This, it is evident, would exclude it, because it could no longer be sold at less than $26; $16 for the indemnifying price, $10 for the tax; and at this price it must be driven from the market by American iron, which we have supposed to cost $24.

In this case the buyer, the consumer, will have paid all the expenses of the protection given.
The second means would be to lay upon the public an Internal Revenue tax of $10, and to give it as a premium to the iron manufacturer.

The effect would in either case be equally a protective measure.

Foreign iron would, according to both systems, be alike excluded; for our iron manufacturer could sell at $14, what, with the $10 premium, would thus bring him in $24.

While the price of sale being $14, foreign iron could not obtain a market at $16.
In these two systems the principle is the same; the effect is the same.