, 1922-09-25
Retun 10 P~roteetion and Prosperitu

TUE SIGNING, by the president, of the protec-
l. tive tariff bill closes an era Of Democratic free
and ushers in a period of prosperity the duration of
which viii depend largely ON the continuance of
control of the government by the Republican
party.
A cursory review of the effects of the Underwood
Simmons law, just repealed is pertinent on this
occasion, keeping in mind that the evil workings
of the law were suspended by world war conditions,
beginning ten months after its enactment and per
isisting dorn 20 1921.
The Underwood Simmons law took effect Octo
Der 4, 1913. In the words Of Mr.. Underwood on the
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 this time we were
enjoying a normal foreign trade which in the de
cade 190+191S aggregated nearly S14,O0O,000,0 900 in
favorable balance of trade averaging about $500,
100000 annually. Six months after the Demo
against us, and it continued against US down to
September. 1914, when war orders from Europe be-
gan to turn the scale the other way. The adverse
balance in August, 1914, was Sl9, 100000. At the
outbreak of the war in Europe nearly 100000
Americans were out of employment because of in
dustrial depression, and in the big centers OF pop
~ulation the only wheels which revolved regularly
were those of the soup-cart.
The war gave an impetus to American industry,
agricultural and manufacturing, the like of which
has never before been experienced, and .he vessels
y Il II dlAicQ lohtAE iOdQcu ~ III HAAniSoA
marks with food and munitions of war to support
the cause. Democratic politicians made capital of
this blood-and-iron commerce, and Secretary Red
field of the department of commerce declared that
but . per cent of it was attributable to the war,
while the remainder 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 denuded of sup
plies needed for rehibilitatins purposes. So the
demands for Americeh products continued. From
1915 to 1921, inclusive. We exported $4,000 100000
worth of goods from this country, or at the rate of
Sc, 100000, 900 annually. OF this vast export value 62
FER cent went TO Europe, and since European mills
and farms we're in no position TO keep up their for
eign trade. we were requisitioned by north and
South America, Asia and Africa to meet their re-
lquiremcnts. .
The calendar year 1920 found our foreign Compel
itors securing a strong position in our domestic
market. evidenced by $5-2Ts,000.O00 worth Of I'M
ports, 81 per cent of which were foodstuffs com
peting with our farm products. The Republican
platform. written in 1920. recited;
eThe uncertain and unsettled condition of inter
national balances, the abnormal economic and
trade situation of the world. and the impossibility
of forecasting accurately even the near future, pre-
clnde the formation of a definite program to meet
conditions a year hence. But the Republican party
~reaffirms its belief in the protective principle and
pledges itself to & revision of the tariff as soon