onomics.
Protecting an industry, as such, is one thing; it means that Americans
shall be enabled to hold possession of their market, provided they
charge prices for their goods which yield a fair profit only.
Protecting a monopoly in the industry is another thing; it means that
foreign competition is to be cut off even when the American producer
charges unnatural prices. It means that the trust shall be enabled to
sell a portion of its goods abroad at one price and the remainder at
home at a much higher price. It means that the trust is to be shielded
from all competition, except that which may come from audacious rivals
at home who are willing to brave the perils of entering the American
field provided that the prices which here rule afford profit enough to
justify the risk.

_A Limit beyond which a Duty becomes a Supporter of Monopolies._--This
line of cleavage runs through the greater part of the duties which
this country now imposes on foreign articles; and the fact reveals the
scientific rule for tariff reduction. Up to a certain point, according
to the traditional American view, the duty may do good. It may be
protecting an industry that is not quite an infant and yet has not
grown to its full stature nor attained to its full competing power.
Whatever may be claimed as to what ought to be done with this portion
of the duty, there is no doubt what will be done; it will be retained,
and the American people will wait with such patience as they may for
the coming of the time when the industry will be independent of all
such aid. Beyond this point a protective duty becomes a trust builder
_par excellence_.

_Most Duties Compounds of Good and Evil._--There are some industries
which are fully matured. The duties which were imposed to shield them
during their infancy are no longer necessary for that purpose. The
amount of protection that in these cases is necessary to keep the
American market for the American product is _nil_. The sole effect of
duties on the products of such industries is to encourage monopoly. At
the other extreme there are a few industries which have not gravitated
into the control of monopolies and which need much of the protection
that they have in order to hold their present fields. If they really
are infants and not dwarfs,--if they have the capacity to grow to full
stature and independence,--the policy of the people will undoubtedly
be to let them keep, for a considerable time, all the protectio