However, the President thought that Schedule K should receive the attention of Congress after the newly created Tariff Board had made a thorough investigation of the woolen industry. Taking the President at his word, the country waited two years more with great impatience for the result of the findings of his board. But once more was the country baffled by the united beneficiaries of Schedule K in its efforts looking to the lowering of the rates. When a majority in Congress composed of Democrats and Republican insurgents laid aside party differences in a common effort to reduce the woolen duties, the same leaders of whose tactics President Taft had complained were able to persuade him that the revised schedule was so much at variance with the findings of the Tariff Board as to justify his veto. Thus the country is facing the new situation in the extraordinary session of the Sixty-third Congress, with Schedule K still proudly holding the fort on the pinnacle of the American tariff wall. The present is, therefore, just the time for an analysis of the situation in which the claims of the conflicting interests may be reviewed in the light of now well-established facts. WOOLENS AND WORSTEDS Any one who has traveled abroad or had occasion to compare foreign prices of cloths and dress-goods with those prevailing in this country knows that on the average they can be bought in Europe, particularly in free-trade England, at about half the price usually asked for similar goods at home. As the investigation of the Tariff Board has shown, there are many cloths on which the difference in price is not so great, particularly on the finer grades, while, on the other hand, the American price is more than double the English on some of the medium and cheap grades of cloth. But, on the whole, it is safe to state that our prices on woolen and worsted cloths are about double those in England. The difference in price represents largely the toll paid by ninety-odd million Americans for the support of the half-century-old infant worsted and the century-old woolen industry. We have all been vaguely aware of that fact, and yet have submitted to it for the ultimate good of creating a raw-wool supply and a fine woolen and worsted industry that would make us independent of the rest of the world and give employment to American labor at American wages. Not until the two wings of the industry, the woolen and the worsted, fell out among themselves, and the carded-wool manufacturers showed to an astonished public that the tariff, as it stood, throttled an important branch of the industry, instead of building it up, was the layman given an opportunity of getting a deeper insight into the workings of Schedule K.