I want to congratulate The Daily News for the historical facsimiles reproduced in your October 18th edition. A famous American author once noted that the past wasn’t dead, it wasn’t even past. The Daily News of August 20th, 1926 is another verification of this sage observation. Above the fold was a headline: “Restrictive Immigration, High Wages, High Tariff Urged By Secretary Davis."
James J. Davis was Calvin Coolidge’s Secretary of Labor and was visiting Longview at the time. These words also fit policies promoted by the Trump Administration in 2019. These were bad policies then and are bad policies now.
The terms of the Versailles Peace Treaty, the attempt to reestablish the gold standard at pre-WW1 values, and restrictive trade policies proved a toxic brew for post war recovery, except in the US.
The war was “over there” and we financed a significant portion of allied expenditures and became the world leader in finance, a role previously played by Great Britain.
A real recovery would have required, at the very least, freer trade policies, serious modification of the gold standard and expanded lending by the US. None of this occurred and the rest is history - a tragic history.
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