AMERICAN PROSPERITY

Poverty Bay Herald, Volume LIII, Issue 16500, 18 November 1927, Page 7

AMERICAN PROSPERITY

A REMARKABLE POSITION GREAT VALUE OF TARIFFS REVIEW l'-Y THE PRESIDENT (Elec. Tel. Copyright— United Press &sm.) (Australian and N.Z. Cable Association.; NEW YORK, Nov. 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, and furnish employment for an increasing population and markets for the various products of the farm and factory. This policy lately has been extended to include the restriction of immigration. '"Without the influence of protective tariffs it would never have been possible tor our country to reach the present stage of diversified development. Any material reduction in the general tariff rates would ultimately result in a drastic deflation of agricultural and industrial values, and m the standards of living. "Under the present system our foreign commerce has reached its highest peace-time record, and the national income has steadily increased to enormous proportions—last calendar year. Wo are in a position that with further moderate taxation we can consider internal developments. On the sea we shall round out the navy with more submarines and cruisers, and private ownership should provide it with an auxiliary marine of last cargo boats. Oil land, we shall build up the air forces especially by encouraging commercial aviation. "Wo 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 citizens under international law are required. We extended help to those attempting to secure "these results, but we refrained from meddlesome interference because we recognise not only the right but the necessity for each people to work out its own destiny."