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effect of general reduction will be to cheapen uni versally, the pnce of production, by cheapening y ing wages and materials so as to give if not equal profits after the reduction, profits by no means duced exceptionally to the duties; an effect which, as it regards tile foreign market is of the utmost inn portance It must be apparent reflection, that the means adopted to secure the home market, for our manufactures, precisely the opposite oi those ne- cessary obtain the foreign. In the ormer the ln- creased expense of production in consequence of a system of protection, may be more than compensa-

 ted by the increased price at home of the article pro-

 ected; but in the latter this advantage IS lost and as there IS no other corresponding compensation the

 increased cost of production must be dead loss in the foreign market. But whether these advantages and many ohers that might be mentioned, will ul- tmatey compensate to the full extent or not, the loss to the manufacturers on the reduction of the duties certain is, that we have approacheda point at which great change cannot be much longer de- layed; and that the more promptly 1t may be met, the less excitement there will be, and the greater leisure and calmness for cautious and skilful ope ration in making the transition; and which 1t be- comes those more immediately interested duly to consider Nor ought they to overlook, in consider ing the question, the different character othe claims of the two sides. The asks from the Govern ment no advantage, but simply to be let alone in the undisturbed possession of their natural advantages and to secure which, as far as was consistent with the other objects ofthe Constitution, one oftheir leading motives in entering into the Union; while the other side caims for the advancement of their prosperity, positive interference of the Govern ment. In such cases, on every principle of fairness and justice, such interference ought to be restrained within limits strictly compatible with the natural ad vantages of the other He who, looking at all the causes in operation; the near approach of the final

 payment vf tlo puDU uUt,t tliO 6rV''i..o a.~n,s:

 and resistance to the system, III so large section of the country the deeper principles on which opposi-

 ton to it is gradually turning, must be, indeed, infa- hated not to great change Is unavoidable; and that the attempt to elude much longer delay it., must finally but increase the shock, and disastrous Consequences which may follow.

 In forming the opinions have expressed, I have not been actuated by an unklnd feeling towards our manufacturing interest l now am, and ever have been decidedly friendly to them though I cannot concur in all the measures which have been adopted to advance them. 1 believe, considerations higher than any question of mere pecunary interest orbds their But subordinate to these higher views of policy, regard the advancement ofmechancal and chemical improvement in the arts with feelings little short of enthusiasm; not only, the prolific of national and individual wealth, but as the great means of enlarging the domain of man the ma teria wod and thereby, of laying the solid lounda- ton of highly improved condition society morally and politically. fear not that we shall extend our power too far over the great agents of nature but on the contrary, l consider such enlargement of our power, us tending, more certainly and powerfully, to better the condition of race, than any one of the many powerful causes now operating to that re- suit. With these impressions, not only rejoice at the general progress of the arts in the world but in their advancement in our own country; and as far as protection can be incidentally afforded in the fair and honest exercise of our constitutional powers. think now as have always done, that sound policy connected with security, independence and peace of the country, require them to be protected but that we cannot go single step beyond, without eopar- dizng our peace, our harmony and our liberty; con sderaons of infinitely more importance to us than any measure of mere policy can possibly be.

 In thus placing my opinions before the public, have not been actuated by the expectation of chang | ing the public sentiment. Such motive on ques- ton long agitated, and so beset with feelings of prejudice and interest, would argue, on my part an insuflerble vanity and profound ignorance of the humanhear To avoid, as faras possible the imputa- tonof either, have confined my staementin the ma nyand important points on which have been compel | led to touch, to simple declaration of my opinion without advancing any other reusUns sustain them than what appeared to me to be indispensable to be full understanding of my views; and, if they should any point be thought to be not clearly and expli- cty developed it will, trust, be attributed to my solictude to avoid the inspirations to which have alluded; and not from any desire to disguise my sentiments nor the want of arguments and ustra- tions to maintain positions which so abound in both, that it would require volume to do them any think like justice can only hope that truths which feel assured are essentially connected with all that we ought to hold most dear, may not be weakened in the pubic estimation by the imperfect manner in which have been by the object in view compelled to present them.

 With every caution on my part, dare not hope, in taking the step have, to escape the imputaton of improper motives; though have without reserve, freely expressed my opinions, not regarding whether they might or might not be popular have no req sen to believe that they such as will conciiate public favour, but the opposite; which greatly e- gret as have ever placed high estimate on the good opinion of my fellow-citizens But be that as it may shall at least be sustained by feelings of conscious rectitude. have formed my opinions aE. ter the most careful and deliberate examination, with all of the aids which my reason and experience could furnish; have expressed them honestly and fear

 essly; regardless of their effects personally; whch however interesting to me individually are oftoo lit tie importance to be taken into the estimate, where the liberty and happiness of our country are so vital ly involved. JOHN c. CALHOUN. Fort HiN, July 26th, 1881.

 

 From the London Times.

 1he Late Americdn Cabinet-There has been great deal of speculation in the English and great lack of inform in the Am nawsnonars on