The present tariff law has accomplished its two main objects. It has
secured an abundant revenue and been productive of an abounding prosperity.
Under it the country has had a very large export and import trade. A
constant revision of the tariff by the Congress is disturbing and harmful.
The present law contains an elastic provision authorizing the President to
increase or decrease present schedules not in excess of 50 per centum to
meet the difference in cost of production at home and abroad. This does
not, to my mind, warrant a rewriting g of the whole law, but does mean, and
will be so administered, that whenever the required investigation shows
that inequalities of sufficient importance exist in any schedule, the power
to change them should and will be applied.