The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1931-06-17
After One Year

One year ago today the Hoover higher tariff be-
came law. AS result, the country plunged deeper
into economic depression
The President in his Indianapolis address Mon
day informed the country that he would go on with
this policy That announcement is the most depress-
ing news we have heard in year of depression.
we share the view Of most economists and in
creasng numbers Of business leaders that full pros
perity can not be recaptured until the tariff is re-
duced Therefore the Presidents adherence to policy
that is bankrupting the country mpresses us as ma
tional calamity.
But we are not without hope. The President can
retard business recovery by blocking tariff revision
But he can not block it long The economic forces
for lower tariff to revive foreign trade and reopen
our factories are likely defeat the Hoover obstruc
tonists in'the next congress-
Hoover no longer has the confidence Of the public
as a tariff prophet The people will not follow him
this issue. They have learned by experience, hard
perence It is worth repeating here because it will
be key to the next congress and the next presden
tal election.
In the 1928 campaign, Hoover was elected on
definite pledge against a general tariff revision up
ward He violated that pledge when he signed the
Hawley- smoot bill He dehed his own public argu-
ment He dehed the expert advice of more than
1000 leading economists. He defed public opinion as
represented by an overwhelming majority Of the
press. He defed the pleas Of many leading bankers
and business men.
Hoover thought he knew more than all the ex
perts, the economists and the business leaders On
signing the bill, he gave his reasons. He said:
Il do not assume the rate structure in this or
any other tariff bill is perfect, but convinced
that the disposal Of the whole question is urgent
believe that the flexible provisions within rea-
sonable time remedy inequalities that this provision
is progressive advance and gives great hope Of taking
the tariff away from politics, lobbying and logroing;
that the bill gives protection to agriculture for the
marketing CT it's products and to several industries in
need of such protection for the wage OF their labor
that with returning normal conditions foreign
trade will continue to expand"
On every single point time has proved Hoover
o false prophet.
The flexible provisions have not remedied in
CAPABILITIES, as he promised Not one major rate has
been changed Seven unimportant rates have been
lowered and three unimportant rates increased while
Hoover has refused to lower two other rates recon-
mended by his tariff commission.
It has not taken the tariff away from politics,
he promised It has made the tariff major political
issue for the first time since Taft similarly defed
public opinion and economic law.
1t has not protected agriculture as he promised.
The farmers are in worse plight than year ago
Farm sales are lower. Farm prices are lower. Farm
surpluses are greater More farm banks have failed
More farmers are bankrupt and hungry.
1t has not protected wages in the so-called pro-
tected industries as he promised BY and large those
industries which got the largest tariff grab are the
worst ant-Iabor low-wage industries and many have
cut wages in the last year.
It has not fastened return of normal conditions
and has not expanded our foreign trade as he prom
ised According to government figures, since the
Hoover tariff became law, the value of our exports
has been cut in half and unemployment has
been doubled.
Those are the facts which Hoover refuses to face
today There are other facts just danning to his
tariff record which have been recounted often in
these and other columns-such the world trade
war his tariff started and the friends of America
abroad who have been turned into enemies.
But forgetting all that for the moment, it is SUI
hcient to take Hoover at his prophecy in sign
ing the tariff bill and let the facts that he was
wrong on every point.
What them
When Hoover year ago defed expert and bust
ness advice by signing the tariff BILL this newspaper
and most others that disagreed with him gave him
credit at least for acting sincerely and courageously
Today the situation is different. 1t is no longer
question of opinion to what the tariff will do to
the country 1t is now a matter of indisputable fact
as to what the tariff has done to the country
Hoover can be forgiven by the country for being
wrong Hoover will not be forgiven by the country
for stubborn dictatorship of policy after time has
proved him wrong But the effect on Hoover's per-
sonal political fortunes is not the important thing
The gravity of the situation is that Hoovers tariff
policy threatens to prolong the depression. That
would mean more bank failures factories closed
more millions of unemployed.
We hope public protest will be so great that con-
gress in December will clear away this Hoover barrier
to prosperity regardless Of anything the President
can do or say
That action will depend upon the Democrats.
There would be no Hoover higher tariff If number
of Democrats had not voted year ago with the Re
publican old guard
Even if Hoover has not learned from the expert
ence Of the last year perhaps these Democrats have
We hope so.
The Reason Why
Now we know why there YVES no cheering along the
lines of march no great enthusiasm at the chicken