H. OF R.] The Tariff. [MAY 31, 1832. receiving its whole binding force from such sealing and sorted to for the purpose of regulating commerce, when, delivery. The question, what was the proper authority I think, it may be clearly shown that that issue may be in each State to give the required sanction, depended in found in the affirmative; and that Congress has power to no degree on what was the proper authority in any other protect manufactures, is a conclusion which by no means State to give that sanction. If any of the State Govern- follows. Whether duties be laid for revenue, or as rements had been previously armed with power by the peo-gulations of commerce, if goods, like the import on which ple of that State to assign and transfer the powers which the duty is laid, be manufactured at any place within the are delegated in the constitution, even though the powers United States, and no excise duty be laid on the home of that Government had been concentrated in a single in- production, it is certain that protection to that manufac dividual, his sanction would not more definitively have ture would be the consequence; and when bona fide reevinced the fact that the grants to which that sanction venue, or the regulation of commerce, is the end and purgave life, emanated from the State represented by him, pose of levying the duties, it depends on the justice and than does the sanction given as it was in each State. That wisdom of Congress, whether they will, at the same time, the constitution is a compact between the several States, resort to excise duties to prevent the great inequality of I have no manner of doubt. But it is not an agreement burdens which, for the general good, might thus be between them, (as regards the things to be done by this thrown on parts of this widely extended and diversified Government,) that we will do this and so: though in the country. Duties honestly and fairly laid for revenue appointment of agents to carry granted powers into effect, solely, would produce no inequality which the citizens it is, in its essence, a contract to be executed strictly by would not (as yet, at least) prefer to bear, rather than the parties to it. It is a compact between the States ap-submit to the vexatious visits of excise officers; and duties pointing a special agency to transact certain business and designed as regulations of commerce would be temporary, affairs in which they have a common concern, naming, and, from the nature of things, apply to particular coun particularly, what affairs are to be managed by this agency; tries only. But to argue this question fairly, it must be and excluding, with great care, every idea that a general supposed that revenue is not wanting, and that commerce agency was intended. The wise and thinking men who needs no regulation but as a means of protecting manufac drew up the plan, and those who adopted it, had too much tures. If to Congress the power to protect manufactures knowledge of the human character--were too well ac- had been granted, the means necessary and proper would quainted with the diversities of climate, population, charac- have followed, and bounties as well as duties might be reter, and pursuits of the people to be affected, to harbor sorted to. But to Congress, the end in question is not the absurd idea that any general rules to operate alike given; it is in terms denied. That end is denied, in the throughout, and to have local effect, could be otherwise first place, in the very same manner that the right to prethan unwise, because they could by no possibility be so scribe the course of descents, or the punishment of larceny, framed as to be otherwise than so oppressively unjust as to is denied. It is not so written in the constitution; and in tend directly to the destruction of that consolidation of the amendments it is written (though from abundant cauour Union which all good men and true have so much at tion merely) that every power not granted is reserved. heart. And I now return my most sincere and hearty The power to protect manufactures is, therefore, as subthanks to the valiant defenders of liberty, who, in the stantively denied as that to regulate inheritances. The federal convention, represented the small States, and then question still recurs: the regulation of commerce is given and there preserved the power of the States over the to Congress by express grant, and the regulation thereof, life, liberty, property, and character of the citizen, giving in a certain way, may produce the most efficient protec to this Government as much power only as is needful to tion to certain home productions. What but the discre take care of our foreign relations, prevent collisions tion of Congress limits the exercise of the power? The among the States, and defend the whole against invasion answer is, that the protection of manufactures is a right and insurrection. This Government can do nothing which reserved to the States; that the reserved rights and granted is binding on all or either of the parties to this contract, powers