ntinues, may make it doubly difficult for the foreigner to come into
our market; but with goods selling at natural cost or cost prices he
would not come into it in any case, and the duty might be abolished
with entire impunity.

There are, indeed, some questions which arise as to occasional
unloading of extensive stocks in foreign markets, and protection has
been called for to prevent the foreigner from making America his
"dumping ground." This process works in both ways: the American can
dump his surplus products into foreign territory as well as the
foreigner can into American territory. Not much attention need be paid
to this particular phase of the subject. Conservatism will probably
suffice, for a long time, to retain in force a somewhat higher duty
than is called for on general grounds. In the main the fact is as
stated: if the protected infant has the capacity for growth that was
attributed to him when the course of nursing, coddling, training, and
patient waiting was entered upon, he will announce that fact after a
term of years by showing his inherent strength and proving that these
fostering practices are no longer necessary. They are then needed only
to aid a _monopolistic power within the industry_.

_The Protection of Industries distinguished from the Protection of
Monopolies._--It appears, then, that duties have two distinct
functions. One is to protect from foreign competition an industry as
such--to shield every producer, whether he is working independently or
in a pool or trust. The other function is to protect a trust in the
industry--to enable a great combination working within the limits of
the United States to keep that great field to itself and still charge
abnormally high prices for its products. In fact, a distinguishable
part of a duty usually performs the former of these functions, and
another distinguishable part performs the latter. If the natural price
of an article is based on the cost of making it in the United States,
and if that is twenty per cent higher than the cost in a foreign
country, a duty of twenty per cent will place the American product and
the foreign product on an equality. The American maker will not be
driven from his market until he begins to charge an abnormally high
price. If he does that, the foreigner will come in. Suppose, then,
that the duty is forty per cent. Twenty per cent may be needed to
enable the American manufacturer to hold his own as against the
foreigner