The tariff laws enacted since 1816. whether by one party or another. have given protection to capital and labor in a greater or less degree. During most of such time we have had tariff laws. as we now have. specifically intended to provide pro* tection sufficient to cover the difference between ihe cost of production at home and abroad. Of almost as great Importance. however. in the protection of the wages of the laborer and the profits of industry are such mecasure as the laws restricting immigration. the Adamson law. the transportation act or EschCummins bill. the Federal reserve act. the WebbPomerene Act. which permits manufacturers to combine to engage in the exportation of their products free from the restraints of antitrust laws in the foreign field. and others. True. these laws (1o not "guarantee" profits as claimed by some radicals. or anything of I that sort. but most of them do tend to protect Industry and labor against the competition of world Influences and all of them tend to stabilize labor. industrial and general business conditions. We have always been proud of being able to maintain an American standard of living and it has been possible not only because of superior natural resources but in large part by legislation of the nature referred to.
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immigration