Brief for the Negative.

W. R. Buckminster and C. F. Clarkson.

Best general references: 1. Memorial of the wool manufacturers of the U. S. (1892). 2. S. N. D. North in Bulletin of Wool Manufacturers, Dec., '93. 3. Minority report of the Ways and Means Committee.

I. The proposed change will destroy vested interests. (a) Wool growers could not sustain the reduction in price (minority report, pp. 47-50). (b) Reduction on woolens would be unjustly hard on manufacturers (Memorial, p. 16).

II. The proposed rates would aggravate the depressed condition of the country. (a) Mills would be delayed in resuming business. (b) Destruction in wool growing would cause panic in other industries.

III. The proposed advalorem duties on woolens would (1) lead to underval-

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