Every protective tariff means increased taxation. A country’s wealth cannot be increased by increased taxation. (W. Smart.)
2. A protective tariff ought to bring in as little as possible to the Treasury, since its object is to prevent the importation of goods.
It ought to bring in as much as possible to those who produce the protected goods.
3. The effect of a protective duty on any commodity is to raise the price, not only of the amount imported, but of the whole quantity sold in the country; it is a private tax placed upon consumers for the benefit of producers.
4. A protective duty increases the price at which the protected article can be purchased, and diminishes the purchasing power of the buyer to the same extent.