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be true, that the low prices complained of are


caused by the imports received in exchange for ex.


ports; that the imports have to great extent, ia.


ken possession of the market; and that the impo-
siton of high duties proposed on the imports would
exclude them either wholly, or to great extent
and that the market, in consequence, would be re-
lieved, and be followed by the rise of price desr.
ed l assume all to be as stated because it is the
supposition most favorable TO those who ask for
high duties, and the one on which they rely to
make out their case 1t is my wish to treat the
subject with the utmost fairness, having no other
object in view but truth


According, then to the supposition, the first lead
ing effect ofthese high protective duties would be
to exclude the imported articles, against which
they are asked, either entirely, TO great extent
If they should fail in that it is obvious that they
would fail in the immediate object desired and that
the whole would be an abortion. What then,
ask, must be the necessary consequence of the ex-
cluson of the articles against which the protective
duties are proposed to be laid2 The answer is
clear. The portion of the exports, which would
have been exchanged for them, must then return
in the unprotected and free articles; and, among
the latter, specie, in order to purchase from the
manufacturers at home the supplies which, but for
the duties, would have been purchased abroad.
And what would be the effect of that, but to turn
the exchange, artiicially, in our favor as against





portion of the country, as against all others2
And what would that be, but an artificial concen-
tration the specie of the country in the manu-
featuring region, accompanied by corresponding
expansion of the currency from that cause, and
still more from the discounts of the banks2 |
next ask what must be the effects of such expan-
sion, but that of raising prices there? and what Of
that, but of increasing the expense of manufactu-
ring and that continuing till the increased expense
shall raise the cost of producing so high, to be
equal to that of the imported article with the addi-
ton of the duty when the importations will again
commence, and an additional duty be dcman-
ded ?


This inevitable result void be accelerated by
two causes. The effect of the duty in preventing
importation would cause falling off of the de-
mand abroad, and consequent falling off, tempo
rarily, of price there. The extent would depend
on the extent of the falling off, compared with the
general demand for the article, and, of course,
would be greater in some articles, and less in
others All would be more or less affected; but
none to an extent so great as was insisted on by
the chairman, and other advocates of the system,
the other day, in The discussion of the duty on cot
ton-baging, but still sufficient in most cases, to be
sensibly felt 1 say temporarily; for the great
laws which regulate and equalize prices would. in
time, cause, IN turn, corresponding falling off in
the production of the article, proportional to the
falling off of the demani.


But another and more powerful cause would be
put in operation at home, which would tend still
more to shorten the periods between the demand
for protection. The stimulus caused by the ex-
pansion of the currency, and increased demand
and prices consequent on the exclusion of the ar
ticle from abroad, would tempt numerous adven-
turers to rush into the business, often without ex
perience or capital; and the increased production
in consequence, thrown into the market, would
greatly accelerate the period of renewed distress
and embarrassment, and demand for additional
protection.


The history of the system fully illustrates the
operation of these causes and the truth Of the con-
clusion drawn from them Every protective tar
if that Congress has ever laid, has disappointed
he hopes Of its advocates; and has been followed
at short intervals, by demand for higher duties
as have shown on former occasion* The
cry his been protection after protection: one bot
lie after another, and each succeeding one more
creases the demand, till the whole terminates in
one universal explosion snch as that from which
he country is now struggling to escape


Such are the effects Of the system on the interest
in favor of which these high protective duties are
laid; and [ shall now proceed to trace them on
he great export interest, against which they are
laid. start at the same point-the exclusion, in
part or whole, of the importation Of the articles
against which they are laid-their very object as
have stated; and which, if not effected, the whole
must fail. The necessary consequence Of the fall
ling off of the imports, must be, ultimately, the
falling off of the exports They are mutually
dependent on each other. 1t is admitted that the
amount of the exports limits the imports; and
hat taking a series of years together, their value,
fairly estimated, will be equal, or nearly so; but it
is no less certain that the imports limit. in like
manner, the exports. If all imports be prohibit
ed, all exports must cease and if a given amount
of imports only be admitted, the exports must Fl
nally sink down to the same amount. For like
reason, if such high duties be imposed that only
limited amount can be imported with profit, (Which
is the in question:) the exports must, in like
manner, sink down to the same amount. In this
aspect, it is proper TO trace the effect of another
and powerful cause, intimately connected with
that under consideration.


This falling off of the imports would necessari-
ly cause falling off of the demand in the market
abroad for exports. The capacity of our custom
ers there to buy from US, depends, in great
measure, on their capacity Of selling to us. To
impair the one, is to impair the other. The joint
operation of the two cases would be highly ad-
verse to the export industry of the country. If
cause an actual decrease of the exports,
it would arrest, greatly retard their increase,
and with it, the commerce, the navigation, and
their associate interests, which explains why these