Protectionism: The -ism which Teaches that Waste Makes Wealth

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H. Holt, 1885 - Free trade - 172 pages
Discusses arguments for and against protectionism in the late 19th. century.

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Page 150 - Suppose that a five per cent duty is imposed on foreign silks, and that, in consequence, after a certain interval, half the silks consumed are the product of native industry, and that the price of the whole has risen 2| per cent. It is obvious that, under these circumstances, the other half, which comes from abroad, yields the state five per cent, while the tax levied from the consumers on the whole is only 2| per cent; so that the nation, in the aggregate, is at this time losing nothing by protection,...
Page 157 - The object of the protective taxes is to "effect the diversion of a part of the capital and labor of the country from the channels in which it would run otherwise." To do this it must find a fulcrum or point of reaction, or it can exert no force for the effect it desires. The fulcrum is furnished by those who pay the tax. Take a case. Pennsylvania taxes New England on every ton of iron and coal used in...
Page 111 - I mean to classify it and bring it not only under the proper heading but into relation with its true affinities. Socialism is any device or doctrine whose aim is to save individuals from any of the difficulties or hardships of the struggle for existence and the competition of life by the intervention of "the State.
Page 29 - Excessive duties are positively injurious to the interests which they are supposed to benefit. They encourage the investment of capital in manufacturing enterprises by rash and unskilled speculators, to be followed by disaster to the adventurers and their employees, and a plethora of commodities which deranges the operations of skilled and prudent enterprise.
Page 28 - Early in its deliberations the Commission became convinced that a substantial reduction of tariff duties is demanded, not by a mere indiscriminate popular clamor, but by the best conservative opinion of the country, including that which has in former tunes been most strenuous for the preservation of our national industrial defences.
Page 161 - It is a dead weight and loss upon everybody, and those who think that they win by it would be far better off in a community where no such system existed, but where each man earned what he could and kept what he earned. 152. There is a school of political science in this country in whose deed of foundation it is provided that the professors shall teach how "by suitable tariff legislation, a nation may keep its productive industry alive, cheapen the cost of commodities, and oblige foreigners to sell...
Page 16 - free trade,' although much dis-cussed, is seldom rightly defined. It does not mean the abolition of custom houses. Nor does it mean the substi-tution of direct for indirect taxation, as a few American disciples of the school have supposed. It means such an adjustment of taxes on imports as will cause no diversion of capital, from any channel into which it would otherwise flow, into any channel opened or favored by the legislation which enacts the customs. A country may collect its en-tire revenue...
Page 29 - No rates of defensive duties, except for the establishment of new industries, which more than equalize the conditions of labor and capital with those of foreign competitors can be justified. Excessive duties, or those above such standard of equalization, are positively injurious to the interest which they are supposed to benefit.

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