The following is an abstract of the lecture delivered by Mr. F. W. Taussig on "Protection to Young Industries in the United States" before the Finance Club Tuesday evening : "The lecturer considered the argument for protection to young industries, in its application to the United States. The essential part of this argument, he said, lay in the fact that the obstacles to the establishment of the young industries were supposed to be temporary and artificial, of such a character as would not prevent the final establishment of the industry, even without protection. Then he considered the course of industrial history and of protective legislation during the period from 1816 to about 1840. Before the tariff of 1816 there was no effective protective legislation, hence it is only to the period after 1816 that the question under consideration applies. The cotton, woollen and iron manufactures were then examined in their history during this period. The conclusion was reached that protection had, perhaps, benefitted the cotton manufacture while it was a young industry, had hardly helped the woollen manufacture, and had certainly had no beneficial effect in assisting the rise of the iron manufacture. In regard to the cotton and woollen manufacture, Mr. Taussig thought the restriction period, from the embargo in 1808 to the end of the war with England in 1815, had afforded a more effective stimulus than the actual protection given in the tariffs of 1816 and 1854. By 1828 the textile manufacturers were so fairly established that they needed no further protection."
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