Bulletin of the National Association of Wool Manufacturers, 1921, Vol. 51 (Classic Reprint)

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Excerpt from Bulletin of the National Association of Wool Manufacturers, 1921, Vol. 51 A Plan for Equalizing Changes in Tariff Duties due to Fluctuations in Exchange. The following is the statement concerning the plan for equalizing changes in tariff duties resulting from fluctuations in exchange, submitted December 9, 1920, to the Committee on Ways and Means of the House of Representatives by a committee of the National Association of Wool Manufacturers, consisting of Mr. Franklin W. Hobbs, Chairman, and Messrs. Jacob F. Brown and Paul T. Cherington. This committee had been instructed by the Executive Committee of the Association to put the plan before members of Congress likely to be interested. A special session of the Committee on Ways and Means was called, at which the statement was presented. When the Underwood-Simmions law was enacted, all nations were on a gold basis. At the present time, with the exception of the United States and Japan, all nations are on a paper basis, and some are on a printing press basis. The United States import tariff is built on the assumption that exchange conditions with the chief trading countries will remain comparatively stable. Neither by law nor by regulation are the present unstable conditions adequately provided for. The currency of some countries is now almost worthless in American money, and that of even such important commercial countries as England and France shows marked depreciation. There is no ground for expectation that normal or even steady rates of exchange will be restored for several years. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.