Public economy for the United States

Front matter

.V

.40^

K^

CHAPTER I.— Preliminary Remarks page 17

The Task attempted in tliis Work. — The Doctrine of Free- Trade Economists not a Science.— This false Pretension a stolen Shield. — On common Ground, Free-Trade Econ- ,omists have done some Good. — This Work a System for the United States. — The New Features of this Work not Novelties. — The proper Functions of Hypothesis. — Free- Trade Economists have made an unjustifiable Use of Hypothesis. — It leads to no Result. — Mill's, Comte's, Newton's, and Reid's Views of Hypothesis. — Reasons for the limited Scope of this Work. — Reasons for changing the Name of the General Subject. — Politics and Political Economy. — The Comprehensiveness of this Work, and the Unity of its Plan.

CHAPTER II.— The New Points of this Work page 26

What is meant by these New Points. — The First: Definition of the General Subject. — Importance and Influence of Definitions. — Public Economy not heretofore reduced to a Science. — The Definition here given of the Subject is consistent with a Science. — It rescues the Subject from an embarrassed Condition. — The Free-Trade Theory composed of uniform Propcsitions. — The Exact Sciences. — All Sciences, when fully constructed, are necessarily exact. — Science appertains to all Subjects. — The Science of Sociology, as announced by M. Comfcte, in an imperfect State. — John Stuart Mill's Definition of Science.— Why the Science of Sociology is Imperfect. — Mr. Mill, a Free-Trader by Sympathy, has demolished the Theory by Logic. — Citations of a remarkable Character from Mr. Mill. — What they prove. — Private and Public Economy compared. — Napoleon on this Subject. — Common Principles in Systems fundamentally different. — How our Definition affects the General Argument. — Empirical Laws defined. — Public Economy, down to this Time, lies scattered over the Field of Empirical Laws, and has not been reduced to a Science. — The Free Trade Hypothesis belongs to a Category of Empirical Laws incapable of being reduced to a Science. — The recognised Canons of Experimental Induction, as laid down by Logicians, fully sustain the Claims of Protection against those of Free Trade. — The Formation of the Science of Public Economy is yet in Abeyance to some skilful and competent Hand. — A Science can not be made out of the Laws of Public Economy, except for one Nation, each by Itself. — The true Position of Labor. — Labor robbed of its Rights by a False Position in Public Economy. — Protective Duties not Taxes in the United States, but a Rescue from Foreign Taxation.— How Public Economy is affected by different States of Society. — New Points in regard to Money and a Monetary System. — The Reasons for Free Trade, with the People, are Reasons for Protection. — All desire the same Thing. — The Destiny of Freedom not yet achieved. — The Protective Principle identical with that of the American Revolution. — Free Trade in Great Britain not based on Science, but on Public Policy. — Rise and Progress of the Free-Trade Theoiy. — Definition of Freedom. — An American System of a Peculiar Character.— Free Trade identical with Anarchy. — Protection can never be dispensed with, in any supposable Perfection of American Arts. — Agricultural Labor and Products in the Guise of Manufactures. — Not two Kinds of Economy.

CHAPTER III.— Meaning of Free Trade page 60

The domestic Origin of the popular Application of the Terms, Free Trade.— Their Ad- Captandum Features.— The Unfairness of taking Advantage of these Features.— The true Meaning of Free Trade, directly the Opposite of what is commonly supposed. — Justice on the Side of Protection.— Free Trade, to be Just, requires that all Nations should be one Family. — Universal Free Trade would create one great Central Power, at the Expense of all the Rest.— Weak Powers can only be defended against the Strong by a Protective System. — The Free-Trade Millennium an Absurdity. — Expensive and Cheap Organizations of Society, as they affect this (Question. — American Instincts on the Rights of Labor. — The Objections to Protection are the Reasons for It. — The Free Trade of Adam Smith not the Free Trade of the Present Time.

CHAPTER IV. — Free Trade a License for Depredation on the Rights of Others page 69

