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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