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. A
system of _ad valorem_ revenue duties, with proper discriminations and
proper guards against frauds in collecting them, it is not doubted will
afford ample incidental advantages to the manufacturers and enable them
to derive as great profits as can be derived from any other regular
business. It is believed that such a system strictly within the revenue
standard will place the manufacturing interests on a stable footing and
inure to their permanent advantage, while it will as nearly as may be
practicable extend to all the great interests of the country the
incidental protection which can be afforded by our revenue laws. Such a
system, when once firmly established, would be permanent, and not be
subject to the constant complaints, agitations, and changes which must
ever occur when duties are not laid for revenue, but for the "protection
merely" of a favored interest.

In the deliberations of Congress on this subject it is hoped that a
spirit of mutual concession and compromise between conflicting interests
may prevail, and that the result of their labors may be crowned with the
happiest consequences.