The trade bill in its present form is totally unacceptable and is a hodgepodge of mischief. It should be defeated. Today. former Senator Paul Douglas made the following statement in a telephone conversation to me: The Quota bill of 1970 is worse than the Tariff increase of 1930 that launched a Trade War and led to retaliation on the part of European countries. Though the SmootHawley Act still permitted competition between importers. the Quota bill of 1970 would automatically end competition between importers and result in higher prices to the consumer. It would lead to retaliation on imports from America by other countries and check the normal flow of our goods abroad. The men opposing this Quota bill are doing this in the best interests of the country and the American consumer in an effort to prevent price increases by domestic monopolies and quasimonopolies. I hope the Congress will think long and hard before enacting any form of restrictive trade legislation. The present bill must be defeated. Senator Douglas is one of 17 surviving signers of a petition by 1.028 economists to President Hoover in 1930 urging that he veto the SmootHawley tariff. Hoover did not and international trade throughout the world was severely damaged. contributing to a deepening depression and the instability of the Western democracies. Senator Douglas helped draft a warning about the present quota bill. scheduled to come before the House tomorrow. This warning and protest. released September 18. was signed by over 4.500 professional economists from every State in the Union. With Senator Douglas.
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