Gentlemen, I am delighted to welcome you here.
Editor's note · Context
Address to the Conference of Mayors
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I have always regarded this language as fixing the proper measure of protection at the ascertained difference between the cost of production at home and that abroad.
But there is another, and a very important, reason why the bill ought not to become a law, and that is that in many instances it adopts the principle, rarely permitted in any revenue system, on whatever theory constructed, by which the finished product is made free from duty, and the raw material and the machinery necessary for its production are kept on the dutiable list.
This would impose a heavy burden on the administrative branch of the Government, create disastrous uncertainty in commercial circles, and lead to a burdensome amount of litigation.





