Excerpt from Tariff and Its Evils: Or Protection Which Does Not Protect
An experience of many years as a ship-owner and merchant has convinced me of the dangerous character of what is known as "protection," and has made me familiar with many of the evils arising from it. The following pages are the outcome of my study of the subject and my practical acquaintance with the working of the tariff.
As regards the true province of government in relation to trade and commerce, I cannot do better than cite a few paragraphs from the preface to Professor James E. Thorold Rogers's edition of Adam Smith's "Wealth of Nations" (Macmillan & Co., Oxford, 1869):
"The modern science of Political Economy has been developed from a host of negative deductions. Statesmen, misled by the selfish misrepresentations of reputed experts, have from time to time controlled and misdirected trade in the fancied interest of trade. They have attempted to be wiser than nature. They have seen that order and government have been necessary to the well-being of society, and that confusion and mischief are the invariable result of uninstructed self-interest.
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