Show c T m AIDING I BUSINESS SAYI SAYS SAY ri I i Foreign Goods Would Have Havel I Deluged Us Without ProU Protection Pro Pro- U II He Declares One of ot the most powerful Influences Influences influences I working toward business re recovery re- re covery ery Is the tariff act net which congress congress congress con con- gress passed in 1930 asserted Senator Senator Senator Sen Sen- ator Reed Smoot chairman of the senate finance committee addressing address address- t In lug ing the luncheon meeting of the Exchange Exchange Exchange Ex Ex- Ex- Ex change club Friday at nt the Hotel Utah His subject was vas The Tariff and International Trade Without additional tarl tariff protection protection protection tion the country would have been deluged by foreign goods he lie de declared declared de- de dared both agricultural and In Industrial Industrial Industrial In- In throughout the period of at r depression Prices In foreign countries countries coun coun- I tries declined rapidly and foreign r producers were In a position to Undersell undersell un un- r American commodities Enactment Enactment Ent En En- t of the tariff law gave American Amen Ameri can producers a 0 new margin of pro pro- MANY 1 IMPORTS FREE DUTY-FREE Propaganda purporting to show that the United States has built bunt a tariff wall around itself excluding the products of all other nations has no foundation In fact he said About 65 per cent nearly two thirds of all the goods that are received from foreign countries come through our ports without paying one cent In duty duh Sen Senator tor Smoot said there Is no disposition disposition disposition dis dis- dis- dis position on the part of congress or orthe orthe orthe the Republican party to shut out foreign commodities Our only objective he declared has been to protect American industry industry indus indus- tr try and labor from competition that tends to reduce our standards of liv lIv- ing The Thc tariff does docs not prohibit imports It equalizes the cost in this country of ot goods made abroad b by cheap lab labor r with the cost of producIng producIng producIng Ing the same goods in the United States Slates with well-paid well labor so that tha our capital wont won't have to be invested invest invest- cd ed abroad and our working men wl will not be left without employment MARKET GLUTTED Critics of the tariff have taken takena a the position that the decline in our International trade is a calamity Under the circumstances it seems seem to have been a blessing Agriculture and industry would be ruined if th the volume of Imports from abroad were allowed to Increase when the domestic domes domes- tic market is glutted with a n surplus of every cry commodity and when do do- do c industry has been in lu response to a smaller demand Senator Smoot asserted that th the United States must not sacrifice its own enterprise and its own economIc stability for the sake of foreign producers pro pro- He said reports that the United States Is losing its relative position among the great commercial nations nation of at the world as a result of the Smoot Smoot- Hawley bill bUl are not true MARKET 1 GOOD This propaganda has been spread to discredit the Republican adminIstration adminIstration admin admin- and its Us policies the senator senator senator sena sena- tor declared In spite of the new tariff duties levied by congress in 1930 1931 the market for the imports is good Farmers of at the country would be beIn beIn beIn In a much worse plight than they are at present according to Senator Smoot without the additional tariff protection The tariff he added was written In the Interests of ture In conclusion he said the tariff i policy of at the Republican party Is shaped first and last to serve sene the In Interests Interests Interests In- In of the people who live and work In the United States I |