The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1912-06-29

turers of such goods against foreign
competition; the theory being that the
american manufacturer. freed from for
eign competition, may then charge the
american consumer price high enough
to yield satisfactory profits to himself
and good wages to his employees.
Tariff for Revenue Only: A tariff fixed
upon the basis of the actual needs OF
the Government, to pay its expenses
The protection of domestic Industries is
not contemplated.
Cost-of Production Theory: recent
Republican amendment to the party's
theory of protective tariff. 1t proposes
hat such tariff should just cover the
higher costs of production (due to high
ar labor and material cost which the
American manufacturer is up against
plus a reasonable profit.
Reciprocative Treaty: An agreement
between two countries by which an item
or series of items in the tariff of each
country is made exempt from the regu
lar import duty.
Ship Subsidy: A money grant given by
the Government to a merchant Cor cor
poration) to help establish a steamship
route (using American built ships)
which otherwise would not be self-sup-
porting. The cost of production theory
applied to our merchant marine.
Privilege; All property rights which
are the beneficiaries of legislation which
does not equally benefit the entire COM
munity: e. G., the Wooden Trust, the
steel Trust, and other beneficiaries of
In tariff pnrnnratipD
chartered by the state to exercise pow
ers which others are forbidden to eXer-
rise.
The Interests: Corporations or bust
nesses based upon Privilege or otherwise
Interested in protecting property rights
rs against the rights of the people.
Sherman Act: A law originally intend
ed to prevent the establishment of mono
poles, or trusts" by making corpora
lions in restraint of trade unlawful. The
Supreme Court has since amended the
act so as to condemn corporations only
when they exercise unreasonable" re-
straint of trade.
Income Tax: The proposal to tax for
governmental purposes all incomes above
a specified annual amount 1T is usually
creases as the income rises. The In
come Tax is in operation in Great Brit
ain and in most European countries. A
Federal income tax in this country has
been declared unconstitutional by the
Supreme Court But thirty states have
ratified an amendment to the Federal
Constitution permitting the tax. Only
six more are needed.
Aldrich Plan: proposal to establish
a centra. bank for banks, TO be called
the National Reserve Association. II
will be the fiscal agent of the country,
! and will have the right to issue money
| las banks do now secured by a reserve
| All kinds of banks, except private banks
| may belong. individuals will not deal
With it directly.
Checks and Balances: An automatic
block system invented by 1.-The fathers
| under the inspiration of their experience
with monarchial and aristocratic rulers
and their suspicion of democracy. 1t Is
distribution by the Constitution o
| power in such way that the states bal.
| ance the United States, and both check
| the cities The Senate and the House Of
| Representatives can block each other
and the President can block Congress
while the judiciary can hold up Presi
dent and Congress too. Its admirers say
it has worked that it has kept all poll
| tical trains on the track. Its detractors
agree, but complain that it has kept the
! trains from moving at all.
| Centralized Government: The opposite
OF government by checks and balances
1t would concentrate sovereign power r
the Federal government, and is especial.
ly opposed to the theory of individual
sovereign states.