higher because the increase
will keep open an American mill or keep up the wages of an American
workman, but that in every case such a rate of duty is to be imposed as
will bring to the Treasury of the United States the largest returns of
revenue. The contention has not been between schedules, but between
principles, and it would be offensive to suggest that the prevailing
party will not carry into legislation the principles advocated by it and
the pledges given to the people. The tariff bills passed by the House of
Representatives at the last session were, as I suppose, even in the
opinion of their promoters, inadequate, and justified only by the fact
that the Senate and House of Representatives were not in accord and that
a general revision could not therefore be undertaken.

I recommend that the whole subject of tariff revision be left to the
incoming Congress. It is matter of regret that this work must be delayed
for at least three months, for the threat of great tariff changes
introduces so much uncertainty that an amount, not easily estimated, of
business inaction and of diminished production will necessarily result.
It is possible also that this uncertainty may result in decreased
revenues from customs duties, for our merchants will make cautious
orders for foreign goods in view of the prospect of tariff reductions
and the uncertainty as to when they will take effect. Those who have
advocated a protective tariff can well afford to have their disastrous
forecasts of a change of policy disappointed. If a system of customs
duties can be framed that will set the idle wheels and looms of Europe
in motion and crowd our warehouses with foreign-made goods and at the
same time keep our own mills busy; that will give us an increased
participation in the "markets of the world" of greater value than the
home market we surrender; that will give increased work to foreign
workmen upon products to be consumed by our people without diminishing
the amount of work to be done here; that will enable the American
manufacturer to pay to his workmen from 50 to 100 per cent more in wages
than is paid in the foreign mill, and yet to compete in our market and
in foreign markets with the foreign producer; that will further reduce
the cost of articles of wear and food without reducing the wages of
those who produce them; that can be celebrated, after its effects have
been realized, as its expectation has been in European as well as in
Americ