At the same time, the manufacturer at
a proportionately lesser cost of production, through this reduction in
wage-paying, would be selling as much or more of his old products at
their old profit.
"Could we add to the income from the tariff and internal revenue the
sums derived from the sound national inheritance tax I have mentioned
above it is evident we would have supplied for the period of change from
one tax system to another an 'adequate governor' to use a mechanical
illustration, to prevent undue oscillation of prices in the business
world."
BANK RESOURCES TO PREVENT STRAIN
"The further use of the existing financial agencies for cooperation of
the banks in all sections to mass resources and apply them to prevent
undue local strain upon credit dispels the fear of any necessary injury
to the financial fabric in effecting this change.
"Grover Cleveland, whose character and principles I have long revered,
seemed to me in the application of his plan for tariff reform to have
endangered at once the success and the permanence of his reform of the
tariff--which you recall was confessedly and very properly not a
reformation to free trade--by failing to provide in it a method for
avoiding or at least minimizing and shortening any incident disturbance
to the business world.
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