The Union daily times. [volume] (Union, S.C.) 1918-current, 1922-09-26
rfs.id.n.'s Yes Rnov..
Threat For The Prsssnt

INslnent HArdfngS veto Of N,
bonus biifs sustained, a. had bsen = :
pected, by a narrow margin in tn,
senate, definitely removes. for IN,
present at least, the threat Of a dis
astrous misuse of public money, sta ;e.
the current Guaranty Survey issue;
today by the Guaranty Trust comnan,
OF New York. With commendan;,
courage, the Survey" continues. In,
president has Prevented the impos;.
ton OF an enormous and unwarra,.e
additional burden of taxation un,,
the American people The expendi.
lures under the proposed law w.,ulc
nave amounted to $795, 900, 900 IN the
next four years, it is estimates an,
would ultimately have reached , s,rr
in excess of $4,000, 1000; and di.
rectly or Indirectly, the money wm,l
nave had to come from the pocke$s O.
the American taxpayers.
The New Tariff Bill.
After prolonged discussion ~h,
tariff bill has been enacted and bs
came effective at midnight Septemne.
II. Advocates of the new tariff cor.
tend that it is designed to yield ab,u
$l0O,0O0,OOO in revenue TO the govern.
ment in the form of indirect taxati,,
and to afford ample, protection to
American agricultural and manufa- ;.
turing interests. Opponents of tn,
Jaw, on the other hand, feel that tn,
protection granted is 80 high as in.
evltab!y to raise the coet Of living un.
duly and to react unfavorably upor
the domestic, as well as the foreigY
trade of the country. =
The law contains certain provisio , :,
other than high rates, which are ;.
tremely important and open to oues.
tlon on principle. These provisions
are designed to render tariff rates
thangeable without further legislativa
action, in the discretion of the Pres
ident They give unusually wide DOW
ers % the executive branch of Tn
government either to increase or do.
crease rates within range of so per
cent Of those fixed in the act and ,
change the basis of assessment e
duties from foreign to, American va
uation. Where American Valuation,
has been declared, however. the Pres
ident may not then revise rates i,
ward.
The granting to the President e
such broad authority over the busi-
ness and trade Of the nation has :.e-
ceived little comment, in spite Of til
great opposition which usually ha
been manifested to practically eve"
extension of executive power in tn i,
country. This may be due to rec>s
milton of the rapidity with which eco
nomic conditions are changing todav
and the usual hardness of the legis;a
tive branch in meeting these chang
The new responsibility is certain u
impose greatly added burdens on thc
chief executive, and it remains to be
seenSwhether or not the President cal,
Iact more promptly. and at the same
time more Fhelpfully, than does con
gress inssuch circumstances.
Settlement of Strikes.
The strikes which have rendered the
business outlook somewhat ncertair
throughout the summer months are
virtually Of the past. Both the tex
tile and coal strikes have been settled
on the basis of continuance of the
old wage scales. The coal operators
apparently are relying on the main
tenance of coal prices at fairly high
level. The price of bituminous coal
is now somewhat higher even than
during 1920, when the general prl y
level reached it's peak.
The strike of the railway shopmer,
while not yet definitely concluded,
seems more nearly on the point of set
tlement than ct any previous time.
Several roads, particularly in the
East, have so fully met the situation
that the managements feel there is no
need for further discussion with the
officers of the shopmen's~ union. The
basis upon which the shopmen and
railway executives of q number OF
roads have agreed to resumption Of
work is quite different from that ia
the coal industry, since it ignores ali
the issues Of the strike, either of
wages or seniority. Question or
which there is disagreement between
the shopmen and, the executives are
to be referred to a commission of en-
ployers and employees for settlement.
The Industrial Situation.
The cumulative effects Of the labor
disturbances in the cesl and trans
portation industries are, still hindering
in some degree general business prog
ress.
The production of steel ingots in
August declined 272, ,522 tons from the
July total, which in turn was a de-.
crease Of 147t378 tons from the OUT
put for uJne. For the eight months
ended August 81, howevs~, the output
of steel ingots was somewhat ,more
than 66 per cent in excess of the total
output for the corresponding period
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