Agricultural relief: Export debenture plan

Export debenture plan (Pt. 5)

Bibliographic data

Multivolume work

Identifikator:: 1831932415

Document type:: Multivolume work

Title:: Agricultural relief

Place of publication:: Washington

Publisher:: Gov. Pr. Off.

Year of publication:: 1928

Collection:: Economics Books

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Volume

Identifikator:: 1831934671

URN:: urn:nbn:de:zbw-retromon-232129

Document type:: Volume

Title:: Export debenture plan

Volume count:: Pt. 5

Place of publication:: Washington

Publisher:: Gov. Pr. Off.

Year of publication:: 1928

Scope:: III S., S. 299 - 427

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Multivolume work

Structure type:: Chapter

Title:: Statement of Jesse Newsom, of Indiana

Collection:: Economics Books

AGRICULTURAL RELIEF 303 duty, however, to write an essay, but to consider what it was wise to do under »onditions then existing. oo [t is also interesting to read the masterful discussion of the relative import- ance of agriculture and industry, contained in the first 70 pages of his report, wherein is found the following: “It ought readily to be conceded that the cultivators of ihe earth, as the primary and most certain source of national supply, as the immediate and chief source of the subsistence of man, as the principal source of those ma- terials which constitute the nutriments of other kinds of labor, as including a state most favorable to the freedom and independence of the human mind—one perhaps most conducive to the multiplication of the human species, has in- irinsically a strong claim to preeminence over other kinds of industry, but it is aot entitled to exclusive predilection.” His whole philosophy was that the development and encouragement of both agriculture and industry whenever and wherever needed was fundamen. al and a prime function of government. With these thoughts in mind, he proceeded to declare a Federal policy for industrial encouragement. The functioning agencies to be emploved were the :ariff and the bounty. On protective duties he has this to say: “ Duties of this nature evidently amount to a virtual bounty on the domestic fabrics; since, by enhancing the charges on foreign articles, they enable the national manfactuurers to undersell all their foreign competitors.” In considering a monopoly of the domestic market to its own manufacturers he declared it to be in every proper instance dictated by the principle of distributive justice, certainly by the duty of endeavoring to secure to our own citizens a reciprocity of advantages. On pecuniary bountics he says: “This has been found one of the most efficacious means of encouraging manufacturers and is in some views the best. Bounties are sometimes not only the best but the only proper expedient for uniting the enccuragement of the new object of agriculture with that of a new object of manufacture. The true way to conciliate these two interests is to lay a duty on foreign manufactures of the material the growth of which is desired to be encouraged. and to apply the product of that duty, by way of beunty, either upon the production of the material itself or upon its manufaciure at home or both. There is a degree of prejudice against bounties from an appearance of giving away the public money without an immediate consideration, and from a supposition that they serve to enrich particular classes at the expense of the community. But neither of these sources of dislike will bear a serious examina- tion.” We have quoted clsewhere that any outlay of public funds is justifiable when in the interest of general welfare. “As to the second objection, it lies equally against other modes of encouragement, which are admitted to be eligible. As often as a duty upon a foreign article makes an addition to its price, it causes an extra expense to the community for the benefit of the domestic manufacturer. A bounty does no more. But it is in the interest of the society in each case to submit to the temporary expense—which is more than compensated by an increase of industry and wealth, and by an augmenta- tion of resources and independence.” “It is of necessity, 1¢ft to the discretion of the national legislature to pro- nounce upon the objects which concern the general welfare, and for which, under that description, an appropriation of money is requisite and proper. And there seems to be no room for doubt that whatever concerns ihe general interests of learning. of agriculture. of manufacture. and of commerce are within the sphere of the national councils. so far as regards an application of money.” After a discussion of drawbacks and remission of duty Hamilton has the following to say: “ The possibility of a diminution of the revenue may also pre- sent itself as an objection to the agreements which have been submitted. But there is no truth that may be more firmly relied upon than that the interests of the revenue are promoted by whatever promotes an increase of national industry and wealth. In proportion to the degree of these is the capacity of every coun- try to contribute to the Public Treasury; and where the capacity to pay is increased or even is not decreased, the only consequence of measures which diminish any particular resource is a change of the object. If, by encouraging the manufacturer of an article at home the revenue which has been wont to Accrue from its importation should be lessened, and indemnification ean easily be found, either out of the manufacture itself or from some other object which may be deemed more convenient.”

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