The Bismarck tribune., 1931-05-05

large percentage OF the people axe
wrong. for almost all believe the same
thing"
To forestall speculation among the
poorer classes he proposed that ex-
change transactions involving less
than $4,000 be restricted to cash. He
said he would prefer to raise this TO
$50, 900. but presented the smaller 1ig-
ure because it is par value OF = num-
dred shares of 500 par stock.
MY thought is that this country
cannot afford again the wrecF ana
ruin of people Of small means, wnlcn
followed the last crash. 1t IS oao
enough when the intelligent ana
wealthy speculate and lose, but wnen
scrubwomen, day laborers. small home
owners, wives and youths speculate
and lose simply because they can go
to q brokers' office and get credit lor
small sums. the practice ceases 10 oe
defensible on any ground" :,
The daily statement" was termed
more dangerous influence than any
other one thing In American financial
life" and Traylor said exchanges
would help materially should they
adopt some type of periodic settle
ment which would eliminate the daily
call rate and make possible some
measure of regulation Of the flow and
rate Of credit by banking authority"
Less government credit and more
attention to the raising Of every pos
sible item for personal consumption"
were prescribed for the farmer to
make him independent of price fluc-
tuationS.
Traylor said it was tragedy,
when. in q world of plenty, there
should be so much poverty, and when,
in nation which boasts of its rich
es, five million or more people willing
to work should be unable to find EN-
ployment."
1T is challenge to the world he
said, IA especially to American
business and political leadership,
which cannot be ignored and must
not be shirked."
Barnes Discusses Tariff
Julius H. Barnes, chairman Of the
board Of the Chamber of Commerce
Of the United States who last week
called for tariff revisions with view
to improving American foreign trade,
told the congress business looked to
the tariff commission for helpful re-
adjustments In piece-meal fashion
and that 1t would be most unfor-
tunate to reopen the tariff in the
next session of congress"
Barnes, whose tariff remarks at
Atlantic City last week were chal-
lenged by Republican leaders in con-
greSs and nailed by Democrats as
bolstering their opposition to the
Hawley- y-Smoot act, amplified those
remarks Tuesday.
American business" he said,
"hopes the administration of our
tariff laws by the tariff commission
will go long way toward perma-
nently taking the tariff out Of pol
itics. Business through the Chamber
of Commerce of the United States for
years has urged that the tariff be
treated as an economic and not as a
political issue.
Gradual adjustments, either up or
down, as may be necessary, through
the agency OF the tariff commission.
do not have the unsettling effects
that accompany general overhauling
by congress.
1T is the duty of the tariff commits
sion, after investigation. to recon-
mend adjustments. It would be most
unfortunate to reopen the tariff in
the next session of congress.
Business, as represented in the
Chamber of Commerce of the United
States, wants all tariff adjustments
made with due regard for our for
eign trade. as I said at Atlantic city.
It believes this can be done and that
ample protection still can be given
the American manufacturers and pro-
ducers in all important lines and to
American wages and living stand
ards"