Wages and standards of living abroad have been materially lowered during
the past year. The temporary abandonment of the gold standard by certain
countries has also reduced their production costs compared to ours.
Fortunately any increases in the tariff which may be necessary to protect
agriculture and industry from these lowered foreign costs, or decreases in
items which may prove to be excessive, may be undertaken at any time by the
Tariff Commission under authority which it possesses by virtue of the
tariff act of 1930. The commission during the past year has reviewed the
rates upon over 254 items subject to tariff. As a result of vigorous and
industrious action, it is up to date in the consideration of pending
references and is prepared to give prompt attention to any further
applications. This procedure presents an orderly method for correcting
inequalities. I am opposed to any general congressional revision of the
tariff. Such action would disturb industry, business, and agriculture. It
would prolong the depression.