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ten　years　previously　so　greatly　exceeded　the　consumption　of；　and



the　demand　for；　this　article　from　year　to　year；　that　its　prices　had



fallen　in　almost　the　same　ratio　in　which　the　export　had　increased；



as　may　be　seen　from　the　fact　that　in　the　year　1816　the　Americans



had　obtained　for　80；000；000　pounds　of　cotton　24；000；000　dollars；



while　in　the　year　1826　for　204；000；000　pounds　of　cotton　they　only



obtained　25；000；000　dollars。



　　　　Finally；　Mr　Huskisson　threatened　the　North　Americans　with　the



organisation　of　a　wholesale　contraband　trade　by　way　of　Canada。　It



is　true　that　under　existing　circumstances　an　American　protective



system　can　be　endangered　by　nothing　so　seriously　as　by　the　means



indicated　by　Mr　Huskisson。　But　what　follows　from　that？　Is　it　that



the　Americans　are　to　lay　their　system　at　the　feet　of　the　English



Parliament；　and　await　in　humility　whatever　the　latter　may　be



pleased　to　determine　from　year　to　year　respecting　their　national



industry？　How　absurd！　The　only　consequence　would　be　that　the



Americans　would　annex　Canada　and　include　it　in　their　Union；　or　else



assist　it　to　attain　independence　as　soon　as　ever　the　Canadian



smuggling　trade　became　unendurable。　Must　we　not；　however；　deem　the



degree　of　folly　absolutely　excessive　if　a　nation　which　has　already



attained　industrial　and　commercial　supremacy；　first　of　all　compels



an　agricultural　nation　connected　with　her　by　the　closest　ties　of



race；　of　language；　and　of　interest；　to　become　herself　a



manufacturing　nation；　and　then；　in　order　to　hinder　her　from



following　the　impulse　thus　forcibly　given　to　her；　compels　her　to



assist　that　nation's　own　colonies　to　attain　independence？



　　　　After　Huskisson's　death；　Mr　Poulett　Thompson　undertook　the



direction　of　the　commercial　affairs　of　England；　this　statesman



followed　his　celebrated　predecessor　in　his　policy　as　well　as　in　his



office。　In　the　meantime；　so　far　as　concerned　North　America；　there



remained　little　for　him　to　do；　for　in　that　country；　without　special



efforts　on　the　part　of　the　English；　by　means　of　the　influence　of



the　cotton　planters　and　the　importers；　and　by　the　aid　of　the



Democratic　party；　especially　by　means　of　the　so…called　Compromise



Bill　in　1832；　a　modification　of　the　former　tariff　had　taken　place；



which；　although　it　certainly　amended　the　excesses　and　faults　of　the



former　tariff；　and　also　still　secured　to　the　American　manufactories



a　tolerable　degree　of　protection　in　respect　of　the　coarser　fabrics



of　cotton　and　woollen；　nevertheless　gave　the　English　all　the



concessions　which　they　could　have　desired　without　England　having



been　compelled　to　make　any　counter　concessions。



　　　　Since　the　passing　of　that　Bill；　the　exports　of　the　English　to



America　have　enormously　increased。　And　subsequently　to　this　time



they　greatly　exceed　the　English　imports　from　North　America；　so　that



at　any　time　it　is　in　the　power　of　England　to　draw　to　herself　as



much　as　she　pleases　of　the　precious　metals　circulating　in　America；



and　thereby　to　occasion　commercial　crises　in　the　United　States　as



often　as　she　herself　is　in　want　of　money。　But　the　most　astonishing



thing　in　this　matter　is　that　that　bill　had　for　its　author　Henry



Clay；　the　most　eminent　and　clearsighted　defender　of　the　American



manufacturing　interest。　For　it　must　be　remembered　that　the



prosperity　of　the　American　manufacturers　which　resulted　from　the



tariff　of　1828　excited　so　greatly　the　jealousy　of　the　cotton



planters；　that　the　Southern　States　threatened　to　bring　about　a



dissolution　of　the　Union　in　case　the　tariff　of　1828　was　not



modified。　The　Federal　Government；　which　was　dominated　by　the



Democratic　party；　had　sided　with　the　Southern　planters　from　purely



party　and　electioneering　motives；　and　also　managed　to　get　the



agriculturists　of　the　Middle　and　Western　States；　who　belonged　to



that　party；　to　adopt　the　same　views。



　　　　These　last　had　lost　their　former　sympathy　with　the



manufacturing　interest　in　consequence　of　the　high　prices　of　produce



which　had　prevailed；　which；　however；　were　the　result　for　the　most



part　of　the　prosperity　of　the　home　manufactories　and　of　the



numerous　canals　and　railways　which　were　undertaken。　They　may　also



have　actually　feared　that　the　Southern　States　would　press　their



