Speech #690161328

There can be no question that in 1921 there were 5.000.000 of wage earners out of work in the United States. that agriculture and manufactures were languishing for lack of trade. and that Liberty bonds were selling at 85. Millions of dollars worth of goods produced where labor was cheaper and where the American standard of living did not prevail were coming to our shores to compete with our unprotected industry. A million of immigrants a year had been coming to compete for a living as well. Both goods and immigrants were coming. not because of any reaction following the war. but because they sought the greatest nmarket in the world. Just so the loss of this market to ourselves. because of lack of protection. had previously thrown a million workers out of employment from 1913 to 1914 and caused our greatest financial depression from 1893 to 1897. However much those who advocate the principles of the Republican Party may differ as to details. they are united by the one certainty that a protective tariff sufficiently high to cover the difference between the cost of production here and abroad does enable our industries to meet foreign competition In a home market which buys 90 per cent of our total output. does therefore assure good business and wide employment and does maintain high wages and living standards. and that a fair restrictive inmigration policy does lessen competition with our labor and thereby tend to increase wages.