Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-09-18
New Farm ~AIf9nn1ents

time nsoteetionist Republicans would
have put them.
"A statement which shows how tho
banks fee6 about the tariff, Isl con-
tanned in a, recent bulletin of the Ma
tionals City Bank Of New York, the
standsat theshead ofsAmertcant banks.
Discussing the tnternationalI situation
with especial reference to Europe,s
need of selling, her manufactures, here
so that she can earn money with
which to. buy,Amehican food, the bank
Says:
at seems altogether probable. tina
some means will be found for, pur-
chasingjt. althoughalthe. difficulties are
great and the pending unfinished
tariff legislation, at Neutrality-suspicious.
TO increase them" S.
This shows. clearly how the banks,
feel that the high protective tariff,
once a. pet scheme of theirs, now Is,
regarded as a factor which increases
difficulties on doings businesss
In 3, word, what the American credit,
ors of Europe say>is: "EuropeA owes
us billions which viz, are. demanding.
The only way. t @ get he moneySis-toi
take European goods, a high pro-
tective tariff prevents those gooas
from coming in and being sold here.
Therefore, by our W legislation we
prevent Europe from paying us the
money we want in the only manner
which she has of paying .
l. It is ,an.i1npasse and Us reminiscent
Of the old system of the doctors
prison. In the old days hen a man
could not pay his debts he 'was put IN
Jail. In Jail he had no means OF
earning money and therefore could
not pay The debt and be released.
America wants Europe to pay It's dept
but a high, protective tarm puts
Europe in a. debtors prison by re-
moving her one avenue OF payment.
Sucn Il problem is a good
of the difficulties which conrrdnt.a
| statesman for there lis the other side
| of he picture If goods made IN
Europe with~ cheap labor come 1mo
the United States. under low dutleN
they can be sold here for A song. rms
! American factories making the
same sort of goods must shut down.
| The American workmen who Mci
been drawing high wages and raising
families in accordance with the Iii;h
American standard OF living. ust
walk the streets, unemployed ne
food raised on American farms &c ~
| declined n price because foreign = l
] products would some in n 1c.-
| sell them.
Representative LOUSN OIlI' "a
Der of /the committee on, Ways and
Means which frames tariff legislation.
said that it would be wiser for, the
| American people to cancel the whole
$11 .0O0, 600, 900 debt tina to vet
European products come in here ~
low rates and drive the American
workmen out of employment ana
bankrupt the Factory owners.
Anothery curious reversal in tariff
.alignment which the war produced
was the placing Of representat1yesT.of
farming communities and of certain
NEUTRALITY-SUSPICIOUS. in the high pros
tective tariff column. When the price
recession. came, congressman re-
ceived complaints from farm constitu-
ents that their prices were cut In two
because of a lack of tariff protection.
Industry has crept into several south
ern states. There are cotton mills in
the Carolinas. a sugar industry. IN
Louisiana, steel in Alabama. naval
stores in Georgia, oil in Texas and
Oklahoma. These old time free trade
communities are experiencing a
change Of heart on the >tarif and de.
handing protection from foreign com.
!, petition. ~.
1t seems hat the country is under
going a change which is producine
the remarkable situation where tht
! northern banker will be the fret
; trader and the southerner3 h pro
: t~ectives tariff advocate. This is jus
{ another of the economic wonderssth'
war has worked. 'sF, y