opposition　so　far　as　to　bring　about　a　real　dissolution　of　the　Union



and　even　civil　war。　Hence　it　became　the　party　interests　of　the



Democrats　of　the　Central　and　Eastern　States　not　to　alienate　the



sympathies　of　the　Democrats　of　the　Southern　States。　In　consequence



of　these　political　circumstances；　public　opinion　veered　round　so



much　in　favour　of　free　trade　with　England；　that　there　was　reason　to



fear　that　all　the　manufacturing　interests　of　the　country　might　be



entirely　sacrificed　in　favour　of　English　free　competition。　Under



such　circumstances　the　Compromise　Bill　of　Henry　Clay　appeared　to　be



the　only　means　of　at　least　partially　preserving　the　protective



system。　By　this　bill　part　of　the　American　manufactures；　viz。　those



of　finer　and　more　expensive　articles；　was　sacrificed　to　foreign



competition；　in　order　to　preserve　another　class　of　them；　viz。　the



manufacture　of　articles　of　a　coarser　and　a　less　expensive



character。　In　the　meantime　all　appearances　seem　to　indicate　that



the　protective　system　in　North　America　in　the　course　of　the　next



few　years　will　again　raise　its　head　and　again　make　new　progress。



However　much　the　English　may　desire　to　lessen　and　mitigate　the



commercial　crises　in　North　America；　however　large　also　may　be　the



amount　of　capital　which　may　pass　over　from　England　to　North　America



in　the　form　of　purchases　of　stock　or　of　loans　or　by　means　of



emigration；　the　existing　and　still　increasing　disproportion　between



the　value　of　the　exports　and　that　of　imports　cannot　possibly　in　the



long　run　be　equalised　by　those　means。　Alarming　commercial　crises；



which　continually　increase　in　their　magnitude；　must　occur；　and　the



Americans　must　at　length　be　led　to　recognise　the　sources　of　the



evil　and　to　determine　to　put　a　stop　to　them。



　　　　It　thus　lies　in　the　very　nature　of　things；　that　the　number　of



the　advocates　of　the　protective　system　must　again　increase；　and



those　of　free　trade　again　diminish。　Hitherto；　the　prices　of



agricultural　produce　have　been　maintained　at　an　unusually　high



level；　owing　to　the　previous　prosperity　of　the　manufactories；



through　the　carrying　out　of　great　public　undertakings；　through　the



demand　for　necessaries　of　life　arising　from　the　great　increase　of



the　production　of　cotton；　also　partially　through　bad　harvests。　One



may；　however；　foresee　with　certainty；　that　these　prices　in　the



course　of　the　next　few　years　will　fall　as　much　below　the　average　as



they　have　hitherto　ranged　above　it。　The　greater　part　of　the



increase　of　American　capital　has　since　the　passing　of　the



Compromise　Bill　been　devoted　to　agriculture；　and　is　only　now



beginning　to　become　productive。　While　thus　agricultural　production



has　unusually　increased；　on　the　other　hand　the　demand　for　it　must



unusually　diminish。　Firstly；　because　public　works　are　no　more　being



undertaken　to　the　same　extent；　secondly；　because　the　manufacturing



population　in　consequence　of　foreign　competition　can　no　more



increase　to　an　important　extent；　and　thirdly；　because　the



production　of　cotton　so　greatly　exceeds　the　consumption　that　the



cotton　planters　will　be　compelled；　owing　to　the　low　prices　of



cotton；　to　produce　for　themselves　those　necessaries　of　life　which



they　have　hitherto　procured　from　the　Middle　and　Western　States。　If



in　addition　rich　harvests　occur；　then　the　Middle　and　Western　States



will　again　suffer　from　an　excess　of　produce；　as　they　did　before　the



tariff　of　1828。　But　the　same　causes　must　again　produce　the　same



results；　viz。　the　agriculturists　of　the　Middle　and　Western　States



must　again　arrive　at　the　conviction；　that　the　demand　for



agricultural　produce　can　only　be　increased　by　the　increase　of　the



manufacturing　population　of　the　country；　and　that　that　increase　can



only　be　brought　about　by　an　extension　of　the　protective　system。



While　in　this　manner　the　partisans　of　protection　will　daily



increase　in　number　and　influence；　the　opposite　party　will　diminish



in　like　proportion　until　the　cotton　planters　under　such　altered



circumstances　must　necessarily　come　to　the　conviction　that　the



increase　of　the　manufacturing　population　of　the　country　and　the



increase　of　the　demand　for　agricultural　produce　and　raw　materials



both　consist　with　their　own　interests　if　rightly　understood。



　　　　Because；　as　we　have　shown；　the　co