, 1922-06-12
The First Concern
"RUILDING up the business of this

"RUILDING up the business of this country is
- not going to depress the business of the
world, is one of the fundamentals laid down by
Henry Cabot Lodge, Republican leader in the sen.
ate, in n discussion of pending tariff legislation.
Other countries have high duties now. / think 1
am right in saying that in many cases their duties
are higher than ours, yet those who oppose this bill
seem to think that these duties will stop the trade
OF other countries with us. The importers and the
Democrats have always put up the same camou-
ilage attacks that we hear today, but the country
invariably supports a Republican protective tariff
when a foundation is needed by the business of the
country upon which to build an era of prosperity.
Former Speaker Reed, who was a very remark.
able man, said on one occasion, No tariff ever suit.
ed everybody except an unmade tariff No tariff
was ever constructed by the Democratic or Repub-
llcan party which satisfied everybody and it is not
to be supposed that this one will satisfy every ono
Of the Yariagated interests in the United States
But That is not the main question. The point which
the country will regard is the fundamental one of
whether we are to have a tariff based upon the
principle of freed trade or a tariff which means
the embodiment of the protective principle. If
those who are engaged in agriculture, mining or
manufacturing look to the question in this Iarqer
way they will soon decide that the interest of ali
Americans who labor is to have industries pro-
tected against competition based upon lower stand.
ards of living.
at is upon the protective principle that the great
prosperity of this county has been built. We are
ooIged today to meet an economic situation such as
the world has never seen owing to the utterly dis.
torted and dislocated condition of exchange finder
normal conditions when values and costs of produc.
tlon were practically fixed or easily determined the
tariff rates were not as high as are those which
are necessary today. Now with abnormally low
costs abroad duties must be higher than has been
customary in the past. Nevertheless, this is not an
argument for delay in tariff revision. The first
essential of business is to have stability of condi.
lions so far as they depend upon tariff legislation.
BUSINESS can adjust itself to a discouraging tariff
or even to one badly constructed better than il can
to a condition of suspense and doubt. These two
factors are the greatest hindrancc to a prosperous
business condition.
"The Republican majority in the senate believes
the policy of protection is the surest road to the
and restoration of our economic inter.
ests. Ihat is the purpose of the pending tariff
bill. When the smoke screen of the opposition is
away the country will see that this bill as
a whole represents the protective principle and is
harmonious and fair.
Business is improving and our duty as far as
can do so is to pass the tariff and other
measures to stimulate and encourage this
Improvement. Nothing can be more helpful than
to give all industries and agriculture the assurance
encouragement of a protective tariff and end
the suspense which now exists. Our first duty is
TO build up our own industries When that is ac.
we shall be able to go forward and mol
one need fear that we shall not get our full measure
of foreign trade"