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only to the blind faith of their followers.- They gravely tell us that revenue duty of 20 per cent, which will certainly enhance prices 20 per cent; will not enable them to maintain a competition with the rival manu- lecturers; but if you will add 20 per cent. more to the duty, they can then sell their manufactures cheaper than they could before! Exclude the competitor who undersells them, and they will immediately be able to under sell him! Now, sir, if high duties produce low prices, it would seem to follow that low duties would produce high prices; and the manufacturer should go strenuously for re- duction.

 But, if this argument must be gravely met, the answer IS as simple as 1t is conclusive If the manufacturer cannot obtain remunera- ting prices with protection of 20 per cent, he certainly cannot afford to sell at lower prices but if he can afford to sell at lower prices, he certainly does not require more protection than 20 per cent. will afford him.

 Another argument, Mr. President, which has been advanced, from very high quar- i ter, i'll favor of this system, Is, that by exclu- cludmg foreign manufactures, we relieve ourselves from paying tribute to foreign ma l tons. Y Yes, sir, a President of the United States, Mir. J. Q. Adams, who has filled va rious stations in the councils of this country, and has made distinguished figure in them all, formally promulgated this extraordinary denunclation against foreign commerce, in

 one of his annual messages to Congress-

 Paying tribute to foreign nations When

 wehear such doctrines from such high author ity, we can scarcely wonder at the popular delusions which have so extensively prevail ed on tbis subject Now, sir, let Us see il what this tribute consists. Foreign nations furnish us a market for domestic productions which we cannot sell at home, and they give us in exchange manufactures required for our consumption. But this is not all: they SUD- 1 ply us with these manufactures, 20, 30, and 40 per cent cheaper than we can obtain them from our domestic manufacturers; and 1t is that which constitutes the tribute, according to this paradoxcal theory. Now, sir, with becoming deference, tbink the tribute grows out of the very system here recommended. and goes to another quarter That system compeis us to pay an average of some 30 or 40 per- cent more for domestic manufactures than the price for which we could obtain the foreign; and common sense teaches that this is an unjust and oppressive tribute.

 Another kindred fallacy has been secretly propagated; and am sorry to say, by dis tinguished statesman, the acknowledged head of one of the great political parties of this country

 In the conclusion of the letter to which have already alluded, he says in substance that 1t is the true policy of this country in regard to foreign commerce, ''to sell as much and buy as little as possible" lconfess, sir

 Tread this with surprise. It throws the ex- 1 ploded doctrine of the balance of trade quite into the shade. That would certainly be nc very gainful commerce, in which we should give much and receive little. It is precisely what even Alexander Hamilton denominated "a vain attempt to sell every thing and buy nothing.e If horse jockey were advised to adopt similar policy, and in all his ex- changes, to give horse of great value, and receive one comparatively worthless, he would laugh in the face of his adviser. BuI 1t cannot be supposed that the distinguished writer of the letter in question meant so ab- surd thing as to advise his countrymen to give to foreign nations more than we get from them. He must have intended to recommend the policy of sending abroad as large an amount of exports as possible, and of receiy- ing in return as small a proportion of consul mable commodities, and as large propor- ton of gold and silver as possible. This whole theory grows out of the popular fal- lacy, that money, which is the mere measure of the relative values of those consumable commodities which constitute national wealth is itself not only the representative, but the essence of wealth. No nation upon earth could carry on commerce, exchanging the productions of their industry for the precious metals for ten years, without sinking into poverty and wretchedness. Such nation would truly represent the folly of miser, who should perish for want of the common necessaries of life, in the midst of his golden treasures.

 This policy of selling much and buying little, so strongly exemplifed in our protec- tive system, is the very same in principle as that which impoverished Spain after the dis covery of America. She carefully hoarded all the precious metals produced by her col onies, and prohibited its exportation by se- were penal regulations. The result was, that she became the most impoverished nation in Europe. Now, by excluding foreign imports; by selling much and buying little; by refu- sing to take from the manufacturing nations of Europe the productions of tber own in- dnstry for our great staples, you produce forced importation of the precious metals, which adds not cent to the substantial wealth of the country; and you prohibit the exportation, and of course, the profitable use of those metals, by means more efectual than the penal laws of Spain; that is, by prohib- iting the importation of the foreign commod- ities, for which alone 1t is at all desirable, or to any extent possible, to exchange them- But, sir, pass over several topics ofless in- terest, aad shall now proceed to present some views of this subject, which are to me of more intense and expressing interest than any or all Of those which have hitherto present. ed allude to the unjust, unequal, and op- plessive operation of this protective system, upon that portion of the United States of vxrt.. ....Ix