This a New Position.— It is based on the Principle of Anarchy.— The Essence of Free Trade is a Plea for no Law over an important and wide Domain of Interests. — Definition of this Domain. — Nations are Commonwealths, and may be vulnerable or injurious, in their Relations to each other, the same as Private Individuals in each. — The Defensive of Man's Position, in all Circumstances, requires most Care, and costs Most. — Time only, and protracted Experiment, will determine the relative Merits of Free Trade and a Protective System. — The Pointof Vulnerability in the United States, opened by Free Trade. — The great Problem one of Figures and duantities, that can be worked out. — The Negative Losses occasioned to Individuals and to the Country, by Free Trade, though Real and Serious, not easily ascertained. — More and greater Interests at Stake, on the Ground proposed to be given up to Anarchy by Free Trade, than anywhere else. — The Hen and Chickens and Hawk, are like Nations and Free Trade. — How this Anarchy of Free Trade operates. — It is real Anarchy quo ad hoc, opening a vast Field for Depredation.— Free Trade is the Sway of the Will of the Individual, as opposed to that of Society. — The Principle of Free Trade everywhere at Work* for Depredation. — Free Trade not equally Fair for both Sides. — Great Britain not for Free Trade. — An important Confession of a Member of Sir Robert Peel's Government. — The Absurdity of making Laws for the less important Sphere, and doing without Law in the most important. — The Charge of Free Trade against Protection, falls back on Itself, in precisely the same Form. — Under Free Trade we are forced to buy, in the Form of Manufactures, the same Things which we produce, while our Products perish on Hand. — Answer to Objections to the Theory of this Chapter. — Free Trade operates, through a second Party, to injure a third Party, and the Scope of this Influence takes in whole Nations, as Subjects of its Depredations.

CHAPTER V. — Reasons of the Rise and Progress of the Theory of Free Trade page 87

The Prevalence of Free Trade makes a Problem. — The Rules by which it is to be solved. — British Writers and Literature on this Subject. — The Free-Trade Epoch. — British Legislation for Protection, and the Effect of this Policy for a Century previous to Adam Smith. — Treatment of the American Colonies under the Crown. — Its Inconsistency witli Free Trade. — Free Trade in Great Britain a State Policy, not a General Principle. — Adam Smith employed by the British Government to write his Book. — His Inconsistency and Self Contradiction. — Examples. — The chief Aim of Adam Smith, was to reconcile the American Colonies to Injustice. — Free Trade a British Instinct and Selfish. — M'Culloch's Betrayal of British Policy. — The Authority of British Writers on Free Trade. — Their Authority in our Schools, and in forming the Minds of our Statesmen. — Obsequiousness and Servility of American Free-Trade Economists. — Free Trade a one-legged Science. — Bom in the Closet. — British Free-Trade Writers Employees of the British Government. — History of Free Trade as a Party Question in the United States. — Its Prevalence here owing to Social Position and Obsequiousness. — Instincts of the American People in Favor of Protection. — Free Trade can not be the permanent Policy of the United States.

CONTENTS. y

CHAPTER Vr. — Great Britain the only Nation thAt is prepared for Free Trade, and the United States the last that can afford it . page 100

The Importance of Position, in all Competition, illustrated by familiar Examples. — Adam Smiths Illustration. — The Tribe or Nation that is ahead in Manufactures, can keep ahead, by Free Trade. — The first Lessons on Protection to Great Britain. — The Way of her Beginning, and its Results. — It was by this System that she was able to triumph over Napoleon. — Great Britain was Poor when she began her Protective System. — Behold the Consequences. — Great Britain always consults the Parties interested in Protection, and complies with their Wishes.— Not so the United States. — A remarkable Example of turning Witnesses out of Court. — British Manufacturers, from the Strength of their Position, have consented to dispense with Protection. — M'Gregor's Evidence and Advice to the British Government. — MCulloch's Confession. — Action of the States of Europe, after the Overthrow of Napoleon, in Favor of Free Trade. — Their Repentance. — Repentance of Russia. — Manifesto of Count Nesselrode. — The ZoU-Verein Treaty. — Napoleon's Policy. — ^^The Policy of the European Continental Nations against Great Britain, defensive.— The greater Cost of Money and Labor in the United States an insuperable Bar to Free Trade. — The Weak, not the Strong, require Protection. — British Free Trade, not Free Trade.— British Differential Duties retained.— Effect of Commercial Treaties. —The Whole Truth in few Words.

CHAPTER VII. — Freedom consists in the Enjoyment of Commercial Rights, and in the Independent Control of Commercial Values fairly acqttiiied , page 114

The Novelty and Importance of this Proposition, a Reason for giving it an early Place in this Work. — What is Meant by it. — Definition of Commercial Rights and Values. — Liberty not synonymous with Freedom. — Rights as distinguished from Liberty. — Freedom, not an Abstraction, but a Reality. — Is a definable Substance. — The Objects of Despotism of every kind, even Spiritual, are Commercial Values. — All Religious Privileges are Secured and Fortified by Commercial Values. — Freedom requires, that all Taxes should be Voluntary, by a Representative Voice. — Otherwise they are an Extortion, and not Freedom. — "Voting Supplies." — The British Government more immediately under the Control of Popular Freedom than that of the United States. — The Mexican War an Example. — Many things are called Freedom which are only its Accidents and Results. — A reasonable Man will be contented with Freedom as here defined.— A Man's Commercial Rights includes his Chances in the Future. — The Blood of Martyrs shed on Account of Commercial Values. — The Test of the Principle contended for.