are mutually limitations of each other, and subject unless the act to be done be directed or allowed by some one to the law of universal justice, "so use your own as not or more of the special grants of power contained in the in- to injure your neighbor." It is in fraudum legis that you strument itself; and, so far as it respects original powers, indirectly produce an effect which, by the constitution, I take it to be equally clear that not one can be implied. you are forbidden to do directly. I can take no distinction I will now proceed to consider, more particularly, between the usurpation of an ungranted power, and the whether the power to protect manufactures is, by the con- exercise of one that is expressly forbidden; in fact, unstitution, granted to Congress. The friends of this claim granted powers are expressly prohibited. Suppose, then, -the advocates of constructive powers, as in most cases Congress were to deem it the greatest good of the greatest of unfounded claim, cannot agree among themselves about number of the constituents of the majority here to prohibit the ground on which it rests. From very high authority, all exportation by duties sufficiently high on imports to in (the chairman of the Committee on Manufactures,) we are terdict the return cargo; in this, money might be included, told that the protection of manufactures is provided for and the manufacturers would have the double protection by that clause in the constitution which authorizes the tax- of buying cheap, and selling dear; and this end, (the total ing power to be used for the common defence. But, as prohibition of exports,) though clearly beyond I think, the true and only meaning of the terms "com-might thus be effected by regulation of commerce, and mon defence and general welfare," as they occur in the so in our power. This must be so if we can use legal clause in question, is set forth in that genuine republican means, and by their use make the unlawful end legitimate. State rights paper, called Madison's report on the Virginia Again, we may lawfully tax the people; but can we do so resolutions; I refer to that paper without comment, as to pay the State officers of New York, or the pension roll balancing fairly in weight of authority, and in reason over- of England? I would resort to extraneous evidence to throwing the claim so set up. prove that an ungranted power belongs not to Congress, The clause in the constitution under which the major in no case, without a protestando that such proof is unc part of the "American system" party claim the power to sary: but as I have the proof which, by the father of his protect manufactures, is that which gives Congress the country, was deemed conclusive on a power to regulate commerce: and this claim has been sup-treaties should in all cases receive legislative sanction to ported by great research and ability. The argument has, give them effect, I will produce the evidence. It was however, been conducted as if the issue had been joined distinctly proposed in the federal convention to give the on the question whether discriminating duties may be re- power in question to Congress, and rejected. our power, question whether Mar 31, 1832.] The Tariff. [H. of R. Mr. Gallatin, in his able view of the currency, in an other practical statesman, would uniformly possess himargument of vast ability, designed to prove that this Go-self of the facts; and the people have a right to know vernment has power to incorporate a bank, distinctly, and them, that they may judge whether the business costs in terms, admits that no implied power whatever can be more than it comes to, even on tariff principles; I mean exercised by Congress, unless it be necessary and proper such as Hamilton professed, and not those of the modern to the execution of a granted power. As to the ground American system school, with whom, it seems, protection is that manufactures may become the subjects of commerce, good, more protection is better, and most protection is every thing which is connected with the acquisition, title, best; and that not after inquiry, and finding the commodity possession, transfer, and transmission of property-labor, suits the state of the country, but any thing that any schemand all its various productions, have the same connexion with er may set about, and "the greater the difference between commerce, at one fell swoop may be drawn into the vor- the cost of the production here and the foreign cost, the tex of power claimed by this Government, which, under more American capital and labor it will put in motion." pretence of regulating commerce, will do what it lists. On all these matters, I know no more than I did last DeWe well know that a combination of various, and what but cember; but with the efficient aid of the Treasury Defor the division of spoils would be discordant interests, can partment, the materials have been gotten, by which, with find it to consist, with the greatest good, of the greatest tolerable precision, the tariff laws may be so stated and number, to take unto