, 1923-02-26
Punk Predictions

As PROPHETS in the world of business, the
IA Democrats are a colossal failure. Their pres.
EFT status in that respect is nothing unusual, for
they have always been wrong in their analysis Of
business conditions, their diagnosis of business ills
and their selection of remedies.
The most recent venture of the Democratic party
in the field of prophecy was last year when con-
gross was drafting the tariff bill. Democratic lead
ers predicted that if n tariff should be enacted on
lines of protection, the result would be to erect
n tariff wall which would not only prevent other
nations from selling to us but would cut off our
export trade. This, they asserted, would be partic-
ularly true of trade with Europe and more espe-
cially with those nations which are our debtors
through war loans.
The tariff went into effect in the latter part of
September. Trade figures for October can hardly
be taken as 4 decisive proof Of the effects of the
tariff, for trade had not yet adjusted itself to the
new duties. But if we ignore October trade, and
November trade also in order to be more than fair,
the figures for December utterly ~disprove the
Democratic theory of the effect of a protective
tariff.
In December, 1921, we exported merchandise to
the value of 500, 900, 900 while in December 1922 we
shipped abroad merchandise to the value of 1914,
100000 an increase of $4S, OO,O0O,a or about IA per
cent. If we had believed the Democratic purveyors
of dependency, we would have expected a falling
off of about 40 per cent in exports, but instead we
had an increase of IA per cent.
But the figures are impressive when we consider
those with regard to European trade exclusively.
In December 1921, We sold to Europe goods to the
value of $155, 0 $1,000 while for December, 1922, the
amount was about $1S7, 000,O 900, an increase of $32,
100000 or more than 20 per cent, The increase in
sales to Europe was greater than to other CONT
ncnts.
If the analysis be narrowed down to those ma.
tions that are our debtors as a result of war loans,
the same trend is shown. In December 1921, we sold
to Belgium goods to the value of $6,214,0OO while in
December 1922 the amount was $S,94O,OOO, an in
crease of more than 40 per cent. Comparing these
two months, our sales to France increased from
SIT .OU0, 900 in 1921 to So, 100000 in 1922, or almost
50 per cent. Our sales to the United Kingdom in
creased from 500, 100000. to. $S0,000,000 or more
than 10 per cent.
In 1892 the Democratic party thought a Repub'
lican tariff was running the country to destruction
and as u result of the election that year the party
was given an opportunity to enact a low tariff
law, which brought on the panic Of 1893. Good
times were restored with the reelection Of a Re-
publican administration in 1896. Again, in 1912, the
Democrats ascribed all ills to the Republican tariff
and the high cost of living and predicted the es-
adjustment of satisfactory conditions by the re-
duction Of the tariff which was to bring with it
a reduction in the cost of living. The low tariff
was enacted, there were hard times and unemploy-
mcnt, and the cost of living continued to go up.
War orders saved American industry from the
worst depression in our history.
In it's present failure as a prophet, the Demo
cratic party is running true to form