Speech #630227040

One of the most important schedules. that of wool. did not go into effect until January 1. and on sugar it only went into effect on March 1. Nevertheless. the five months ending March 1 show a loss in our balance of trade of $137.000.000 as compared with the same time the year before. Last January Secretary Redfield. in addressing the New Haven Chamber of Commerce. thus declared himself: Even the fearful have seen with surpriseand I hope with growing confidence--that the flood of foreign goods that was to overwhelm us has not happened. that the stories of how the cheap products of the pauper labor of Europe were to crowd our marts of trade to the exclusion of our own goods. have proved to have no foundation more than any old wives tale. and how. In the face of what must seem to them an almost open door. our products have gone outward and foreign products have not come inward as the prophets of evil said. I suppose I am one of the "prophets of evil." but my prophecies in that respect have come true.