June 13, 1922 (14th Parliament, 1st Session)

LIB

Alexander Kenneth Maclean

Liberal

Mr. MACLEAN (Halifax):

I do not
know that I could mention the name of a political leader in the United States whose views upon the tariff issue I could quote to my hon. friend. I am sure that I would be very much impressed one way or the other with the opinions of political leaders in the United States, because, the actions

The Budget-Mr. A. K. Maclean
of a majority of them at least in recent days would not indicate to me that their viewpoint was sound. I can say this, however, that the dominant note in the industrial, commercial and financial life of the eastern section of the United States to-day is in the direction of lower tariffs. And of necessity that must he. The commerce of the United States is depressed to-day. Why? Because she is not exporting the surpluses which she is producing. How does that happen? Because she is not importing goods. She cannot expect other countries to buy goods of her unless she buys goods of them; there is no other way, which human beir js know of to pay for goods except by goods. Money is not a factor in it at all. Gold may be used, it is true, in the settlement of small international balances, but large international balances as a rule cannot be settled in gold, and then you have a depreciation in currency. We could not settle one hundred dollars worth of international adverse trade in gold, because we haven't got it. What little we have cannot be exported. The United States is a great creditor nation, and they cannot export unless they import, and they cannot live, economically, in the future unless they import very much more largely than they have been doing in the past.

Topic:   THE BUDGET
Subtopic:   CONTINUATION OF THE DEBATE OP THE ANNUAL FINANCIAL STATEMENT OF THE MINISTER OF FINANCE
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