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Tariff Grapple. In Europe's onslaught against U. S. tariffs last week Briton Bell also led. Too much of a gentleman to flay by name the country in which he was a guest, Banker Bell politely remarked: ''Tariffs, as I see them, are the intrusion into economic well-being of the cannon and the machine gun, the high explosive, the poison gas.
"They appear to be, in addition, a socialistic blunder. Some one is empowered by government action—and such action is by no means always just or sensible—to prevent me buying and selling what I want, whence I want, in such a sort and quantity and price as I need for the conduct of my business and the provision of my livelihood. . . . I resent . . . interference. Even if I misjudge, I am entitled to my misjudgment."
Hoover on "Gigantic Waste." In contrast to eager European babble about cancelling what is owed the U. S. (some eleven billion dollars) the international congress received in stony silence last week what President Hoover had to say. He pointed out that nearly five billion dollars are being spent every year on armaments, an increase of about 70% over that previous to the Great War. This stupendous annual expense is 20 times greater than Europe's annual payments to the U. S. President Hoover's conclusion:
"Reduction of this gigantic waste of competition in military establishments is . . . of an importance transcendent over all other forms of . . . economic efforts!"
Thus the President avoided mention of Debts, Tariffs, Silver and every other subject on the agenda of the I. C. C. and sprang as a neat surprise the syllogism that the way out of Depression is via Disarmament.
The only trouble with asking an international congress of businessmen to act on such a syllogism is that businessmen are accustomed to think of Disarmament as political, as no business of theirs, as the business of statesmen. Wailed Chicagoan Strawn, who in other respects cooperated closely with the President last week: "The minute the International Chamber of Commerce touches politics we're through!"
Stockmarket Flayed. Gambling in stocks is international. Britons, Germans, Frenchmen, the King of Spain, Chinese, the King of Afghanistan and speculators of every race were participants in the U. S. crash of 1929. Naturally, last week, the most popular speech at the Conference the only one interrupted by incessant laughter and cheers was a great flaying of the New York stockmarket by Chicago's droll, drawling "Mel" Traylor.
Banker Traylor, of course, does not "trade," "speculate," or "scalp" in the market. As from an Olympian distance the president of Chicago's First National Bank declared: "I would urge consideration of the complete abolishment of floor trading which, as I am informed, has about it most of the characteristics of plain crap shooting (guffaws), and few, if any, more redeeming features than that delightful Ethiopian pastime." (Cheers. Of the 1,000 business leaders present some 600 were Americans.)