The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1928-05-24
KEEPING UP
With
THE NE WIS
BY LUDWELL DENNY

"a H44OA4G PbtoAA " JOpP1C JIlC
1 n Republican high tariff wall
next year is expected to result from
President Coolidge's second bitter
veto of the McNary- Haugen farm
relief bill.
The farm relief bill is an attempt
to close the breach between the
price of products sold by the farmer
and the manufactured articles
which he buys.
Having failed to raise farm prices
through the NIcNary equalization
fee, which the President rejected as
unconstitutional" farmers are ex-
pected to seek the same result by
the opposite method of reducing 1iv-
ing costs by lowering protective tar
IFS on manufactured goods.
In the drive against the tariff,
the farm bloc will be supported by
many who objected to the indirect
and "fallacious" McNary- Iaugen
method, but who consider a recon-
ciliation Of agricultural and indus
trial prices vital to national pros
perity.
This drive also will have support
Of New York international bank
ers, or of financial capital, in con-
tradiStinction to industrial capital.
While industry insists on high
tariff protection. the international
bankers loans and investments
abroad will be jeopardized unless
the present tariff wall is lowered to
permit trade from other countries
upon which foreign reconstruction
and prosperity depends.
THERE is little question that
Il tariff reduction is the only
way out now for the farmer, and
that the Coolidge veto this time has
effectively and probably finally dis
posed of McNary- Haugenism.
An attempt to pass the bill over
the veto is not probable, and sue
cess of such an effort would be very
doubtful.
Paradoxically, it is the admins
tration which hopes another vote
will be taken by this Congress, and
some of the NcNary- Haugen group
which desire to let the matter rest.
The reasons are political.
If another vote were taken, the
anticipated failure to pass the bill
over the veto would be interpreted
as partial vindication of the Pres
ident's opposition and would tend to
rob the administrator group
of its major campaign issue. The
bill now probably will be sent to
committee to die.
EX-G Governor LoWden and Vice
President Dawes are stalking their
twin candidates. for the Republi-
can presidential nomination almost
wholly on what they believe to be
widespread Midwest farm revolt
against Coolidge-H Hoover opposition
to the farm relief bill.
THEY now argue that Coolidge
L has not only turned a deaf ear
to the farmers cry for help, but
has blocked the large congressional
majority which was rushing to the
aid of agriculture.
Lowden says he does not want
the nomination, which he contends
would mean defeat unless his party
declares for farm relief. The issue
will be fought out at the Kansas
City convention three weeks hence
It seems hardly possible that the
Republican convention can or
would denounce a major Coolidge
policy on the eve of an election. In
the final analysis the party must
win or lose by pointing with
pride" to the Coolidge administra-
ton, and ward off Democratic at
tacks on the Republican record in
office.
While it is barely possible that
the farm States may hold the bal
ance Of power in choice of a pres
idential candidate and thus defeat
Hoover, it is almost inconceivable
that eastern industrial interests
dominating the party will permit &
McNary- Haugeh plank in the plat
form.
TXTHILE Robert w. Stewart
wv continues in office as chair
man of Standard Oil of Indiana,
despite Rockefeller's demand that
he resign for completely in the oil
scandals, the Sinclair Consolidated
Oil Corporation yesterday re-
elected Harry F. Sinclair chairman
Of its board.
Though Sinclair got a jury ac-
quittal on a criminal conspiracy
charge in the Teapot Dome case,
the United States Supreme Court in
the civil case found that Sinclair
and Fall "conspired" to "defrauG
the Government"
Both Stewart and Sinclair arc
out on appeal from Jail sentences
for Senate contempt.
Anticipated return to power OF
Venizelos, Greek premier before
and during the World War, is re-
ported to be causing already an I'M
easy effect on the nervous Balkans.
! Daily Thought |.
Unto the pure all things are
pure,-Titus lis.
HOD be thanked that there are