ABSTRACT
Tariff Reform is not a revival of the old controversy between Free Trade and Protection. The beginning of wisdom in regard to the Fiscal Question lies in a recognition of this fact. Free Trade has always been, and remains to this day, an abstract theory. No such thing exists, since a free exchange of commodities, unhampered by tariff restrictions, has never yet been enjoyed by any country and never seems likely to be enjoyed. On the other hand, Protection, in the commonly understood sense of that term, as a tariff policy designed to raise prices in the home market, is not advocated for this country by any authoritative exponent of Tariff Reform. Financial necessity must be regarded as the foundation stone of the case for Tariff Reform. Take, again, the opinion of another veteran Free Trader and distinguished economist, the late Sir Robert Giffen.
