The imports which compete with products of American labor are now entered at values of from 30 to 60 percent less than the entered values of like and similar articles prior to the passage of the Tariff Act of 1930. The abandonment of the gold standard by England in September 1931. and approximately 60 other nations soon after. initiated a resumption of the depression from which we were then emerging. The ability of European and Asiatic manufacturers to offer their products in American markets at a total landed cost less than the American cost of production has forced a substantial curtailment of production in many American factories and. in many instances. complete suspension. A real emergency does exist. Mr.