themselves the products of the labor classed, as to exhibit, with something like clearness, the of the minor party. body and form of that system of oppression against which the present bill proposes relief. Mr. Chairman, I know that my claim in behalf of my constituents to have restoration of their constitutional rights, will pass unheeded by: the same and much better arguments have been urged before, with like effect as will now follow. But I have, with perfect sincerity, given my own sentiments. My constituents do, also, (and the State at large,) entertain the same opinions: they know their rights, and how to get and keep them. I will here remark that I was first put on the investigation which resulted in the statement I now beg leave to read to the House, by finding a statement annexed to the report on finances, showing that the imports for 1830, subject to ad valorem duties, amounted to more than 45,000,000 dollars, and that the average duty on them was twenty-five and seven-eighths per cent.; and, on this floor, I shall say no more of constitutional right, but will pro-I heard the affirmation that the average ad valorem duties ceed to the examination of the bill before us. That bill were no more. I knew this thing could not be so: for proposes to give, in part, the relief from oppressions, though well aware that fine lace, jewelry, and many other which my constituents have a right to demand in whole. consumptions of the rich and luxurious, pay not the tithe It is a rule at law for the construction of statutes, that, to of that rate of taxation inflicted on the poor and middling understand what the statute is with due precision, it is classes on some articles of necessity, yet the average needful to have a precise knowledge of what the law afore- could not be brought so low. I then proceeded to look time was; and if such knowledge is needful for the judge into the matter, and found that this $45,260,712 is the in construing the amendment, much more is it so for the value which, by acts of Congress, is fixed on goods that legislator who is about to make the amendment. He in truth and in fact cost $34,075,249; the difference is ought, also, minutely to know every circumstance that is produced by adding to the cost and foreign charges directly or collaterally connected with the interests in-twenty per cent. on India, and ten per cent. on other volved in the law; and, in the proposed amendment, in goods; but still more by the effect of the minimum prices this view of the subject, I might well say it is too mighty fixed by law on cotton and woollen goods. for me: for the whole interests of the country are involv- From the statements annexed to the report of the Seed, and the Union itself at stake. At the commencement cretary, on the finances, and the needed aid at the departof the session, I felt my utter want of materials wherc-ment, I have made some classification of the duties, and with to exhibit the full deformity of that oppression under state that, in 1830, the value of imports subject to ad valowhich my constituents labor. The laws themselves are rem duties, excluding those re-exported, was, as above, shrouded in mystery, as if the whole object of the Legis- $34,075,249, and the duties secured on them amounted lature had been so to frame them that they might not be to $11,661,681 85, or the average duty of 34.23 per cent. understood by the people to be oppressed by them. On These goods, according to classes, make up the amount of this account, I set about procuring knowledge, through imports and duties, as follows: the lowest rate is paid on an the appropriate committees of this House, by resolutions article used in the manufacture of umbrella stretchers designed to uncover the device of minimums, and to show (square wire) of the value of $6,713; this article pays what the laws are; and also to obtain the requisite facts twelve and a half per cent. Next to this, fine lace, jewelry, in relation to the cost of production here and elsewhere. watches, precious stones, some dye stuffs, and such like, Idesigned, also, to institute inquiries as to the comparative of the value of $2,137,465, pay twelve and a half per cent. ability of the bounty payers and the bounty receivers; Osnaburgs, ticklenburgs, and burlaps, bolting cloths, a but my second resolution was stifled by that majority great variety of things used in factories, and of an outré which acts as it lists here, and the particular inquiries character, which could not be named in the acts of 1824 which I wished to be made of different and appropriate or 1828, of the value of $2,847,887, pay fifteen per cent. committees, turned into a general one, directed to the The three first articles could not be separated from the Committee on Manufactures. The fate of that resolu- others in the abstract to which I had access; but the one tion prevented me from troubling the House or myself made out for the year 1831, and now laid on our tables, is with another. I have read the report of the Committee on a better plan. From that, it appears