otnote 6: See ch. 4, secs. 4 and 9.]

[Footnote 7: That there is a certain measure of truth in this opinion
is recognized in our discussion of the standard of deferred payments,
ch. 6, sec. 9. But the relation of a world-wide appreciation of the
standard money commodity with the burden that this change puts upon
debtors has nothing to do with the question now before us, viz.:
Does a protective tariff enable a country to keep and increase its
proportion of the world's stock of gold; and if it could, would it be
a general benefit?]

[Footnote 8: See Vol. I, especially p. 228, and chs. 34 and 36.]

[Footnote 9: See on wages in times of crises, ch. 10, secs. 6 and 7;
and on tariff changes, ch. 10, sec. 14, and ch. 15, sec. 13.]

[Footnote 10: See Vol. 1, pp. 361 and 443.]

[Footnote 11: See Vol. 1, p. 436, for average wheat prices in England,
practically in the world-market.]

[Footnote 12: See above, sec, 8. On the next paragraph, see ch. 10,
sec. 14.]

[Footnote 13: For example, the maximum alteration in any year might be
limited to 3.65 per cent of the value of the goods and in any case not
to exceed one tenth of the old duty, this change to be applied day by
day. Thus, if, on a valuation of $1000, the duty collected under the
old rate has been $400, and under the new law is to be $290.50, three
years would be required for the full change to become effective, the
reduction each day being $.10 per $1000 valuation. The administration
of such a rule would be simple, and it has been favored by men of
practical commercial experience.]

CHAPTER 15

AMERICAN TARIFF HISTORY

Sec. 1. Prevalence of protective tariffs. Sec. 2. Specific and _ad valorem_
rates. Sec. 3. Some technical features of the tariff. Sec. 4. The tariff,
1789-1815. Sec.5. The tariff, 1816-1845. Sec.6. The tariff, 1846-1860. Sec.7. The
tariff, 1861-1871. Sec. 8. The tariff, 1872-1889. Sec. 9. The tariff,
1890-1896. Sec. 10. The Dingley tariff, 1897-1909. Sec. 11. Sentiment favoring
lower rates. Sec. 12. The Payne-Aldrich tariff, 1909-1913. Sec. 13. The
Underwood tariff, 1913. Sec. 14. Some lessons from our tariff history.
Note on Tariff legislation and business depressions.

Sec. 1. #Prevalence of protective tariffs.# For a century and a half
most serious students of economics have favored a larger measure of
freedom, if not absolute freedom, in foreign trade. But the actual
practice of most nations has never been in accord w