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differences among the most eminent and conscientious observers attest its intricacy and complexity. It is not the creation of Natural Law, and that fact gives great room for theorizing.

The subject of raw material has already been touched upon. But there is considerable difficulty found in an Wool is "raw material" to exact definition of that term. the manufacturer, but the farmer considers it as finished product. If it be made free, the wool-producer feels that he is brought into direct competition with cheap-labor countries, and therefore unfairly treated. Thus endless. frictions crop out with any possible tariff. Every special industry, town, section, and State is dissatisfied unless its peculiar interests are specially considered. Thus, in the words of a former presidential candidate, the tariff becomes largely "a local issue." A coal producing section desires coal protection, while coal consumers urge its free entry. Trenton would like to see pottery well taken care of, and Patterson, silk, and so on indefinitely.

Everyone is aware that there are two kinds of duties levied on imports, known respectively as specific and ad valorem. In many cases the two are combined, thus making the customs duties complicated and cumbersome. Specific duties are much more simple than those based Opportunities for inequality and even upon valuation. fraud are often found through inexact appraisement or under-valuation. Whether higher or lower, the simplification of the American tariff is in the highest degree desirable.

As a matter of history, the protective principle has often been of practical benefit in the incipient stage or early development of special industries. Continued for a few years it has sometimes enabled them to grow from feeble beginnings to enterprises of great importance. In some such cases production has become so perfect that the necessity for its continuance has been outgrown. Consu

mers have reaped a benefit by being able to get better goods at lower prices than would previously have been possible with free entry.

A few of the general principles involved in the formulation of a tariff may be concisely hinted at as follows. Is the article capable of unlimited home production, so that domestic competition will protect the consumer? If so, and not yet developed, will the temporary disadvantage of the consumer work to his interest in the long run? If an article, like sugar for instance, is only capable of limited home production, it may be assumed that the consumer will have to pay all the tariff imposition, much the same as though it were all imported. In cases where the domestic production is large, but yet has direct competition with the imported article, the duty is virtually shared between the foreign producer and American consumer. Unless an increase of revenue is imperatively demanded, all articles incapable of domestic production should be upon the free list. The non-dutiable schedule should also be extended to include articles of limited domestic production that are incapable of becoming unlimited. With any practical or probable unlimited home production, the interests of the domestic consumer will be safe. Any special grades of a general article, as of wool, that cannot be produced at home, should come in free.

If politics could be eliminated, it seems probable that in the light of sound economic principles, as briefly outlined above, an impartial tariff might be devised which, while not fully meeting sectional views and demands, would, on an average, be just to all.

The fact should not be overlooked that the tariff is not responsible for the decline of special industries where there has been a change in natural conditions. For instance, the production and working of iron and steel have decayed in some sections, not on account of the tariff, but because cer

tain localities, as Pittsburg and Birmingham, are able to bring ore and coal together at lower rates than are possible elsewhere. Business will go to the cheapest producing points, and nothing can prevent it. As before suggested, all tariffs are obstructions, abstractly considered. If, in the future, national interests become broadened and universalized, the natural tendency will be toward a freer international exchange of products.

THE MODERN CORPORATION.

"While they are subject to abuses, they are great forces in production, and have their place in the economic functions of society."

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Corporations cannot commit treason, nor be outlawed, nor excommunicate, for they have no souls.”

SIR EDWARD COKE.

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