AMERICAN POLICY

Hawke's Bay Tribune, Volume XVII, 18 November 1927, Page 6

AMERICAN POLICY

PROTECTIVE TARIFFS COOLIDGE OUTLINES RESULTS. FOREIGN COMMERCE. (Received 18, 8.0 a.m.) New York, Noy. 17. President Coolidge, addressing the Union League at Philadelphia said: “In part we have adopted, and very generally maintained for a period of more than 100 years, a system of protective tariffs. This has enabled us to develop our natural resources, build up great industries, furnish employment for our increasing population and markets for the various products of farm and factory. This policy has lately been extended to include the restriction of immigration. Without the influence of a protective tariff it would never have been possible for our country to reach its present stage of diversified development. Any material reduction in general tariff rates would ultimately result in drastic deflation of agricultural and industrial values and in the standard of living under- the present system. NATIONAL INCOME. “Our foreign commerce has reached its highest peace-time record and the nationu], income has steadilv increased to enormous proportions—--90.000,000,000 dollars in the last calendar year. We are in the position that, with further moderate taxation, we can consider interna) developments. “On sea we shall round out the Navy with more submarines and cruisers, and private ownership should provide it with an auxiliary merchant marine of fast cargo boats. “On land we shall build up our air forces, especially by encouraging commercial aviation. FOREIGN AFFAIRS. “We are more concerned than ever with foreign affairs. The wealth of our people is going out in a constant stream of record dimensions for restoration and development in all parts of the world. “We want our moral influence to be on the side of liberty, education, fair elections, and honest constitutional government. “Where our obligations to our own citizens under international law required, we extended help to those attempting to secure these results, but we refrained from meddlesome interference because we recognise it is not only a rrght but a necessity for each people to work out its own destiny.”—(A. and N.Z.)