University of Virginia Library

8274. TARIFF, Specific and ad valorem duties.—

There must be something more
in this increase of revenue than the natural
and war
increase; depreciation to a small de
gree in other countries, a sensible one in this,
and a great one in England, must make a
part of it, and is a lesson to us to prefer ad
valorem to fixed duties. The latter require
often retouching, or they become delusive.—
To Albert Gallatin. Ford ed., viii, 357.
(May. 1805)