US Presidency
1911

On a set of 1 yard samples of 16 English fabrics, which are completely excluded by the present tariff rates, it was found that the total foreign value was $ 41.84; the duties which would have been assessed had these fabrics been imported, $ 76.90; the foreign value plus the amount of the duty, $ 118.74; or a nominal duty of 183 per cent. In fact, however, practically identical fabrics of domestic make sold at the same time at $ 69.75, showing an enhanced price over the foreign market value of but 67 per cent. Although these duties do not increase prices of domestic goods by anything like their full amount, it is none the less true that such prohibitive duties eliminate the possibility of foreign competition, even in time of scarcity; that they form a temptation to monopoly and conspiracies to control domestic prices; that they are much in excess of the difference in cost of production here and abroad, and that they should be reduced to a point which accords with this principle.