In recommending to Congress a reduction of the present rates of duty and
a revision and modification of the act of 1842, I am far from
entertaining opinions unfriendly to the manufacturers. On the contrary,
I desire to see them prosperous as far as they can be so without
imposing unequal burdens on other interests. The advantage under any
system of indirect taxation, even within the revenue standard, must be
in favor of the manufacturing interest, and of this no other interest
will complain.
I recommend to Congress the abolition of the minimum principle, or
assumed, arbitrary, and false values, and of specific duties, and the
substitution in their place of _ad valorem_ duties as the fairest and
most equitable indirect tax which can be imposed. By the _ad valorem_
principle all articles are taxed according to their cost or value, and
those which are of inferior quality or of small cost bear only the just
proportion of the tax with those which are of superior quality or
greater cost. The articles consumed by all are taxed at the same rate.
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