CHAPTER Vin. — What caused the American Revolution. — History or the Protective Policy in the United States page 126

A Restatement of the Object of this Work, and of the great Error of the Economists. — The Theme of this Chapter important as a Starting Point in the General Argument. — The Instinctive Policy of a Parent State toward Remote Dependencies, fatal to the End in View. — Such was the Policy of Great Britain toward her North American Colonies. — A Review of that Policy. — The Doctrines of Joshua Gee. — Their Influence on Parliament and the Board of Trade. — Acts of Opposition and Wrong Provoked the Revolution. — Declaration of Independence. — Commercial Values, as the Fruits of Labor, the Occasion of the Contest. — The Position of the Free-Trade Economists as to the Elements of this Controversy. — They were forced to justify Wrong. — The Wrong a Commercial one. — The Aim of the Revolution was to break down the Old, and to establish a New System of Public Economy, that is, a Protective System. — The Struggle was based on the Principle of Mine and Thine, as it determines Commercial Rights. — A Protective System of Society the great Object in this Country from the First. — The great Movement from Europe to America was and is for this. — The Confederation a Rope of Sand. — A Protective System the great Object of the Federal Constitution. — One of the first Acts of the new Congress was to establish a Protective System. — Documentary Evidence for Fifty Years, that Protection was the Uniform Policy of the Country. — The Cause of Apostacy from this Ancient Faith.

CHAPTER IX. — The Destiny of American Freedom not yet Achiev

ED PAGE 142

The general Desire for Freedom, before and after the Discovery and Settlement of America.— American Independence an Epoch of Freedom. — "An American System" means much.— It is a " Commercial System."—" Political" the Shadow, " Commercial" the Substance.- The Responsibility of a Nation that has Freedom in Trust for Posterity and for Mankind. — Faith as a Power in Man for the Attainment of Freedom. — The Advocates of Freedom are in general practically Right, though often theoretically Wrong. — Freedom yet in its Cradle. — The vacillating Policy of the Country in regard to the Means of Freedom. — Seventy Years of the Era of American Freedom gone, and yet Freedom was to be Defined. — The People have much to Learn on this Subject. — What Great Britain and Europe Desire. — The Jeopardy of American Freedom. — Free Trade would throw it away — would Sell It.

CHAPTER X. — The Different States of Society in Europe and America REQUIRE Different Systems of Public Economy page 151

The three fundamental Elements of European Economists. — Adam Smith's and Ricardo's Statement of them. — These Elements do not exist in the United States as a Rule, but only as Exceptions. — The Ancient System of European Society gives Character to the Modern. — The economical Position of the Laborer there, the same as that of the Ox or the Slave. — This Position assigned to Labor by European Economists, as proved by their own Statements. — The Theory of Malthus justifies this Position.— This Doctrine pervades the European, and has been transferred into American Systems of Economy. — The prevalent Principle of Land Tenures in Europe fundamentally different from that which prevails in the^United States. — " Rent" the lord of all in Europe. — The Principle of Serfdom and Villanage, under other names, still prevails in that quarter of the World. — Labor doomed there. — American Society fundamentally different. — The same System of Public Economy can not apply to each. — Reform in America, slow, but sui-e. — Can only be effected by Public Economy. — Free-Trade Economy hostile to Popular Rights.

CHAPTER XI. — Education as an Element of Public Economy in the United States page 169

Education a Thing of Commercial Value. — The American People the Original Statesmen of the Country. — The American Republic an Experiment for the World. — Difference between the European and American Theory of Society. — Knowledge makes the Distinction between Freemen and Slaves. — Character of the First Settlers of this Country. — They were Men of high Culture. — General Education made the Basis of their New State of Society. — Education the Power that achieved American Independence. — It is the most Important of all the Elements of an American System of Public Economy.— A System of Universal Education may not at first Produce Examples of the highest Culture. — The American System gives Equal Chances to All. — System of American Schools and Colleges. — A Protective System of Public Economy indispensable to the American System of Education. — Education and Virtue Concomitants in a Nation. — Comparative Condition of European and American Population. — Physical and Moral Education makes the Difference.