that these articles on Manufactures, which was directed to inquire into the amounted to about half a million last year. European comparative cost of producing certain woollen goods in silk goods form the next class, of the value of $6,479,512, this country and in foreign parts; but if they obtained paying twenty per cent. In these goods, it will at once any information on these important points, it is not stated be seen that the common yeomanry and working white in their report, nor is it otherwise within my reach. It men have little or no interest. The value of the whole would be uncandid to say I needed this information to in-is $11,471,577, and the duties on them amount to form my judgment on the question whether duties rang- $2,190,796 81, or about the average of nineteen per ing from forty-five to two hundred per cent., and always cent. inversely to the ability of the party affected, to pay taxes, could be wise or just. But it is material, in all such cases, to have the facts. Alexander Hamilton, or any The residue of these goods, of the value of $22,603,672, was charged with a duty of $9,471,485, or near forty-two per cent. H. OF R.] The Tariff. [MAY 31, 1832. The value of the goods paying specific duties, import- one hundred per cent., and at the other, ninety per cent." ed the same year, was $17,415,628, charged with duties I have gone through, Mr. Chairman, with my statement of to the amount of $11,900,748, or sixty-three and one- what these laws are, and exhibited the best classification eighth per cent. This includes salt, then at one hundred of them I could make. The subject is complex in its and sixty per cent., now at eighty per cent.; sugar at forty-nature, but, by enactments which seem designed "as a nine and one-fourth per cent., as it seems, though it is puzzle to elude popular understanding," is so much mys known that brown sugar of good quality may be purchas tified, that no statement of the effect of these laws can be ed in the West Indies for from two to three cents per made, which will not so far partake of the same character pound, and bar iron from forty to one hundred and six-as to require no small share of thought and reflection to teen per cent. But it is believed that the average duty, comprehend it. If the duty was at the same rate on every as above, will nearly alike apply to every class of purchas- article, still it would be difficult for the people at large, ers; and, adding the value of the articles paying specific and especially those who (by your absurd system) pay duties to those paying ad valorem duties, and in which the the highest taxes, (the poor,) to comprehend the deconsumption of the poor is embraced, and the whole gree in which they are abused by it; but, with the variety average duty paid is fifty and three-fourths per cent.; in- of the rates ad valorem, compound, and specific, disguis clude the silks, jewelry, &c., and the average is near forty-ed by minimums, as they are, what mind can take, what five per cent. But the duty on cotton and woollen cloths memory keep them? Look, I beseech you, at the large requires a special statement to expose the minimum fraud, sheet of items and figures which the Secretary of the and show how false is the statement that they do not Treasury has lately furnished to aid our inquiry into the practically operate as taxes. practical rate of bounties and taxes! It is a most valua $607,725 ble document; but these laws have this "peculiar pro1,284,401 perty in them," that they are never in one stay. The 1,396,745 brown sugar imported in 1830 paid the duty of fifty-nine 76,476 per cent.; that imported last year paid the duty of seventy per cent.; and the importations of cotton and $3,365,347 woollen cloths made in the different quarters of the same year, as well as in different years, must and do present the $751,391 same ever-shifting, changing rate of taxation. 1,448,793 The document, then, may be kept by us as a dictionary 2,443,430 stating the average duty paid on any article in 1830; and, 97,080 with its aid, we may make some conjectural estimate of the amount of taxes or bounties included in any article we $4,540,694 now purchase. But the system of taxation is calculated as well to squeeze from the people the last drop of blood and sweat without which they can live, and, at the same time, to keep the body and form of the instrument of pressure from their view. Actual value of woollens not above 50 cents, Do. do. not above $1, Do. do. Do. do. Minimum value, Do. Do. not above 2 50, The real value of these woollen goods is $3,365,347, but it is enacted by Congress that this real value shall be deemed and taken to be $4,540,694, and pay an ad valorem duty of forty-five per cent.; and that rate on the assumed I will now proceed to examine the effect of this com or fictitious value is a fraction more than sixty per cent. plex oppression on the people. That the principles of on the real value of the goods. Here it is apparent that, free trade, if adopted by all the nations, would produce in order to fix sixty per