A Protective Tariff
Performed by William H. Taft
Recorded October 1, 1912
The platform of 1908 promised
on behalf of the Republican party to do certain things.
One was that the tariff would be revised at an extra
session. An extra session was called and the tariff
was revised. The platform did not say in specific
words that the revision would be generally downward,
but I construed it to mean that. During the pendency
of the bill and after it was passed, it was subjected
to the most vicious misrepresentation. It was said
to be a bill to increase the tariff rather than to
reduce it. The law has been in force now since August
1909--a period of about 35 months. We are able to
judge from its operation how far the statement is
true that it did reduce duty; it has vindicated itself.
Under its operation prosperity has been gradually
restored since the panic of 1907. There have been
no disastrous failures and no disastrous strikes.
The percentage of reduction below the Dingley Bill
is shown in the larger Free List and in the lower
percentage of the tariff collected on the total value
of the goods imported. The figures show that under
the Dingley Bill, which was enforced 144 months, the
average percent of the imports that came in free was
in value 44 and 3/10ths percent of the total importation,
and that under the Payne Bill, which has been in force
35 months, the average percent in value of the imports
which have come in free amounts to 51 and 2/10ths
percent of the total. But the average advalorem of
the duties on all importation under the 12 years of
the Dingley Bill were 45 and 8/10ths percent, while
under the 35 months of the Payne Bill this was 41
and 2/10ths percent, and that the average advalorem
of the dutiable imports under the Dingley Bill was
25 and 5/10ths percent, while under the Payne bill
it was 20 and1/10ths percent. In other words, considering
only reductions on dutiable goods, the reduction in
duties from the Dingley Bill to the Payne Bill was
10 percent, and considering both free and dutiable
reduction, they amounted to 21 percent.