The Hartford herald. [volume] (Hartford, Ky.) 1875-1926, 1922-05-10


main objections to the measure and
formed the basis for the mastery
discussion Of the principal features
of the bill and the economic situa-
tion by the Senator from North
Carolina, former chairman OF the
Senate Finance Committee. which
followed.
Senator Simmons fourteen points
in turn may be epitomized as fol-
lows:
1. The bill, was framed with a
view Of maintaining present prices
end to enable protected industries
to further advance high PRICES with
out the risk Of foreign ssnpstitios.
2. Leads to higher prices, high
er cost of living ard further mono
poli7ation of Ameri on indust ies.
8. Many rates are absolutely pro-
hibitive, especially on highly spe-
cialized products which constitute
the bulk of dutiable imports.
4. The proposed rates applied to
present import prices-expressed in
terms of equivalent ad valorem-
average from 40 to SO per cent
higher than the average Payne-Al-
drich rates.
8. The volume Of imports have
now reached almost a normal basis
and are not excessive, and compared
with our exports are relatively low.
6. If reduction of imports un-
der the much lower rates Of the
present law have taken place, 1t Is
obvious that the drastic increases
of the pending bill will reduce them
to point where it will DE utterly
impossible to sell our large export
able surplus of manufactured and ag-
ricultural products in foreign mar
kets, because our foreign customers
will continue to be unable to pur-
chase except through the. exchange
of merchandise.
z. The two greatest economic
problems of the American people to-
day are % Foreign markets for
our surplus products, and (2) the
question of unemployment, which
unless the first problem is wisely
solved, will rapidly grow. Labor
can only be employed to the extent
to which the employer can find a
market for his products.
s. Duties on agricultural prod
ucts will mostly be imperative or
ineffective because Of (I practically
no importations or (2) such meagre
importations as could not affect the
domestic price or 60 on account OF
our large exportable surplus, the
domestic price of the particular arti-
Gle is based upon and fixed by the
world selling price. !
8. The effective duties will tend
to advance the price of agricultural
and manufactured products in the
domestic market, but the benefits to
the farmer through such increases
will be almost inconsequential by
reason of the increases in the prices
of the things he must buy and con-
sumo.
10. The rule followed by the
Committee in ascertaining the meas
ure of protection violates every the
DRY or principle of protection here
tofore advocated by the Republican
party. The superadded rate-making
powers conferred upon the President
makes tariff rate fixing almost as
much matter of political and per-
sonal patronage as the distribution
of Federal offices.
IL. The rates of the bill are bas-
ed upon the export price of imports
as compared with the American SELL
ing price, an unstable and constant
ly fiuctuating factor. The American
price for making the comparison is
PAStiSotcu oPoh NJ uOhhitC Odoio,
with all the advantages in favor of
the tariff seeker.
~. The Reynolds report upon
which prices Of imports are based)
is based on foreign prices of August.
1921, mainly imports from Germany,
which seem to have been accepted as
the standard. Since then German
prices have largely increased. so that
the rates have been already thrown
out of balance and will be still furth-
er thrown out Of balance.
ID, The uprising against the
Payne-Aldrich bill forced the Repub-
lican party to adopt fixed rule for
measuring the protection to be ac-
corded, which this bill ignores, and
repudiates.
IA. Adoption of this bill with its