ghting influence of a public debt.

The attention of Congress is invited to the importance of making
suitable modifications and reductions of the rates of duty imposed by
our present tariff laws. The object of imposing duties on imports should
be to raise revenue to pay the necessary expenses of Government.
Congress may undoubtedly, in the exercise of a sound discretion,
discriminate in arranging the rates of duty on different articles, but
the discriminations should be within the revenue standard and be made
with the view to raise money for the support of Government.

It becomes important to understand distinctly what is meant by a revenue
standard the maximum of which should not be exceeded in the rates of
duty imposed. It is conceded, and experience proves, that duties may be
laid so high as to diminish or prohibit altogether the importation of
any given article, and thereby lessen or destroy the revenue which at
lower rates would be derived from its importation. Such duties exceed
the revenue rates and are not imposed to raise money for the support of
Government. If Congress levy a duty for revenue of 1 per cent on a given
article, it will produce a given amount of money to the Treasury and
will incidentally and necessarily afford protection or advantage to the
amount of 1 per cent to the home manufacturer of a similar or like
article over the importer. If the duty be raised to 10 per cent, it will
produce a greater amount of money and afford greater protection. If it
be still raised to 20, 25, or 30 per cent, and if as it is raised the
revenue derived from it is found to be increased, the protection or
advantage will also be increased; but if it be raised to 31 per cent,
and it is found that the revenue produced at that rate is less than at
30 per cent, it ceases to be a revenue duty. The precise point in the
ascending scale of duties at which it is ascertained from experience
that the revenue is greatest is the maximum rate of duty which can be
laid for the _bona fide_ purpose of collecting money for the support of
Government. To raise the duties higher than that point, and thereby
diminish the amount collected, is to levy them for protection merely,
and not for revenue. As long, then, as Congress may gradually increase
the rate of duty on a given article, and the revenue is increased by
such increase of duty, they are within the revenue standard. When they
go beyond that point, and as they increase the duties, th