CHAPTER Xn. — Protection not Restriction, but Emancipation, .page 180 What is meant by a Restrictive System. — It is a Misnomer as applied to Protection. — Free-Traders and Protectionists in the United States are both after the same thing. — The true Relation between Capital and Labor. — The most perfect State of Society — Capital is Labor in Repose. — Protection of Capital is the Protection of Labor.— An American Protective System a Rescue from a Foreign Restrictive System. — American Labor can not be free, without Protection. — The Protection of one American Interest can never injure another American Intere.st, but benefits all. — Examples and Proofs. — The Position of American Capital and Labor in Relation to Foreign Capital and Labor Consideration of the Maxim that a Nation must buy in Order to sell. — The Prosperous and Rich buy and trade most. — Protection makes us rich ; the want of it makes us poor. — A Rule for one Nation may be bad for another. — Why does Great Britain preach Free Trade ? — Adam Smith began right, and ended wrong. — He leaped to his Concla- Bion from False Premises.

CHAPTER XIII.— Money page 189

Barter, its Nature. — Origin of the Name, "Precious Metals." — How Gold and Silver came to be used as Money. — Gold not used as Money in all Parts of the World. — Relative Proportions of the Precious Metals employed as Money and for other Purposes. — Foundation of the Value of Gold and Silver, when used as Money. — Turgot, Say, M'CuUoch, and others, on this Point. — The Foundation of the Value of Money lies in the Demand of the Precious Metals for other Uses. — It is a Foundation in Nature, not the Result of Convention. — Definition and Functions of Money.

CHAPTER XIV.— Money page 203

The Distinction between Money as a Subject and as the Instrument of Trade. — Review of the Doctrine of Adam Smith and others on the Relative Position of Money and of the Commodities given for it. — Adam Smith versus Adam Smith. — Price the Attribute of Commodities, not of the Money given for them. — Smith and Others on this Point. — Error and Confusion of their Doctrine. — Weight the Measure of Money, and not the Commodities for which it is exchanged.— Professor Twiss' " View of the Progress of Political Economy, since the I6th Century."' — Mr. Twiss meets the Point, and puts all at Stake. — Examination of his Position.

CHAPTER XV.— Money as the « Tools of Tbade" page 223

An Illustration of this Truth. — The Condition of a Nation, after selling its*" Tools of Trade," the Same as that of a Mechanic who does the same Thing. — Montesquieu's Doctrine on this Point. — The Emperor of Russia investing in French Stocks. — Money but an inconsiderable Fraction of a Nation's Wealth. — To answer its Purposes, Money should be to a Nation as a fixed Capital. — It is " Tools." — Half a Set of '^Tools'' not as good as a perfect Set. — Money the necessary Means of a Nation's Wealth — The Amount required by a Nation, depends on its Resources and Capabilities. — The Charge of a Miser Spirit on Protectionists considered.— Bad Economy to hoard up Money. — The Commercial Revulsions in the United States always owing to the Want of Money as " Tools of Trade." — A Protective System necessary to keep on hand " Tools" enough.^— There has never yet been Money enough in the United States for the Business of the People. — Money makes the Mare go. — To have Money enough, as " Tools of Trade," is Evidence of Private and Public Economy. — Ignorance the Parent of Free Trade in the United States. — The Precicius Metals are to Society equivalent to a Law of Nature. — Mr. Jacobs on the Uses of the Precious Metals. — The Quantity of the Precious Metals required for the Trade of the United States. — The Commercial Troubles of this Country owing to unfortunate and fitful Changes in the Policy of the Government.

CHAPTER XVI.— Paper-Money and Banking page 240

The Principle of Credit— The United States built up by Credit.— Gold and Silver a Credit Currency. — Is Bank-paper Money? — The Invention of Paper-Money a great Advance in Civilization. — Facts to illustrate its Economy and Necessity. — It greatly augments the Facilities, Scope, and Powers of Commerce. — Facts and Authorities to this Point. — Banking the Instrument of Paper-Money — The American System of Banking — Principles and Benefits of Banking.— Adam Smith's Doctrine that Paper-Money banishes Sfjecie, not applicable to the United States. — The Precious Metals the only sound Basis of Banking — The visionary and unsettled Opinions of European, particularly British Economists, as to the Basis of Banking.— Sir Robert Peel right at last in his Bill of 1844. — A Government Bank necessarily in a false Position. — The Subtreasury a Government Bank. — Treasury-Notes are Post-Notes. — All the Functions of the Treasury, by making it a Government Bank, merged in that Bank — The Effects, Danger, and Power of this In.stitution — It subverts the Banking System of the Country. — The Instincts and Propen- ' sily of the Federal Government for Banking, as illustrated in the Subtreasury.

