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sudiiieu II. u embraced the provision of q home valuation of our imports, which was avowediy placed there for the protection of the manufacturers, and it was part and parcel oi the protective system. In regard to that measure, Mr. Clay could not agree with his friend from Maine, (Mr. Eyans,) in the opin- ion, that 1t would operate practically, to di- mirish the amount of revenue. He admitted, that 1t would lessen the amount of imports, but notin degree to countevail the benefit derlved from the augmentation il would effect Ill the rate of duties received. To one who should lake mere superficial view of the subject, il might appear to be matter of course, that diihinution of imports involved proportional diminution of revenue-and so there would be, if the duties remained the same-but more than compensation might be found in the increased rates of duties Be this us 1t might, the home valuation clause was not the only point i'll which the Com promise Actrecognlzed, and actually embodi- ed the doctrine of protection It required, also, the payment of duties in cash, which was always favorite point with the friends ol the manufacturers, and the advocates of protection-and still mosc. the act prescrb- ed long list of articles, which were to re- mann Tree of duty, after Both June, lSi2, which provision had been inserted expressly for the benefit of the manufacturers. Here, then, In three several particulars, all of them highly important, the principle of protection was coniessedly, and of deliberate design, en- graited III the Compromise Bill Sc far from involving any abandonment of that principle, It would have been utterly impossible, as the ! tnrf ha,. ..,J ,l,a l.. through Congress, with such an avowal from It's friends. It was very true, that the act did modify the protective policy-but, in that modified form, 1t recognized, proclaimed, and perpctuated that policy"

 Again, in the same speech, Mir Clay said

 s' have lived and shall die in the convc- ton of the wisdom of the protective policy have regretted during life, and shall when die, the prevalence of those causes-I re- spectlully believe mistaken causes-wheh make some of my felow-citzcns unwilling to adhere to 1t. l believe the day is not far distant, when great majority of the whole nation will call upon this General Govern ment for protection.o

 One remark just here-Mr Clay knows well the strength of the Tariff party, and he

  belief that '' the day is not far distant, when a great majority of the whole nation will call for protection" But remember, fellow-citis zens, we are not part of this great maiori- ty-the inhabitants of the cotton country are not of this majority! This great majority Is composed of our ancient and our present adversaries, and il is for their comfort, that Mir Clay, their leader, makes this prophecy Let the South ponder well these alarming words, for they speak not to us, nor to our children, the voice of peace.

 Mir. Clay, ir the speech, says:

 eBut at the same time, have ever be- lleved stability, with moderate amount of protection, better than very high Tariff without 1t.

 ..Even were high tariff desirable, it would be impossible to get ii, in thespresent state of parties in this country. mean of parties ill Congress. l would say to all friends, let us look to what is practical look 10 the slate of parties in Congress, and consent to take such meaSurcs as ne caa gel, and we will carry at least majority"

 In the course of the speech, Mir Clay goes on to lament in tender terms, that all the de- mocratic party, and especially the democrats of Pennsylvania, are now opposed to the pro- tecton of the tariff system, and adds:

 "Who are opposed to it The whig mem bers of Congress are opposed to it; opposed to it, as they say, and have no doubt sincerely believe, on principle; {; opposed, as as l most respectfully think, from prejudice and misconception. Here, then, we have two entire classes of politicians, utterly opposed to all encouragement of our own domestic industry by any direct protection against fo- reign egislation.-These classes, both agree ing ill this, however they may differ on other points of national policy, compose so large q majority to render it impossible, were it 1 desirable, { which think it is not) to pass q high protective tariff.

 Mir. Buchanan (spcaking across,) said to Mr. Clay, "thcn you have changed your opinion :'']

 NIr. Clay replied, '' / harc mol chaagcd my opinion, at all am stiH for proteciion ;; such as can be obtained under all natural cir cumsances."

 In accordance with these opinions, Mr. Clay urged the Senate to raise the tariff from twenty per cent, as settled by the Compro- mise Act, up to an average rate of thirty per cent, and he said, he ''hoped the Senator from Pennsylvania, (Mr. Buchanan,) would go thus far; and even, if by continuing tea and coffee free, 1t should become necessary, as far as thrly-three and third per cent"

 In previous speech on the same resolu- tlons, delivered in the Senate, lst March. 1S42,

 Mr. Clay explained, ..That his proposition was to fix maximum rate of duty, and dis erlminate below that rate. He took thirty per cent. as the maximum. But he afterwards explained further, that there were many art- cles which could not be manufactured in this country under so low a rate of duty as thirty per cent, particularly hats, shoes, ready-made ctothing, sugar, and iron; but he left it to the representatives of those States interested in these articles, to move higher rate of dnty He would fcIIo9c and not lead in this