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 len since 1SJ6 and our opponents contend that this has been the result of domestic competition. A mo- ments reflection will demonstrate he fallacy of this assertion We present single fact in the outset.-I The dimnutiOn of price has been gener0t-as well in relation to articles which not protected by the existing tariff of duties, to those which It cannot therefore have arisen from this cause. Let us remember now that this diminutiOn of price has occurred every where-abroad as well hs at home-l and not only in equal, but, as necessary conse quence of the tariff, in greater degree there than here. Among the causes which have produced this result, two prominent presented to your consderation-the diminished amount of the circu- latng medium of the world and the astonishing i'm provements which have been introduced in the modes of production. The cost of production is less ;-ihe comparative value of money has become greater. Can we wonder at the resultl Take the case of cotton goods-these have fallen in price here since the enactment of the tariff. But the same thing is true not only in equal but Tn greater de- gree abrOad-and the reason is obvious. The causes which have produced this resu-those which have been before sated-have elsewhere been left to ex- ert their full influence in effecng the reduction of price. Here their operation has been restrained by the conflicting influence of the tariff. The reduc- tion therefore with us has necessarily stopped at point, which is ascerained by adding the amount of duty to the price of the imported article. Thus the dminution of price here has not been produced by the tariff but in despite ofit-and has been retarded

 

 take the place ofthe domestic article in the consump- ton of the country, would be obtained at prlce greatly below that which actually pay, and the difference, amounting yearly to many millions of dollars, would he ved tn the community. It can not be doubted that the prices of all commodities, the domestic production of which sforced by the i,a position of duty foreign article of similar de- scription raised by the amount of duty necessa- " 10 effect the exclusion of the foreign article, or that this increase of price paid by the consumer, and that the loss to the nation which Is Occasioned by this system of protection is nearly equal to such difference of price.

 The success which has attended the manufacture of cotton, is used to illustrate and enforce another suggestion in favor of the tariff It Is said that by means of the protection afforded by government, manufacturers are enabled to overcome the difficult ties incident to new enierprzes, and that this pro lection is ultimately rapid to the community in the reduced price at W ich the article is furnished. We have already shown that this reduction in price in the referred tc, has not resulted from the pro- tective system. Let US look, howe, CT, at this sug geson apart from that consideration. If it be con ceded for the purpose of the argument and only for that purpose, that manufacture might be establish ed by temporary encouragement from government, which would not otherwise, at least at that time, come into successful operation, and that the commu. nty might ultimately be repaid in the manner which IS supposed the following considerations seem decl- sivey to repel the force of that suggestion. The idea of permanent protection IS excluded by the na- ture of the proposition. That which is proposed is temporary merely and the question whether it is to be ultimately repaid to the community, is of course made to depend on the successful operation of the protected establishment. It is Congress who to determine in advance, upon the proprley of putting at hazard the interests of the community by the fore ed establishment of the proposed manufacture. The question to be determined depends upon the calcu- aton of probabilities, to the correct estimate of oh pensable. Constituted that body is it is difficult to conceive of one less fitted for such relerence.- On the other hand, there IS always enough of ndi- vdual enterprise, intelligence and capital to test any experiment which gives a fair promise of ulti- mate remuneration, notwithstanding it may be sub ect to temporary loss. Left to individual enterprise the question would be decided by those who have every motive and every to come to just con- cluson-whlle the proposed suggestion would throw upon Congress those visionary projectors who hay ing failed to obtain the support of discreet and intel

 gent capitalists, would play the sure game of se- curing profit if by the rarest accident profit should arse and of throwing the loss upon the community, floss should ensue.

 It is said that dependence upon other nations for those manufactures which are essential to our wants, is inconsistent with character nation; and in this view that the tariff is essential to na- tonal independence. To us the term seems to be strangely misapplied. It is agreed that system of Iree traue among all ne nations or me world, by Se- curing the application of the highest energies of each to those objects which it best qualified to produce would enlarge the amount of produce and increase the sum of human comfort. But such state of things would, according to the argument which is urged, be a state of unversa! dependence, and pre- cisely the same consequence would follow in relation to the commercial intercourse of any given nation with the other nations of the world to the extent of that intercourse, whether system of free trade or of partial restrictions should prevail. That inter- course consists in the mutual interchange of commo- des, and it is impossible to conceive the idea of dependence on the side without recognizing the fact of corresponding dependence on the other- But such state of mutual dependence is source of graduation rather than of regret since it gives to each nation increased facility for the develope- ment of its highest energies, enlarges the of its enoyments, and affords the surest guarantee for the peace and harmony of the world.

 If the suggestion be urged in its application to the necessities of the country during state of war; equally satisfactory answer may be given. Ii is unquestionably the duty of every Government to be prepared for those conflicts with other nations, which it is not always possible to avoid; but this is most etectualy done by the unrestricted exertioD of its peaceful energies. In Government constituted as ours is and separated as is by the Atlantic from the other nations of the old world it is reasonable to presume that such conflicts will be rare. The intervals of peace will probably be of much the longest duration, and our system of permanent poll cy should therefore be regulated chiefly with view to this state of national existence. But the de- cisve to this suggestion is, that money con- stitutes the sinews of war. and that its exgences are best provided for by enricbng the nation in time of peace A system of free trade will mainly con- duce to this object. The resources which it will fur nish will second the services of ihe neutral trader and these with our internal manufactures which are already independent of legislative protection, will amply supply our wants in such an emergency.

 It is one and not the least of the evils of the sys fap ,xxxi,,c tbot bae