Statesmen -- United States; United States -- Biography
He said in Congress: "We have seen that one extreme school of economists
would place the price of all manufactured articles in the hands of
foreign producers by rendering it impossible for our manufacturers to
compete with them; while the other extreme school, by making it
impossible for the foreigner to sell his competing wares in our market,
would give the people no immediate check upon the prices which our
manufacturers might fix for their products. I disagree with both these
extremes. I hold that a properly adjusted competition between home and
foreign products is the best gauge by which to regulate international
trade. Duties should be so high that our manufacturers can fairly
compete with the foreign product, but not so high as to enable them to
drive out the foreign article, enjoy a monopoly of the trade, and
regulate the price as they please. This is my doctrine of protection. If
Congress pursues this line of policy steadily, we shall, year by year,
approach more nearly to the basis of free trade, because we shall be
more nearly able to compete with other nations on equal terms. I am for
a protection which leads to ultimate free trade. I am for that free
trade which can only be achieved through a reasonable protection.... If
all the kingdoms of the world should become the kingdom of the Prince of
Peace, then I admit that universal free trade ought to prevail. But that
blessed era is yet too remote to be made the basis of the practical
legislation of to-day. We are not yet members of 'the parliament of man,
the federation of the world.' For the present, the world is divided into
separate nationalities; and that other divine command still applies to
our situation, 'He that provideth not for his own household has denied
the faith, and is worse than an infidel,' and until that latter era
arrives patriotism must supply the place of universal brotherhood."
Public-domain text, read in full here on John Shaqi.
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