55 2 Presidential Addresses 



necessary to our industrial well-being at home, the 

 principle of reciprocity must command our hearty 

 support. The phenomenal growth of our export 

 trade emphasizes the urgency of the need for wider 

 markets and for a liberal policy in dealing with for- 

 eign nations. Whatever is merely petty and vexa- 

 tious in the way of trade restrictions should be 

 avoided. The customers to whom we dispose of our 

 surplus products in the long run, directly or indi- 

 rectly, purchase those surplus products by giving 

 us something in return. Their ability to purchase 

 our products should as far as possible be secured by 

 so arranging our tariff as to enable us to take from 

 them those products which we can use without harm 

 to our own industries and labor, or the use of which 

 will be of marked benefit to us. 



It is most important that we should maintain the 

 high level of our present prosperity. We have now 

 reached the point in the development of our interests 

 where we are not only able to supply our own mar- 

 kets but to produce a constantly growing surplus for 

 which we must find markets abroad. To secure these 

 markets we can utilize existing duties in any case 

 where they are no longer needed for the purpose of 

 protection, or in any case where the article is not 

 produced here and the duty is no longer necessary 

 for revenue, as giving us something to offer in ex- 

 change for what we ask. The cordial relations with 

 other nations which are so desirable will naturally 

 be promoted by the course thus required by our own 

 interests. 



