upon the customs of the people. The extendepends much sive use of a silver coin currency among the peasantry of France enables that country to float a large amount per capita, while in the United States it cannot be extensively utilized except through its representatives. By Natural Law, there is but one way to provide for bimetallism in any country; and that is to make the more precious metal the standard, and then float such an amount of the cheaper metal as can be kept upon an undoubted equality through free interchangeability. If an attempt be made to make the cheaper of two metals the standard, the dearer, under all possible circumstances, will disappear. Currency panics are inevitable if any element of doubt exists as to prompt redemption whenever required. With prevailing unimpaired confidence the only use of the coin standard is for redemptive reserves and foreign balances. It is like a yardstick that is only occasionally brought out to verify the professed length or width of fabrics. With the The principles regarding money and coinage that have been outlined are true because they are natural. elimination of the artificial elements that have been injected into the subject by sectionalism, partisanship, and one-sided aspects, difficulties vanish, and unity and harmony are seen to be reasonable. "Idleness and pride tax with a heavier hand than kings and parliaments. If we can get rid of the former, we may easily bear the latter." FRANKLIN. He smote the rock of the national resources, and abundant streams of revenue gushed forth." WEBSTER ON HAMILTON. indeed, every human benefit and enjoy- is founded on compro ment, every virtue and every prudent act· mise and barter." BURKE. XIX. TARIFFS AND PROTECTION. A BRIEF study of the relation of tariffs to Natural Law seems proper, but any partisan or dogmatic treatment of the subject would be entirely foreign to the spirit and purpose of this work. Underlying principles can be intelligently traced out only by an unbiased search for truth for its own sake. The formulation of a customs tariff is a work so complex and many-sided, that it requires both impartial and expert treatment, but even with the best of these the result is imperfect. A tariff is an elastic expression of national policy, and is based upon conditions which are constantly changing, therefore it has none of the exactness of Natural Law, though it has relations with it. As a question of party politics it is warped and twisted. by the partisan press, and the average politician finds it difficult to see more than one side. Being purely a practical economic problem, requiring the impartial study of the best financial and ethical talent, it is unfortunate that it has a political mask fastened upon it. Partisan prejudice and expediency directly prevent the very thing most necessary a calm and judicial study to determine the greatest good for the greatest number. So long as it continues to be a political shibboleth, prejudice rather than unmixed truth will be the determining feature. Opposite aspects of the question are dwelt upon out of proportion, until the existing tariff, whatever it may be, to different observers, is made responsible for all prevailing good and all existing ills. Men of undoubted integrity and patriotism almost become willing that the whole country should suffer, in order that some party policy may be vindicated, political capital secured, and the opportunity afforded to declare, "I told you so." The "outs" attribute all calamities to the tariff of the "ins," and too much or too little tariff is made the "scapegoat" for the sins of the nation. Few think of studying the subject until they put on a pair of partisan glasses. The "outs feel that the salvation of the country depends upon their becoming "ins." Facts are made to bend to theories until they reach the snapping point. As a matter of scientific research, it would be interesting to determine by what mental process able and honorable men and newspapers on both sides become psychologized by party platforms and prejudices. Some great Republican, Democratic, or other political psychic wave rolls over the country and lifts men off their feet, and they become as children in its embrace. A customs tariff, whether higher or lower, is a less important factor in a nation's welfare than is generally supposed. Business conditions are elastic, and are not long in adjusting themselves to a revenue system. But a very imperfect tariff which is permanent, and known to be so, is preferable to any schedule which is prospectively changeable. One of the great drawbacks to commercial prosperity is the almost continual apprehension of changes in the revenue system. All tariffs are artificial, and all are obstructions to the free courses of trade and commerce. While this is true, they may be expedient and politic. Aside from the protective element, they are the most natural ways and means for raising a national revenue. They are less cumbersome and more popular than direct taxation, and in varying degree the foreign producer also contributes toward the desired result. Tariffs may be framed for revenue only, for revenue |