The first of the four lectures to be delivered on Protective Tariffs by Prof. Robt. E. Thompson of the University of Pennsylvania was very fully attended. The lecture was a statement of certain preliminary matters on the subject of the tariff. The subsequent lectures will be devoted to a general discussion of protection, its effect upon labor, and a refutation of arguments commonly advanced against a protective tariff. The lecturer began by stating certain principles to which all economists agreed, love of our country before all others, the least interference of government consistent with our general welfare, and the need of concentration of industry. Tariffs are based on the productive capacity of a people, and serve to foster and protect them in their undertakings. Of the two duties, specific and ad valorem, the latter seems more just at first glance. But it is far otherwise. According to this, when prices are high, duties are also high, and there is little need of protection, and when prices are low duties are low, and then is the time when we should have high duties. Few duties are prohibitory.

Many free trade countries levy duties for revenue only. There is much natural protection, articles of bulk cannot be imported on account of the freightage. Farmers derive great benefit from protection by a market being furnished for their produce. They, not the manufacturers, first demand a tariff. We have manufactures because we have a tariff.