The Birmingham age-herald., 1924-06-12

ain. That settlement achieved under a republican administration, was the greatest international financial trans action in the history of the world. Un- der the terms of the agreement the United States now receives an annual return upon four billion six hundred million dollars owing to us by Great Britain with definite obligation of ulti- mate payment in full.
 '.The justness of the basis empoyed has been formally recognized by other debtor nations.
 Great nations cannot recognize or admit the principle of repudiation. To do so would undermine the integrity es- sential for international trade, ommerce and credit. Thirty-ive per cent of the total foreign debt is now in process of liquidation.
 THE TARIFF
 "We reaffirm our belief in the pro- tective tariff to extend needed protec- tion to our productive industries. We believe in protection as a national policy with due and equal regard to all actions, and to agriculture, industries and occupation.
 It is only by adherence to such a policy that the well being of the con- sumers can be safeguarded, that here can be assured to American agriculture, to American labor and to American manufacturers a return to perpetuate American standards of life. A protec- tive tariff is designed to support the high American economic level of life for the average family and to prevent a lowering to the levels of economic life prevailing in other lands.
 Tt is the history of the nation that the protective tariff system has over justified itself by restoring confidence, promoting industrial activity and em- ployment, enormously increasing our purchasing power and bringing increas- ed prosperity to all our people,"
 '"The tariff protection to our indus try works for increased consumption of domestic agricultural products by an employed population instead of one un- able to purchase the necessities of life Without the strict maintenance of the tariff principle our farmers will need always to compete with cheap lands and cheap labor abroad and with lower standards of living.
 Been Demonstrated
 "The enormous value of the protec- tive principle has once more been demonstrated by the emergency tariff act of 1921 and the tariff act of 1922.
 'GWe assert our belief in the elastic provision adopted by Congress in the tariff act of 1922, providing for a method of readjusting the tariff rates and the classifications in order to meet changing economic conditions when such changed conditions are brought to the attention of the President by com plaint or application.
 We believe that the power to in- crease or decrease any rate of duty provided in the tariff furnishes a safe guard on the one hand against excessive taxes and on the other hand against too high customs charged.
 ''The wise provisions of this section of the tariff act afford ample oppor- tunity for tariff duties to be adjusted after a hearing in order that they may cover the actual differences in the cost of production in the United States and the principle competing countries of the world.
 We also believe that the applica- tion of this provision of the tariff act will contribute to business stability by making unnecessary general disturb ances which are usually incident to kcuCId1 TCN4bIOus
 AGRICULTURE
 '1n dealing with agriculture, the re- publican party recognizes that we are faced with fundamental national prob- lem and that the prosperity and wei fare of the nation as a whole is de- pendent upon the prosperity nd vel fare of our agricultural population.
 We recognize our agricultural &C., AiNyStine ENi11 eNpY1~o1sno T1sfh o1- conditions that have brought about dis tress. We pledge the party to take whatever steps are necessary to bring back balanced condition between agri- culture, industry and labor which was destroyed by the democratic party through an unfortunate administration of legislation passed as wartime meas ures.
 We affirm that under the republic an administration the problems of the farmer have received more serious con- than ever before, both by gresSional action, not only in the field of general legislation, but also in the enactment of laws to meet emergency 
 ''The resoration of general prosperity and the purchasing power of our peo- pie through tariff protection has re- suited in an increased domestic con of food products, while the prices of many agricultural commodi- ties are above the war price level by reason of direct tariff protection.
 Under the leadership of the Presi- dent at the most critical time, a cor poration was organized by private capi- y,1oIs-1 a-o1IahIa Q1n0 000 n0n Ao assist the farmers of the northwest.
 "In realization of the disturbance in the agricultural export market, the re- suit of the financial depression in Flu rope, and approaching that the export field would be enormously improved by rehabilitation and the result ing increased consuming power, a sym pathetic support and direction was giv- en to the work of the American repre- sentatives on the European separations commission.
 "The revival in 1921 of the war finance corporation with loans of over averted in 1921 a com plete collapse in the agricultural in- dustry.
 We have established new interme- diate credit banks for agriculture, and increased the capital of the federal farm loan system. Emergency loans have been granted to drought stricken areas. We enacted into law the CO., operative marketing act, the grain fu- lures and packer control acts; we have given agriculture direct representation on the federal reserve board and on the federal aid commission. We have greatly strengthened our foreign mar katinu caruica for tha diSposo1 of oYr agricultural products. The crux of the problem from the standpoint of the farmer is the net profit he receives after his outlay. The process of bring ing the average price of what he buys and what he sells closer together can be promptly expedited by reduction in Anxnr rAnndn nnnnlnrrnnnh in inh,nrtrrr