cent. as the medium, the range the greatest sum of prosperity to each, is admitted by all; above sixty must equal in value that from forty-five to and the question whether the United States, taking things sixty, inclusive of the former; and as the beautiful sym-as they are, are benefited or injured by the protecting metry of the minimum scheme taxes the consumer in an system, is one which has been so often and so ably discussinverse ratio to his ability to pay, there is no escape from ed, that I should but fatigue myself and the House more, the charge that this law, so far, taxes the wealth and were I to go at large into the abstruse inquiries connected fashion from forty-five to sixty per cent.; economy and with it. The free trade memorial, with the able exposi industry, as also poverty, from sixty per cent. upward; tions of the evidence in support of it, now before the how high, it is bootless to inquire: for men that are free public, cannot fail to convince every unbiassed reader that it is the interest of those States to unshackle their com merce. will not bear the lowest of it. Cottons, which cost less than thirty-five cents the square yard, were imported, in the same year, to the value of Mr. Chairman, I have again and again adverted to the $7,859,289, but, by the minimum fraud, each square yard views of the first Secretary of the Treasury on this subof cotton cloth which cost less than thirty-five cents, is ject. I differ from him, sir, decidedly, on the application deemed and taken to be of that value, by which fiction of his doctrines to such a country, and by such a Govern there is added the sum of $6,128,808, making the fictitious, ment, as this. But no one can follow him, and fail to see, assumed, and, in effect, fraudulent value $13,988,097; distinctly marked, the wise and prudent, the thoughtful twenty five per cent. (the falsely stated ad valorem duty) statesman, adapting means to attainable ends, and pursu on the latter sum is 44.35 per cent. on the real value of ing no ends without counting the value of success, as well the goods, including foreign charges. On this article, the as the cost of the experiment. His maxim was this: intaxes of those who are not "rich in this world's goods," quire particularly what modes of industry suit the coun are none of them as low as the medium, and they effect- try at the time; if skill, experience, and practical econo ively operate as taxes on them from the medium to one my is all that is needful to produce an article at home, hundred per cent. In proof of this, I will read a letter which we now import, as cheap as it may be produced from a company of importing merchants, whose charac-abroad, it is wise for the public to incur a reasonable exters are youched by the editor of the Banner of the Con- pense now, and for a time to cause the production of that stitution. "We regularly import, at this time, and keep article. But he was a statesman, and, therefore, knew up a stock of cotton goods (namely, book and mull mus-not only the possibility, but the probability of failure in lins) that cost in Scotland from 5d. to 6d. per running any particular undertaking of the kind. He, therefore, yard forty inches wide, making the cost from eight and not only indicates the ground on which the trial should be one-third to ten cents per square yard, upon which we made, but distinctly marks the time when a failing effort pay a duty of eight and three-fourths cents per square should be given up. You have failed, when time has yaid, making a duty, at the lowest price, of upwards of made proof that the manufacture is to be an abiding MAY 31, 1832.3 The Tariff. [H. OF R. charge on the public. When this is ascertained, it is proof These duties, high as they are, must be paid somehow, conclusive that, for some cause, seen or unseen, the effort and it is contended by the friends of the system, that the was erroneous, and should be given up. Neither would last purchaser or consumer bears the whole burden. he, at any time, have overleaped the bounds of a very pru-That these burdens can, in any manner, protect the dodent economy in the amount of premium to be given. mestic manufacturer, but by enabling him to obtain the Fifteen per cent., I believe, was his maximum; and neither price of the like imported article, with all charges, as that or any other public charge would be resorted to by him, also the duty added, has not been, and will not be, preor any man who is wise and just, but on previous, full, and tended. But, in the face of the fact that one-fourth, oneclose examination of the facts--is the production suited to third, one-half, of the consumptions of goods of the prothe country, the country and the people to it, and will it be tected classes are still imported and sold, side by side worth its cost? He would move cautiously, too, with a few with the protected goods, at the same price that the imthings at a time. How unlike Hamilton are the American ported article is sold for, cost, charges, duty, and profit; system politicians, who have built on him