Impact of Tariffs on Economy

Sir, you talked about how historic these

tariffs have been,

bringing revenue, additional revenue for our country.

You've also mentioned before they could possibly replace federal

income tax.

Possibly.

Do you think, do you think that's-

Someday it's possible. It used to be.

So if you go back to, uh, 1913 is when they ended

tariffs. We were the richest ever from 1850.

It was all tariffs. We didn't have income taxes.

From 1850 to 1913. In the, uh,

1887, about 1887, they had the

great National Tariff Act, and it was a group of

people that got together because our country was so rich, they didn't know what

to do with the money. We had so much money,

they didn't know what

to do. It was a group of, uh, very prominent people that

were set up to hand out money to

everybody because we were the richest we ever were.

Proportionately, we were in 1887, around that time, even in

1913, uh, we ended them in

1913. How did that work out? And then we went to the income

tax system, and then we had the Depression.

And by the way, a lot of people try and say that, "Oh,

tariffs with the Depre-,"

no, they ended in 1913, and then we went to income tax,

and then in 1929, you had the Depression.

They did try and bring it back in 1931, '32, but

the Depression had long started, and, uh, and this poor,

beautiful nation was gone. It was gone.

We suffered for twenty-five years.

Took twenty-five, thirty years to really recover from the

Depression.

Uh, and we don't ever wanna see that happen again.

Uh, the tariffs are vital to the success of

this country.

When I say I ended seven wars, at least half of those wars

were ended because of

the power of tariffs. I was able to-