Well... Adam Smith or Thomas Malthus were not considered as economists at their time. Anyway, James Madison wasn't an economist, he was much more: a Founding Father of this great Nation.
Besides, even Adam Smith outlined situations under which he considered tariffs to be appropriate:
In today's society, the economic burdens placed on domestic industries by the federal regulatory bureaucracy (EPA, OSHA, etc.) essentially constitute a tax. For this reason, it is valid to place a tariff on imported goods to compensate for the uneven playing field established by domestic regulations.Excerpted and condensed from:
Adam Smith: The Wealth of Nations, Book 4, Chapter 2 Of Restraints upon the Importation from Foreign Countries
of such Goods as can be produced at Home
"There seem, however, to be two cases in which it will generally be advantageous to lay some burden upon foreign for the encouragement of domestic industry...
- The first is, when some particular sort of industry is necessary for the defence of the country....
- The second case, in which it will generally be advantageous to lay some burden upon foreign for the encouragement of domestic industry is, when some tax is imposed at home upon the produce of the latter. In this case, it seems reasonable that an equal tax should be imposed upon the like produce of the former....
Yes he was.
My great-grandfather was the Founder of our family, and while he was a great businessman in his day, his business techniques would not be suitable for today's business world, so we do not conduct business based on one hundred year old business methods.
As an example, my great-grandfather would never have imagined borrowing money to expand his business, yet, if he were alive today, and looking at today's business world, he would consider anyone NOT financing growth with borrowed capital insane.