Rural Wealth and Welfare: Economic Principles Illustrated and Applied in Farm LifeFairchild, Geo. T. (George Thompson)
Science
Rural Wealth and Welfare: Economic Principles Illustrated and Applied in Farm Life
Fairchild, Geo. T. (George Thompson)
Agriculture -- Economic aspects; Economics
In proof of all these statements, the experience of the world in widely
varying regions is appealed to. The natural breaking down of prohibitory
tariffs has given opportunity for observation. Especially has the commerce
between states of the Union, where it is absolutely free, shown the
general advantage of such freedom in rapid development of wealth and
welfare. While these states have a common interest in government, they are
nevertheless widely distinguished in peculiarities of local government and
in characteristics of people. While, therefore, there is possible doubt as
to the wisdom of rapid removal of restrictions, there is every probability
that such restrictions will gradually be outgrown. Even the temptation to
make retaliatory duties, where other governments restrict against our
products, is growing less with increasing experience of the true advantage
in exchanges. The world is gradually coming to see that the better market
any region of country affords for the rest of the world, the better market
the rest of the world affords for it.
_Incidental tendencies from tariff._—The incidental effects of restrictive
tariffs, and especially of the necessary instability of restrictive
legislation, are too interesting to pass by, though very limited space can
be afforded them. In the first place they contribute to a speculative
enterprise which leads to waste of wealth in unpromising undertakings
because of a necessary over-estimate of the advantage given. On the other
hand, a reduction of the same tariff after a series of years is almost
sure to bring panic in that line of industry previously fostered. So the
fluctuations of tariff laws are one element in periodic expansion and
contraction of business. The tariff laws are certain, also, to involve the
worst element of influence through the lobby upon legislative bodies. Even
though the charge of bribery be utterly false, the general respect for
legislative bodies is lowered by charges and countercharges for political
effect. As an occasion for such charges scarce any other form of
legislation serves as well. Even the people themselves are easily assumed
by their neighbors to weigh their opinions upon a tariff measure by their
personal interests.
Public-domain text, read in full here on John Shaqi.
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