The potters herald. [volume] (East Liverpool, Ohio) 1899-1982, 1940-02-15

countries? In othe words, she has
made move which deliberately raises
the duty her citizens have to pay on
our products by exactly 20T, and she
lowers the duty or price, which is more
correct, on any products she wishes to
sell u.s.
| fully realize that | have scarcely
scratched the surface Of this all i'm
portant subject. | have already taken
up too much of the time of this Com
mittee. | am grateful to you for being
so patient. | have no desire of posing
as an expert on financial matters, but
| have my own opinion on the causes
of this worldwide depression. The
ISmoot-Hawley Tariff Act had little or
nothing to do with it.
Go to the State Department files
and learn from the reports of Consul
General Frederick Dumont, while he
was at Frankfort on the Main, Ger
many, in 1923 down to the date he left
for another post, and you will find
ample evidence that there was we'll
laid plan for an attack on the entire
protective tariff system Of our coun-
try The international bankers who
were responsible for placing so many
of the loans in Germany played big
part in this movement. The Interna-
tional Chamber of Commerce was also
brought into the picture.
These bankers said eve must dis
credit the entire protective tariff pro-
gram of our country (meaning Amer
ica) or our loans will be sunk" The
loans of American bankers were sunk
anyway because German bankers told
me time and time again that the
American bankers were the greatest
fools they had ever seen. They were
placing loans in Germany which they,
the German bankers, would not touch
with ten foot pole. | could talk to
you another hour or two on this fea-
ture of the issue alone.
Then, there is the question of man
hours in our exports as against man
hours of labor and wages displaced by
foreign competitive imports that COM
pete with and displace the very things
we make and grow in our own coun-
try.
Then there is the question of the
various rates of duty the ad valorem
rates as to how they should be de-
cided upon. We hear a lot about a
sO-called scientific administration or
building of tariff structure. Mr.. Fox
of the Tariff Commission | believe re-
Gently made some such statement that
the present plan of Reciprocal Treaty
negotiation was the most perfect yet
devised. | have no desire to make Mr..
Fox look ridiculous except let me say
that as long as we have situation in
the world so well illustrated by my
economic ladder you never will have
any scientific tariff making or admin
either.
In conclusion, let me say to you that
| am going to leave you with one
recommendation which, if
followed out, will put you on the right
track to solve the greatest issue before
the American people today. Don't
think that it is the public debt or bal
ancing the budget Don't think that
it is our foreign situation or our farm
problem. 1t is given to you in one
little four letter WORKSHOPS. Yes,
JOBS for our unemployed ten million
citizens who are walking the streets
looking for an honest days work.
These ten million unemployed have
twenty million dependents, and to-
gether they would make an army of
thirty million which, if it were to
Darade down Fifth Avenue, New York
or up Main Street in your own home