The Delta independent., 1923-06-15
THE LOWEST PROTECTIVE
TARIFF LAW EVER ENACTED


Washington, June 12-"Since the
day the Fordney-McCumber tariff
law went into effect (September %.
1929 up to and including February
last we imported $1,557 100000 worth
of merchandise" says the Republican
Publicity Association, through it's
President, Hon. Jonathan Bourne, Jr.
about SIS, 9,O0O,O 900 of this amount
came in during the last nine days of
September. leaving $1.4ss. 100000 for
the period October to February
2sth compared with 81 1,O6s,O00 for the
similar period under the Democratic
tariff law. or an increase under the
protective tariff law of about 80 per
cent. That is answer number one to
those opponents of the new tariff law
who declared that it would well-nigh
prohibit imports.
"Our exports for the first five
months of the new tariff law totaled
81. 73s, 900, compared with $1,463,-
100000 for the similar period under
the Democratic law, an increase for
the 1928 period of $275, 5,0O0,0 900, or
slightly under 20 per cent, That was
answer number two to the same op-
ponents who asserted that by cutting
off imports we would curtail exports
since competing nations, not being
able to sell to us, would cease buying
from us.
When we come to probe the matter
further, however, we run into Pc
culiar situation, and one which must
be very puzzling to those prophets
who declared that the more we
bought from abroad the more we
would sell abroad. And that is the
sinking of our favorable balance of
trade, not because we are exporting
less, but because. despite the protec-
tive tariff law. we are importing more
Our favorable balance in October was
$94 600. 900; in November, $88 900, 900;
in December $5O,5OO,OOO; in January
$5,700,000; and in February, $11 ,0O0.-
900. 1t was totaled about $3.50, 900
900 for the five months, compared
with $394,O00.OOO for the correspond
ing period under the Democratic low
duty law.
'The average ad valorem rate OF
duty on all imports for the entire per.
iod, arrived at by dividing s1,557 0OO,.
900 into the customs revenues receiv.
, ed since September %. 1922-s22S,
734 49O-was 14.7 per cent, the lowest
rate ever recorded under the protec.
, tive policy. and slightly lower than
the average for the first year under
the Democratic law. We have not
, yet received the figures showing
March imports, but the exports for
I that month totaled 1886. 100000. &C
| cording to the official estimate. In
October the average rate on all i'm
ports was slightly under 16 per cent
, in February 1t was 16 per cent. II
we take this rate as the one prevail
, ing for March and divide it into
= March customs ,172, ,06s
, we have as a basis for imports fol
, March the sum of 1888, $4,000, which
/ on its face, imports for March the
sum Of $388,575 900, which. on its
face would indicate a balance against
I US OF $38, 8,000. 900. in that months for.
eign trade. And yet March exports
were $20.000.000 greater than those
for March, 1922. under the Democrat.
ic tariff law. This would mean for
! the first six months Of the new law,
exports. $2.OSS, 100000. imports 81.
945. .000. balance $143.-
0O0, 900
THE reason for this condition of
affairs is undoubtedly due to the
mighty wave Of prosperity which has
come over the country since the tar
iff law was passed, and as a result
OF which producers are unable to Sc.
cure sufficient help to meet domestic
demands, wherefore foreign markets
are being cut off from our exportable
surplus; and as consequence Of
greatly increased purchasing power
foreign goods are finding larger con-
sumption in the United States. But
to continue to assert in the face Of
these official facts that the new tar
III law is the highest ever drafted is
wicked perversion OF the facts-a
falsehood without a scintilla OF evi-
dence to support it,"