The New York herald., 1922-05-07
minority Members Of Senate
Finance Committee DenOunce
Ii as PrOfiteer Bill.
llIGHER PRICES FORECAST
! lsscrts Measure Would Impose
Greater Burdens on People
Than Direct Taxes.
iar Diepatcn to Tnr Nrw Yons linnALD.
New York Herald Bureau,
WASHINGTON, ID. G., MAY 6.

New York Herald Bureau,
Washington. ID. g., May 6.
Senator Simmons On. CO ranking
spinority member OF the Finance Com
trittee, submitted to-day to the Senate
kie minority report on the pending tar
~ pill Briefly, the minority report de-
slared.
That there is no definitely fixed rule
tu measure the amount of protection
aceorded.
That the aggregate burdens imposed
an the people by the tariff bill Will be
sreater than the burdens imposed by
direct taxes levied by the revenue bill
10 the extent Of between three and four
/ billions
"'rhat the standard of wages in for
| |eign competing countries is to-day more
I, curly equal to the American standard
1han ever before.
That the cost Of products bears
much slighter relation to daily wages
|,.aid to labor than in former times.
That selling prices, neither in this
corntry nor in foreign countries. are
si'er sured by the cost of PRODUCTION and
|f'tai profits const;' ute a far larger ele-
,rent "a these selling prices than other
elements.
THAT the tariff beneficiaries believe
that embargoes and prohibitions upon
foreign imports will enable them to reap
the eNorbtant profits OF war times.
THAT the bill ignores the principle
,oe imposing rates to measure the differ
cree in labor costs or in production
tnlts here and abroad.
That if American goods can com
rete with foreign goods in the markets
Of the world they can compete with
the same goods in our own markets
without entailing any disaster.
when the Fordney bill passed the
House." continues the report, the gem
eral public regarded it as a monstrosty
so grotesque and absurd that they took
II more as a joke than as serious.
attempt at tax revision. 1t did not eX-
cite in them any degree of alarm be-
cause they felt sure the Senate would re-
write it, and they expected from that
body saner action in their behalf. In
these expectations the people have been
grievously disappointed"
The report ridicuies the contention
tlat protected industries are unable to
compete with the foreign upon equal
terms and that the alleged influx OF
foreign goods constitutes dangerous
Invasion and menace. To support that
conclusion the report says:
I'm 1921 our imports were $2,500, 0,000,-
600 and our domestic production in
1919 (the last year for which we have
official statistics), was $62,41S,0O0,0O
Irpon that basis our imports represen-
four per cent of ur prduction, while
our exports. which were $4.379,O0O,0O
in 1921. represent per cent. of the
domestic production
"If importations amounting to per
cent. of our annual production is such
an invasion of our morkets as calls for
further restrictions. is not the exporta-
ton of Z per cent. of our annual pro-
duction a two fold greater invasion by
Us OF the markets of the rest of the
world?"
IL is declared that the favored do
,nestic producer. protected against, for
eign competition. need only by trust
methods. bring about concert of action
in the matter of domestic competition
and selling price to enable him to make
his price as high as the traffic will bear.
Such a scheme" it adds, "will mean
that the present high prices, however
excessive or extortionate. will be main
tcined and that the cost of living, now
onormally high. will be increased and
ur American industries, already honey
)mbed with price regulating and con-
-oling trusts. will be further vindi-
Gated and monopolized."