selling price OF the
imported article in the United
States.
Open for Discussion.
an case there is any change III
poliov in the senate or in confer
ence, there W. be little difficulty
in changing rates to correspond
with the policy adopted. In other
words. the basis of valuation is still
open for discussion in the senate
and in conference with the house"
The measure, he said will be the
first national tariff bill in our ms
tory" adding that throughout its
preparation the senate committee
had "endeavored to lay the foundar
ton for an era Of nationwide pros
perity."
"The public" he added, will re-
cognize this bill as a consumers
tariff. Its object is to restore the
buying power of the consumer.
During the first three months OF
this year there were 7,517 business
failures in the United States against
4,S72 in the some period last year
and 1872 in 1920. These failures
in a large measure, have been due
to the diminishing purchasing
ability Of the average. American
consumer.
1.-THE fundamental principle OF
y tariff legislation, therefore, at this
time, is to provide work, to in
crease production and restore the
consumers buying power.
Tariff Is Needed.
"While the present unsettled con-
ditions everywhere existing renders
the work of these engaged In maxi
ing a tariff bill extremely difficult,
IL must, however, be borne in mind
THAT all times in the history of our
country. this is the time when a
protective tariff is most needed by
the American people.
eve have written this tariff on
the basis both of protection and
revenue. we nave made no rate So
high that it will shut off reason
able foreign competition in our
American markets, nor so low that
the American manufacturer with
reasonable economy of production
cannot hold his full share of the
American market. We have tried
10 protect the American producer,
believing he is entitled to the first
consideration. We have tried to
maintain the standards 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 pro-
Queer and consumer. At the same
time. we have tried to carefully
guard the interests of the great
consuming public.
1--WE have given the agricultural
Interests OF the country a better
STANDARD OF protection than has
ever been given in any previous
tariff bill Duties under the senate
amendment will be considerably
less than those proposed by the
house. We are certain that we have
no duties above a necessary pro-
tpctive basis"