FROM a Time article dated Monday, Jun. 12, 1933

Speaking for his smiling chief at Washington, Ambassador Bingham said:

"For years the majority of American people believed that the higher the tariff, the higher the wages and the general level of prosperity in the country would be. Now they have learned the grim lesson that with the highest tariff the country has ever had, more than 13 millions have no wages at all.

"By bitter experience they have learned how unfounded this tariff doctrine is. They have learned how impossible it is to continue selling where they do not buy, and they at last are prepared, through proper agreement, to lower tariff barriers so that international trade may begin to move again."