as the corner that the duty averages fifty per cent.; the affirmation that stone of their edifice! With them, protection of manu- this fifty per cent. duty makes the whole goods, home factures is good, more protection is better, and most pro- and foreign, cheaper, is continually wrung in our ears. fection is best. And what manufactures? Any thing, The plain conclusion from facts simply related is, that every thing must be protected, the influence of which goods of the protected class are higher in the market than can give a vote for the combined interests. It seems never they would be by the precise amount of the duty, but the to be needful to inquire whether any particular thing is train of consequences necessarily following the admission koly, at any time, to remunerate the purchaser and con- of this plain fact has caused a muster of all the talent and mer for the present bounties forced from him. We ingenuity of the party to prove that the goods are cheaphave, indeed, accounts without stint, showing the amount ened in the market by the system. One class of the nuin value (as they call it) of these bountied productions, merous reasoners on the subject, with an air of triumph, for all of which they give credit to the protecting system; refer to the prices current, and from them show that the a system which is fairly entitled to credit for a third part, prices have fallen, in fact, since the adoption of the proer half, of the price which they call the value. tecting system, and conclude that the fall is produced by The Committee on Manufactures were instructed, in an the system. But no party has more talent. They do not, early part of the session, to report the cost of producing therefore, stop at this simple ad captandum exhibition, woollen cloths of various descriptions in this country and but attempt to connect the increase of production here in foreign parts. Not one word in answer is contained in with the fall in price abroad, as cause and consequence. the report of that committee. Answers to these questions, Price, say they, depends on the proportion between supclearly and explicitly given, the people have a right to re-ply and demand; and as the high duties have caused an quire from those who intend to perpetuate these burdens extension of manufactures here, filling a demand which a them, not only with reference to woollens, but every otherwise would have been made on those countries article embraced by their scheme of taxation. On you whence we are now partially supplied; and as the fact is ho are knowing in these matters, we call for facts. Do known to be that those nations have not diminished, but you make the sixty per cent. we lose on woollen cloths? increased their productions of the same goods, it follows, Or what part of it? Deal candidly and openly with us; conclusively, that the supply is increased on the demand low us the causes, precisely and particularly, of the ne-by the whole amount of our increased production, and the Cessity of this enormous bounty. Let us have a chance price diminished in the same proportion, by the laws of to judge whether they are permanent or temporary in trade. This wears the aspect of fair reasoning, and the their character, that we may calculate the consequences; conclusion is legitimate, if it be not met by opposing conI have heard that we may form an opinion whether the bounties will siderations sufficient utterly to overthrow it. not amount, if they have not amounted, to a capital, the these same reasoners answer the charge that the tariff had Merest of which would, to eternity, purchase all your ex-reduced the price of cotton; and, by a course of reasonpected productions. Hamilton would say that a manufacing, perfectly satisfactory to my mind, they proved that ture which cannot, in its infancy, with all the costs of im- other causes might produce the effect directly, which was portation and fifteen per cent. duty, protect itself against charged as an indirect effect of the tariff. The argument ds foreign rival, is not worth protection. I am aware of runs thus: the extent of country fit to produce cotton, is the great reduction in the cost of importation, and that, practically without stint, no hand, down to children, that by consequence, the fifteen should be made twenty-five can be employed at all, but may be engaged in the busiper cent. to conform fully to Mr. Hamilton's views; but ness of making cotton; the price therefore must come less than the double of the latter rate is now laughed to down to the minimum at which labor and capital can be Scorn as no protection at all. But the base of this whole employed in producing it. This also is perfectly fair reafabric was laid in the promise of hercafter furnishing these soning, and when applied to cotton, tobacco, rice, or any goods cheaper than they could be imported. When time other Southern production, every tariff man understands Las proved that this hope is vain; when it is seen that the it to be perfectly conclusive. Let us see, then, how the pledge cannot be redeemed, on the