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accordance with a suggestion previously
land fnlrd should forever cease to be re-
garded as source Of revenue ty the Gen
eral Government II is true, that we
should have acrcd more wisely, as the
event proved, by Incorporating the proVi-
sions Of a distribution bill in the Compro-
mise itself. But who could have supposed
at that day, that President Jackson would
nave vetoed bill which carried out his
own suggestions? Nevertheless, he de-
leatcd that great and salu,ary measure of
Distribution, by means which no end can
ever Justify. He refused to return the
bill with his objections, to the House in
which it origiEated-unquestionably be.
cause he had reason to believe, that had
he complied with this, his Constitutional
duty, each branch Of Congress stood ready
by vote of two-lhIrtls, to make the bill
law in spite Of his veto.


have said, that the tariff of 1912, is, in
my view, a substantial compliance, in most
respects, with the principles of the Com
promise Act, and the pledges given i'll
that act on the subject of the regulation
of the duties from and after the 30tlI Of
June, 1912. But.t was no! compliance
in all respects. In my humble judgment
had the Tariff of lS42, been passed strict.
Iy in the spirit of the Compromise itself,
it wcuid have been better tariff for pro-
tecteclion than the law now in force. 1t
would have better guarded the revenue
against frauds in the foreign valuations; and
it would more eilcctually have checked
excessive importation, which is one OF the
greatest curses of our country. The dis
lribution of the land fund among the
States, contemplated by the Compromise,
and temporarily provided for by the land
bill, would have put an end to the aglla-
ton Of the question OF protection forever;
and the principle avowed and sustained
by Mr.. Clay, that, III laying duties FOR re-
venue, discrimination should always be
made in favor of protection, as an incident
to revenue, would have been The SeHlcd
doctrine Of The country.


To show that this opinion is well found
ed, let us suppose, that Congress, on the
30lh June 1912, had resolved to make a
Tariff strictly in pursuance of the Compro-
mise, The latter directed that after that
day, and not until after that day, du'iis
should descend by rapid reduction, not
of 10 per cent, but of the last half o( The
wkole eGccss alb owe 20 per cent, left after
the 3lsl of Dec 1899, and that reduction
be 20 per cent. on the home value Of the I'M
ports, unless at that time, the revenue from
that rate of duty should be inadequate to
support the administration of the Govern
ment. Now, how stood the facts on that
day? We had actually incurred debt OF
more than $50 100000, at that very time,
under the operations of higher Tari!!
than 90 per cent, and that, too, with the
aid OF the land fund, and bank stocks and
bank dividends besides. Our revenue ha
sunk so low that the credit Of the nation
was, at that very moment, IN the most de-
plorable condition. We had borrowed on
that credit till foreigners would not lend
us another dollar, and in our own market
the 6 per cent. certificates OF the loan re'
deemable in twenty years. could not be
sold to any considerable amount, for any
thing like their par value. We had ap"
preached the very verge Of national bank
ruptcy, and but for the Whig revolution
of 1910, which had elected Wing Con.
gress to decide our fate, we should at that
moment have been. in imminent peril OF
national reputation. The depressed stat,
of the public credit was one OF the coniin'
gcncics anticipated by the friends Of Mr.
Clay, at the passage of the compromise
and we now know VIC are right We
foresaw that the duties never could de.
scend to 20 per cent, if that pledge te
raise the duties TO the standard of the
wants of the Government, given in the ac
should be fulfilled and our hope-ou
belief was, that before they could descent
by the operation of the law, 30 per cent.
men of all parties, seeing that Govornmen
could not oe supported on that principle


would confess old errors, and Join will


us under happier auspires in so adjustln!


the Tariff as that, while the wants Of Gov


ernment would be supplied from impor


duties; ample protection, as incidental Il


the revenue, would be freely accorded tt


us without further strife. if then, Con,


gress had at that time, raised the duties t.


the standard then fixed by the compromis


we should have had tariff which woul,


more ehectually have protected home la


Dor than the act of 1912; because, although


the duties would have been for revenue


with only incidental protection. (the yer.


principle the act Of 1912, } yet those dutle


without the aid of other sources of revenue


would have been still higher than those


Of 1912, and their collection far bette


guarded against frauds.


But the compromise act caused gen


eral reduction of duties until the Both o
June, 1912, and the question remains to b.
ansvpred-lwhy did the friends of Dro