The Washington herald., 1922-01-23

- tOIttIHuen JJont Rage One.
exactly the same degree Of protec-
tlonI we should measure up to that
standard just tas, nearly as we can.
III at times our, surplus Of any
commodity. Isl so great that our
price is forced 1doWE to nearly n
world Level, I'VE should neyerthe-
less continue the policy, that IL NAV
become immedistely5 effective when.
ever that SURPLUS is reduced. This
Is especially true ofspur farm. prod
ucts. ~ . :.
1T is woIse. than a mistake to
assume that tire average westerner
Is not at hearth afprotectlonist,
think l am we'll Within the bounds
OF accuracy when, say that the
percentage of believers of that doc
trine is considerable greater In the
West than in any other section of
the country certainly far greater
than in the Empire State OF, New
York. All the Western man asks
Is that the protection accorded be
reasonable. and that he shall be a
sharer in its benefits directly as
well as indirectly. Every real
friend of protection will freely &C.
cord him that right.
THE cost of production of nearly
every commodity in the United
States has increased from 100 to
100 per cent over prewar cost. The
cost of production in some of the
countries which will contest for
supremacy in our American mar
| kets has greatly decreased. Old
World countries. spurred on by
necessity, are preparing for a most
extended invasion Of the American
market. The utter collapse Of the
standard of monetary values in
many countries of the world, the
circulating medium in some having
become almos. worthless, has added
TO the chaotic conditions surround
ing US and Increased our perplexi-
ties. We shall need in the solution
of our Industrial and financial prob
lens the patriotic assistance and
co-operation of every section of the
country, as well as the helpful
patience of the whole American
public. -r ; :
Party of Protection.
The Republican party is the party
OF protection. and while no policy
can with magic touch Immediate
~ revive a paralyzed world, I am
certain we can greatly accelerate
our Industrial convalescence by di-
rectihg our energies along national
and not along sectional lines.
Speaking personally, while l am
aware that 1 have often been con-
sidered as too ultra conservative TO
satisfy the views of some elements
or the West, il. is new to me to be
informed through some of our East
ern journals that 1 am dangerously
radical. Standing between these
Two viewpoints. l derive some con-
ISOLATION from the fact that. 1 know
myseif exactly where l stand 1 am
protectionist, but not a spotted
one. I am a conservative, and must
remain so. l believe in progress
and IN Keeping abreast of the time
But l want to progress upward and
rot downward. forward and not
backward. The same conservative
and business-like course that pre-
vents disaster and assures success
IN business enterprise is just as
applicable In The conduct of nation
al affairs
Senator McCumber said that il
the foreign loan refunding bill and
soldiers bonus bill were PASSED
I 7
making one hand wash the other
we. want these foreign obliga-
lions funded Immediately, to the
end that the countries lowing us
may know just what their oblisa-
ions are, when and how they. are
TO be met. and we shall begin to
realize interest on these obligations
| ! think we, should be most liberal
IN the extension of time for pay
ment of both principal and accrued
interest. and most reasonable in the
matter of interest rates." the Sena-
" continued.
we must remember that these
principal debtor nations were for
three years engaged: in the mos
desperate struggle the world ha.
ever witnessed before we entered
the conflict: that we reaped i'm
mense profits out of their miseries
during those years, and that TIE
| loans we made them after we en-
tered the war were, for the most
part, simply credits which were
paid out to American producers for
| goods furnished them, also at a
very. high profit.
I'VE should also remember that
our principal allies loaned to their
allies a greater sum than we loaned
them. and they have as yet re-
| ceived neither interest nor princi-
pal. While we should have funded
every cent that is due us, we should
be most liberal in the terms of pay
role of Shylock in dealing with our
~ 81 - lAAN