CONSTRUCTIVE REMEDIES NEEDED 245
later, have already indicated the urgent need of a govern-
mental agency of this description.!
As to the other two proposals, only one seemed practical
so far as the immediate future was concerned. In the light
of the fact that all commercial and industrial countries
were endeavoring to retain their own markets by excluding
the products of other nations by greater and greater tariff
barriers and other arbitrary measures, it has seemed im-
possible to develop in an important way foreign mar-
kets for the surplus American commodities. This would
be feasible only by granting equivalent concessions in
our markets through reducing the height of our own
tariff walls, and the net gain to the United States, there-
fore, it has been asserted, would practically amount to
nothing.
The trend of current business and finance clearly shows,
on the other hand, that the tariff issue will soon be a matter
of serious domestic controversy. The investment bankers
who have been and still are making large public and private
loans abroad keenly realize that the payment of interest
and the repayment of principal are ultimately dependent on
the ability of foreign countries to send goods to the United
States. To the average industrialist, the policy of a reduc-
tion in customs duties in order to stimulate an inflow of
commodities from abroad, of course, spells disaster and a
retardation in the process of American industrial develop-
ment. It is quite apparent, however, that within a short
time the attitude of the investment bankers may prevail,
excessive duties may be modified, and many American
industries may be required to adjust their operations to
conform more nearly with world conditions. Such a con-
summation is, however, quite dependent on the protective
policies of other countries. A more liberal régime, both
"1 See pp. 252.263.
, i.
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