protecting principle, same argument applies to the power of England to pro(I mean only part of it, which to me bears the likeness of duce manufactures. Is there not there capital seeking justice or sense,) it ought to be given up as a bad job. But employment, without stint? Is there not, in that country, these views have taken no notice of an American system, (which has by, or in spite of, the restrictive system, beor combination of money capital, controlling, by its in- come the richest and most powerful nation on earth,) refluence, two-thirds of the United States. Tax your peo-dundant labor seeking employment, finding none, and ple fifty percent. of their earnings, that these many capi- starving for bread? Is there not manufacturing skill, entals may make twenty, or even the whole fifty; propose terprise, and genius, sufficient at this time, and at all times, here to abate even one per cent, of this bounty; see how to answer any draft? And, from these facts, has it not your tables groan with the memorials and remonstrances, long been also the fact, that the price of manufactures not, sir, in the style of petitioners asking the aid of other there has been brought to the minimum at which capital people's labor to help them to live, but in tones of angry can be employed in their production? At this time, for all expostulation, such as might be expected from the once the time our system of protection has been in operation, free Americans on whose spoils they are fattening. I re-nothing but the bounds of demand has, or does mark, any resent a part of the planters; what can I do? Nothing. limit to her ability to afford the supply, and afford it, too, What can they do that sent me? They can do nothing here. at the same minimum prices; and I hazard nothing in af VOL. VIII.-202 H. OF R.] The Tariff. [Mar 31, 1832. firming, that, were a new market for British manufactures interest of the moneyed capital that taxes should be high now opened equal to that of the United States, the price in the abstract: enough to pay the interest, and gradualof goods would rise but very little, except for a very short ly redeem the principal, was all the great interests needed. time, and the small advance that would maintain its ground, The unjust rule of taxing economy and industry high, for a time somewhat longer, would be on the raw mate- and wealth and luxury low, was not then necessary for the rial; the goods would soon be furnished at the same profit; protection of the great interests of the country. But the England would still be a great gainer; she would have state of things which the change of times had brought fewer paupers, less suffering for work and for bread, and about when this system began, placed the great interests less idle capital, or capital employed at less than the ave-in a new attitude. Something must be done, or its money rage value of it in that country. These, I think, are oppos-profits must be abated; its nominal capital must sink, and, ing considerations, sufficient utterly to overthrow the sup- having established an identity between the public interest position that the partial filling our own demand at an ad-in name, and their own interest in fact, they contrived to vance of fifty per cent. causes a permanent fall of prices get a set of laws passed to protect domestic industry in in England. But there is other strong evidence conclu- name, but in fact to shield money capital and its producsive on this subject. The fall in the price of things to tions at the expense of land and labor. Then, for the which our magic system does not extend, is to the full as first time, it is seen that this great interest has become great as of those embraced by it; the only difference be- exceedingly liberal. The thought of the services, the ing that the consumer of the protected articles is depriv-sufferings, and losses of the soldier, (whose dollar was ed of the benefit of the fall by the amount of the enhanc-purchased for twelve and a half cents,) revived in their ed duty for protection. The idea that, but for the re- philanthropic bosoms, which, at the same time, became strictive system here, England would raise the prices on dilated with new born conceptions of good to be done to us, or would not lower them with the lessened cost of pro- posterity by improving the country. The grateful, the geneduction, is an absurdity disproved by past experience, as rous sympathies of the hardy sons of toil were appealed well as the inevitable result of the truths I have stated. In to in behalf of the revolutionary soldier. Every ennodays of other years, when I was a storeboy, I knew there bling feeling, as well as baser passion, was held in requiwas, and could be no combination in a market so fully sup-sition in behalf of internal improvements to be made by plied, and, by consequence, with competition so sharp this Government, whose taxation is perceived to give to, and constant. So true is this, that I well recollect that and to take from, these great interests. Tariff law and the bounties then given in England