The Waterbury Democrat., 1931-10-05

have this home market reserved for their exclusive use. After sell ing much of their products at the high prices, here available. the most savage competition in other parts of the world could be met with complete composure.
 ''Now, however, that industries have become veritable giants. with raw materials extractories in the farthest corners of the earth. ana with refining and manufacturing' plants in many parts of the civil ized world, high customs tartns Tn this country and abroad are be- coming ever more burdensome and annoying. Furthermore. since the ever increasing tariff barriers in other parts of the world nave become directly traceable, as they are, to our own unenligntenea policies, many of those powerful giants are avowedly ready to re- move all such Instructions. h. creasing exports they must have. and, if to get them, our traditional protective policy has to be sacri- feed, realities must be faced.
 Beside the opposition of our big industrialists is to be placed III the balance that of our even more powerful international banking houses. The recent change in their position in the worlds financial structure has been outlined at length in the earlier chapters or this work. In the last decades huge fiotations of foreign security issues in this country, all have been involved. Of the great hold- ings of short-term credits abroad. recently frozen by the German ex- change crisis, they are the possess ors. To them, it is becoming ever clear that if future payments on both these all-important types or credit, for which they are directly responsible to the American peo- pie, are to be made even moder- ately secure, our protective tarin policies must be radically changed.
 ITO the above realities must be added another and perhaps even more disconcerting one. The mid dle-western farmer, who, by an oc- casional gesture of agriculture pro. lection, has ever since the CIVIL war been held in line behind al- most any absurd degree of protec- ton demanded by his eastern con- freres, has recently become avow- edly militant. Even for him the ingeniously concealed hoax seems at last suddenly to have become transparent. Either real protec- tion-which means protection from laree-scale agricultural operations in this country (probably unconsti- tutionaD as well as from all for eign producers-must be granted or else the over-worked bluff is apparently to be called.
 "Finally in the balance is to be thrown. the unconcealable grudge of a no less important man than the American laborer himself. Po- liticaliy. he Is just as important as he is economically. While seven million of his number walk the streets and 'hitch-hike' the high ways in search of inconsistent 5ops,
 he is gradually learning that our
 high protective tarih, which from time immemorial has been pledgen
 to keep his dinner pail fuil. noI
 only is responsible for prolonging and aegrayating the present un- paralleled depression, but is like wise at least indirectly causing the migration of highly important portion of American industry it. self. With this migration has al- ready gone not only enough jobs in the migrated plants themselves tc take acre of no inconsiderable part of our unemployed. but, in addi- ton, many others in lines of en. deavor which would otherwise be | supplying them with raw mate | rials, with services, and with al most endless other needs.
 Thus, for the first time in oui | history are the serious evils of oui high protective tariff policies be- | coming clear to those numerous
 and powerful enough to seal it doom."
 Concerning war debts, Professor
 Rogers says. "In earlier ages. whei
 one people was conquered by an
 other, 1t was often customary fo,
 the conquered country to be loot
 ed and its people ensiaved. In eui
 financial era. however. such prac tices have given way to what w' consider more humane money pay
 ments. Whatever ethical and hu manitarian excellence the nev
 means may possess. however. pns | important defect has appeared. A | least so long as the world keep, | even its present degree of demo l cratic and hence demagogic, con | trol, such debts in large amount
 cannot be collected'.'
 :. Professor Rogers favors the re | ducing of the British war deb
 and the ''placing its future pay ments on sliding scale whicl
 would keep them on consonanc' with price movements in thi country. Tn the present sever
 crisis with which the British gov
 ernment is faced. such a nov
 would prove most constructive"