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den on that one and bounty to the other. upon one, imposes co-extensive burden on the other. 1.-the government had no use for revenue, and our foreign trade was literally free from all duties, there would be fair and equal competition between these rival branches of industry Each class of produ- cers would enjoy their natural rights, and neither could justly complain. But the mo- ment government imposes on one revenue duty, (say 20 per cent.) however necessary and expedient, it unavoidably destroys this equality. A discrimination Is made against one, and in favor of the other, to the precise amount of the duty. Now, what 1 venture to affirm, in this view of the subject, is, that the valne of the staples of exportation, as compared with the value of domestic manu- lactures, is diminished in exact proportion to the duties imposed on the foreign manufac- lures received for those staples. It would seem to be almost self-evident proposition, l that the true measure of the value of our ex- ports is the quantity of consumable commod- ities we can obtain in exchange for them.- If there were no duties, for the annual cot ton crop exported, (say 100000 of bales, } the States that produced it could obtain, it shall be supposed, 100000 of bales of ma- nulactures. Now, when you impose an im- post duty of 20 or 40 per cent upon these manufactures, you diminish the number of these bales by as many as will be required to pay the duty-in the one case 100000, leaving only 1,600,000; in the other S00,- GOO, leaving only 100000, as the actual intrinsic value of the cotton crop exported. If 1t be said that as much money can be ob- tained for the smaller number of bales, ow- ing to their enhanced price, as for the whole two millions, it Is a sufficient answer to say, that the exporting States, including planters and all other classes, consume very nearly the whole return received for their exports, either in imported manufactures or domestic manufactures equally enhanced by the duty.

 Bnt, sir, there is another view of this sub ject, which leads us to the same result, though by different process. And to this l invoke the earnest attention of the Senate, as the ar gument is not as obvious as l think 1t solid. When you originally impose, or when you increase duty upon foreign manufactures, 1 (say 20 per cent.,) the first effect is to check importations of manufactures, and cause the importation of specie. This operation will continue until the price of domestic manu- factures is so far enhanced that the foreign manufacture can be imported, paying the du- ty, with the ordinary mercantile profit. Now, this enhancement of the price of manufae- lures foreign or domestic) in our market, as compared with their price in foreign markets, is neither more nor less than correspond ing depreciation of the value of money i'll this country, as compared with those con- modities. The very reason which causes the depreciation of specie in this country, causes it's appreciation in Europe, though not to the same extent. The whole result Is, that, as Europe furnishes the great markets which consume siX-sevenths of our cotton crop, the price of the whole crop Is fixed here in currency appreciated by our own importation of it. We, of course, obtain a l lower price for our cotton in the United States, and that, too, in depreeiated currency.

 Now, sir, when this system shall have reached the consummation which is so de- voutly wished by its benefciaries and SUD- porters-when we ssshal sell as much and buy as little as possible''-when we shall have realized the golden vision of 'sselling everything and buying nothing''-what will be the condition of the exporting States of i this Union Commerce between nations can rest upon no other foundation than mu- tual exchange of the productions of each other. When you have prohibited the im- portation of manufactures from Europe, you will have totally destroyed the demand for six-sevenths of our cotton, rendering 1t ut- terly valueless. would as soon that you should nip every cotton plant in the bud :; for then we should know our destiny, and be spared the labor of production.

 Already, sir, have we fearful premonitions of this approaching catastrophe. With de- i lightful climate, a genial soil as industrious earth, and staple which has contributed more than any other, to cIothe, with cheap ness, the commercial nations of the world, we are steadily sinking, year after year, in all that constitutes the prosperity and great ness of States. Our efforts to counteract this downward course, serve but to sink us still deeper; and while our annual produc- ton has increased beyond example, its aggre- gate value has actually Appreciated

 This, sir, Is a question of life or death to the South and Southwest. The crisis ap- breaches when it must be decided. It is in 

 vain that we close our eyes against the ap preaching danger. You have already de- stroyed one-half of our commerce by the steady progress of this fatal system for more than twenty years; and so long have we en- dured the oppression that we have almost lost the sense to feel, or the spirit to resist it. Sir, we are surrounded with imminent dan gers; for, while fanatical crusade is carried on against our institutions by affiliated socie- ties, here and in Great Britain, you are doing all in your power to make 1t the interest of that country to cooperate with our domes- tic incendiaries, in the unrighteous work of destroying our great staple by destroying the means of producing it. Sir, ever since the tariff of 1928, have regarded the exporting the slave States of this Union, as being prac- tically reduced to state of colonial vassal- age to the manufacturing States. And feel authorized to add, that it is much more 