for the production or pension law, appropriation for roads, rivers, harbors, export of certain goods, was practically a drawback of breakwaters, &c. &c., followed in quick succession, until part of the price to the consumer here. It struck me a part, at least, of this abused country do know and feel with surprise, then, that this bounty should be credited at that they have no part or lot in the great interests of the the foot of the invoice, and thus, in effect, be given to country, but to be "ground as if to dust,” that the lordly foreigners; but this lowering of price extended the range owners of large capitals may grow in wealth and power. of sale, and the sum of profits, leaving its rate untouched; They now understand, sir, what the manufacturer means which rate was and is kept at the minimum; above which, when he says great interest is his interest, and little were they to attempt a rise equal to the fourth part of the interest is my interest and the interest of those that average of our duties, the supply would be furnished by sent me here. The influence of capital, in masses, is other nations. But clear as this whole matter is when the wonderfully extended by the device of joint stock compafacts are examined, the progress of things, and the change nies and incorporations of all sorts; by which contrivances, of times, have put it in the power of the manufacturers to thousands of little capitals, actuated by the soul of chief throw dust in the eyes of the people, and to prevent directors, have the weight of numbers, the esprit du corps them from seeing the extent of their exactions. Nay, sir, of the money clan, and the sagacity of separate moneyed to no small extent, they have made the very persons who interests. I have, in some sort, wandered from the road are their victims look to them as their benefactors. The I was in, to trace out the way by which the great interests, real causes of the fall of prices have been often stated that is, the large capitals, have made the little interests, the restoration of a sound currency in place of a depre- that is, the yeoman and laborers, their slaves; for such they ciated redundant paper currency; millions of armed men, are in the most oppressive form, having to work for their laying aside the work of destruction, and taking up that of masters and find themselves. Before I thus followed the production; the astonishing improvements made in labor- devious path of the great interest, I had endeavored to saving machinery; the rapid and constant improvement in prove the absurdity of the notion that the American sysskill in all the arts of civilized life. These, sir, abun- tem works, or can produce, any perceptible effect on the dantly account for the almost steady reduction in the prices prices on European manufactures; and every thing in of production. No one has been at any time willing for serious contest in this argument depends on that point. the things he has on hand, or is producing, to share the Evidence directly contradicting the repeated assertions of common fate; and, in this case, as in all others, the calcu- the tariff party, in this particular, are endless. Our imlating sagacity of money capital was, and is, a vastly over-ports of some things have been made to decline by the match for that inert mass-land. The embargo, non-in-system; in others, the natural increase, with that of our tercourse laws, and the war, had drifted large portions of population, has been prevented; in others, our imports this money capital into manufactures. Money, sir, pos- have increased in a ratio double that of our population. sesses an influence of itself. It can and does command or Hardware, paying not more than twenty-seven and a half comprise knowledge and talent of the highest order: the per cent., is believed to be in the latter class. The prices coming storm was seen at a distance; and to palm their of all have fallen, and the last class much more than woolown interest off for the great interests of the country, lens, the import of which has been so severely checked. was a task rendered easy by the concurrence of the fact I think I may take it for granted, or proved, that our imthat aspiring ambition in one quarter needed or desired post duties add to the price of the goods on which they popularity in another. In this way, it came to pass that are paid (in general, at least) their full amount, and the the interest of the money capital was called the great in- next question is, how that fact affects the home producterest of the nation. Yes, sir, it was and is always the tion of the same quality here. It will be needful to nogreat interest. In 1789, it consisted of certificates issued tice a few plain business truths: it will prevent confusion to public creditors for which the holders had given twelve in the application of words. and a half cents in the dollar. In 1790 it was made the 1st. If there be war, or other prohibition of foreign funded debt of the United States. It was not then the supply, and the home production is considerably less than |