Online Library of Liberty: Economics, vol. 2: Modern Economic Problems

goods after the close of the great war, attempts will be made to make the tariff still more prohibitive. If the attempt is made through temporary rates to reduce the shock of the trade adjustments, of the ‘dumping’ after the war, then the devising and administration of such measures should be delegated to an expert, disinterested, permanent tariff board. The task is to prevent temporary ‘unfair competition’ and sudden changes, rather than to raise permanent barriers to fair trade.”

The sweeping victory of the Republican party in November, 1920, was probably aided in some part by the belief that higher protective duties would remedy the situation. Agricultural interests were particularly hard hit by falling prices due to the closing of European markets because American credit was suddenly withdrawn. So temporary acts providing for higher duties on both manufactured and agricultural products were passed in 1921, and the country moves again toward a period of higher duties.

References.

Johnson, E. R., Van Metre, T. W., Huebner, G. G., and Hanchett, D. S.,

History of domestic and foreign commerce of the United States. N. Y. Carnegie Inst. 1915.

McKinley., Wm. Tariff: a review of the tariff legislation, 1812-1896. N. Y. Putnam. 1916.

Sumner, W. G., History of protection in the United States. N. Y. Putnam. 1877.

Taussig, F. W., How tariffs should not be made. A. E. Rev., I: 20-32. 1911. Taussig, F. W., Tariff History of the United States. 6th ed. N. Y. Putnam. 1914.

Same. Free trade, the tariff, and reciprocity. New York. Macmillan. 1920. (A collection of the author’s articles and speeches of the last 15 years.)

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