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Rh industrial reform.” This clear exposition of thought by one of the great British economists of 50 years ago may well be kept as a guiding principle to-day.

If I were going not merely to recite a list of the economic restrictions that we have imposed upon ourselves but also discuss the causes that led to their erection and the manner in which they have operated this paper would be of great length. Indeed, many of these things are already the subjects of bulky books. My thought is simply to mention the principal of them and make some brief remarks respecting their present effects. My enumeration will probably be incomplete and my analyses imperfect, owing to the magnitude and complications of many of the subjects, but I shall at least offer some ideas in regard to them.

One of the greatest of our economic restrictions is our present tariff law, which raised rates of duties on imports to higher points than ever before, with the avowed purpose of restricting foreign competition. In other words we have set up a great barrier against foreign trade. We say specifically that we do not want to let our people buy freely the products of Europe’s work. Yet work is the chief thing that. impoverished Europe has to sell. If we do not permit Europe to sell to us with reasonable freedom, how can Europe obtain the wherewithal to buy from us our surpluses of products, especially raw materials, that we need to sell? Also in what other manner can Europe repay the great indebtedness that she has incurred to us?

I do not mean to be understood as urging a complete abolition of our tariff. It has played a useful part in the development of important new industries in this country and may still be doing so in occasional instances.