Mr. Hoover Follows
Through
I98 THE COMMONWEAL June 26, I929 countenancing debentures on the other. In theory the farmer is quite as definitely entitled to an export bounty as the manufacturer is to import duty. The...
...For the moment, however, too much material for rebuttal is on hand...
...It has popular backing...
...Sound economic sense realized that the r61e of milking the cow dry was far from enviable...
...I think, Mr...
...Germany, as all but the most superficial observers testify, is working fearfully hard Eand working to pay off the richest country in the world...
...All who run may read plentiful indications that the observation ex-pressed here will figure prominently in future conver-sation...
...Though this observation was designed to win the allegiance of protectionists for the farmer's pet scheme, it may in all sober reality be a critique of Republican foundations...
...There can be no question of annulling obligations or of "for- giving" money fairly owed...
...After that she will only have to pay the Allies sufficient to enable them to pay Amer- ica...
...The concession involved is, doubtless, the chief reason why the experts' conference proved successful...
...WHAT does this situation mean...
...It is, therefore, beside the point to argue that the rightness of the protective tariff is a proof of the rightness of debentures, or vice versa...
...Meanwhile, of course, one may legitimately wonder if the farmer is right after allmor if American urban industry would be satisfied with a similar relief pro- gram, minus the tariff...
...Under the terms of the agree- ment, Britain's excess receipts will be $9,ooo,ooo an-nually...
...first story...
...The philosophy of the matter is admirably summed up in Senator Borah's now famous words: "Unless the pro- tective tariff applies and can be made to apply as a system to the nation as a whole, then it becomes a special privilege, the result of governmental favor, and is intolerable...
...Nothing could be clearer than the party's determination, built up and solidified during the past decade, to rest on a foundation of "prosperity...
...President, that the protective system is being tested at this time...
...Also it plainly has a competent chief in Mr...
...Even in this case, however, the surplus allowed over and above the obligations to the United States has been curtailed by nearly one-half...
...This document had stated that His Majesty's government Victory would ask from its debtors only what was needed to meet its own obligations to the United States...
...Owen D. Young, is the circumstance that Great Britain adhered loyally to the tenor of Mr...
...Opposition to the more radical forms of farm-relief theory can point to several factorsmthe chaos that prevails in agri- cultural production and marketing, failure to deal efficiently with problems through the use of adequate methods, financial instability...
...Germany," the Manchester Guardian said recently, "is expected to meet her reparations claims in full in thirty-seven years...
...The facts in the case argued so plausibly for so lucid a point of view that virtually all the Allied powers assented...
...America will be the sole recipient of war pay-ments, however arising--America, who entered the war on the basis of 'no indemnities and no repara-tions.' The thing is unthinkable...
...Having enumerated these matters, the government declares that it will develop such remedial agencies as can be established...
...The definition of prosperity alone counts...
...In many quar- ters it is held to be, almost literally, meaningless...
...The Dawes plan had allowed $4o,ooo,ooo more...
...France is, of course, the exception, having a legitimate claim for assistance in rebuilding mani- fold ruins...
...Possibly this will ultimately involve a return to the debenture idea...
...Who can doubt that, as time goes on, discussion of the war debts accruing to the United States will be conducted in similar language...
...Hoover feelsE quite as his predecessor felt--that actual govern-mental subsidies to agriculture would be so many wrenches thrown into the country's economic ma-chinery...
...I98 THE COMMONWEAL June 26, I929 countenancing debentures on the other...
...basement, but only the G.O.P...
...One need not look to magnanimity, however, for an explanation...
...But there can and ought to be frank realization of the all important fact that discounts, in common with so much else in the world, may well be governed by international relations...
...Europe has now, for all practical purposes, underwritten the Balfour note...
...Hoover...
...This cow's inability or unwillingness to keep up the supply would, ultimately, involve no end of trouble...
...it is condemned when it seems to be something else entirely...
...Europe has talked in terms of economic reality...
...Prosperity" has been the test applied to farm problems ever since their recent ascent to prominence...
...For protection is not the G.O.P...
...Young's the Baldwin note...
...The protective principle is approved when it appears as the servant of this last...
...Nothing on earth can prevent collection of the war debts in full from becoming an increasingly embarrassing business...
...For the present, how- ever, it needs to be borne in mind that Republicanism is in control, and that Republicanism is a definite for- mula, simple and compact...
...He is convinced on the other hand that levies on the people (in the form of customs and duties) are indispensable lubricants to that machinery...
...One may even inquire a little into the thing "called" prosperity, and wonder how extensive and deep it really is...
...The question is whether it can be made to apply to all the people, or whether it is to be the special advantage of a few...
...At this point, however, a remark is in order...
...The chief significance of the recent agreements lies in the fact that the sums at stake have been computed on a practical basis...
...Surely the farmer's case rests upon his right to phrase a definition of prosperity which will cover his situation, but will not jeopardize the welfare of others...
...WEEK BY WEEK p ERHAPS the most significant aspect of the repara- tions settlement, effected so largely by the skill of Mr...
...Only in a measure, however...
Vol. 10 • June 1929 • No. 8
