In truth, McKinley did not decrease the revenues; the people paid more than ever before, but the major part of their payments was diverted by the McKinley Law from the public treasury, into the coffers of the great combinations and trusts which that law "mothered." I say "mothered" because when McKinley prohibited imports of manufactured necessities, and made other imports very difficult, he permitted, if he did not invite, home producers to combine and consolidate as they did with excellent business judgment and fateful consequence. Think of the good roads, conservation, waterways, and many other blessings that we might have had with the moneys McKinley was afraid to receive, and unwittingly diverted. Think of the ill-will and lack of respect other nations had toward us. The Dingley Bill was no lower. This, is mentioned only to indicate the just prejudices we have to overcome, and the need of doing so quickly.
In international trade the first bargain is properly the tariff bargain that opens doors and makes entrance easy. Our present tariff has done away with ill-will. It is honest, but it was made so hastily that there was no time, even if there was thought of, securing the many concessions that had long been waiting for us. Any other of the nations we emulate would think itself insane to make its tariff inconsiderately, or without most exhaustive study and bargaining. It is impossible that we shall long fail to do so. We must study and negotiate with each country exhaustively, and admit such of its products as we can use to advantage at the same time that we secure the best possible terms for such of our products as she can use. For we must buy if we sell. Just as we must pay for our imports by our exports, and in addition pay hundreds of millions of interest and dividends on our securities held abroad, so other nations must export to us very largely if they buy from us largely, and the newer countries must export more than they import. We must, with extreme good judgment and care, ascertain just what we can buy without hurt to our home products, at the same time that we induce the foreigner to buy from us all that he can without hurt to his own production. This means that there must be established a tariff commission (call it by some other name if you will), a devoted body of able men, consecrated to this work, impartial, high-minded, who shall develop the facts in each case and submit the facts to Congress and the President, in whom alone rests the power of making tariffs.
We had an example in the tariff board established by President Taft. This board was so limited in its term of office and otherwise that its findings are not to be taken as conclusive as respects the need of a commission. Where, however, it was able properly to develop a schedule its findings were of tremendous value. In the cotton schedule, for instance, its findings were final and fixed the judgment of all who