CHAPTER XVII. — The Gain of Individuals not always the Gatn of the Community page 260

Views of Free-Trade Economists on this Point. — M'CulIoch's View of Capital as formed out of Profits. — M'CulIoch's IJobby. — The Doctrine of Equivalents in Trade considered. — Equivalents in Kind. — Money, as " Tools of Trade," not an Equivalent in Kind. — How this afiectsthe Doctrine of Free Trade. — Difierenc'j, economically, between Importations for Consamption of Value, and Importations to be improved in Value or otherwise nsed for Increase of Wealth. — The Values added to the raw Material by manufacturing.— Every Commercial Transaction independent. — Answer to some Points made by M. Say.

CHAPTER XVIII.— Labor page 274

Definition. — Who are Laborers. — Labor is Capital. — The Effect of not recognising this Fact in Public Economy. — The False Position awarded to Labor by the Economists. — The Position which they themselves occupy False. — Labor Capital vested in Man himself, and estimated by his Life and Powers. — Labor-Capital reproduces itself indefinitely. — It is the Parent of all other Capital. — It is more Profitable than any other. — It is the Gift of God, and Inalienable. — The Machinery of Society is its Product, which reacts to give it Value. — Labor-Capital may be under Restraint, in Certain Circumstances. — Labor the Source of all Wealth, by creating all Commercial Values. — Labor bound to share in the Burdens of Society and entitled to Protection. — Labor in its True Position, defines Human Eights. — The Perversion and Abuse of those Rights, owing to its False Position in Public Economy. — -The Results of the American Revolution put it in the right Place — Labor Man's Honor, nqt Disgrace. — It is the great Political Element. — Labor Discovered and made America. — American Independence, Labor's Jubilee. — Its Consequences.— " Rent," as practised in Europe, created Classes. — Labor considered as the Agent of Power, and as an Independent Agent. — The former Slavery, the latter Freedom.— The First the State of Labor in Europe, the second its Condition in the United States. — The Malthusian Theory, as it justified European Economists and European Society, in enslaving Labor. — The Theory a Blasphemy. — This Problem solved in America. — Origin of the term Landlord, with its Lesson. — Labor, to be Free, must have an Alternative in another Chance besides the Wages offered. — Europe does not afford that Chance, America does. — Political Chances of American Citizens. — Causes and Effects of the Difference in the Value of Labor and Money, in Europe and America. — The Power and Aims of Governments which oppress Labor. — The Intere^^ts of Civilization vested in Labor. — The Rights of Labor, Political. — The Rights of Labor the Strife of the Age. — The Pivot on which it turns.

CHAPTER XIX. — The DirrERENCE between the Cost of Money and Labor IN Europe and their Cost in the United States, as it affects Public Economy for the United States page 295

The comparative Prices of Labor in Europe and the United States. — These Prices determine the Value of Money and other Capital in these two duarters. — Money worth more than other Capital. — Its Value in any Country, and at any given Time, determined by the Rate of Interest. — Some Account of the Rates of Interest in different Countries, and at different Times. — The Average Interest of Money in the United States, as compared with the Average in Europe. — Difference in the joint Cost of Money and Lahor in these two duarters. — Different States of Society the Causes of this Difference. — The Greatness of the Power acquired in Europe, by the Wrongs to Labor. — The practical Importance, in forming a System of Public Economy for the United States, of considering the Difference in the Cost of Money and Labor in Europe and America. — ^A Commercial Principle lies at the Bottom of this Difference, and controls Results.

CHAPTER XX. — The Claims of American Labor for Protection. page 302 Difference in the social Position of Labor in Europe and America. — It is a Commercial Principle, that requires the Protection of American Labor, and therefore imperative. — The Rule of graduating Protection. — How Foreign Policies bear on the vulnerable Points of the United States. — British Free Trade a Protective Policy. — The Abatement of Duties in Great Britain requires Increase, rather than Diminution, in the United States, because it is made for Protection. — Importance of Skill in Public Economy, to American Statesmen. — The Advantages of Free Labor over Slave Labor. — European Labor in a like Position with Slave Labor. — The best Rule for Protection is, that they who ask for it, should have it. — Adam Smith's Argument for Free Trade, is One for Protection.— He concedes and begs the duestion. — Adam Smith and Daniel Webster, as to the Effect of increased Investments of Capital in producing Establishments, on Labor, and on the Profits of Capital. — TheUnitcd States can nevei^dispense with Protection, so long as Money and Labor here cost more than elsewhere. — The Cry of " Monopoly." — Demagogues.

CONTENTS, IS

CHAPTER XXI.— Balance of Trade page 322

The Balance of Trade a well known Principle in common Life. — The Efforts made to mystify the Subject. — Adam Smith and his School admit the Principle unawares. — The only Difficulty is an imperfect View of the Facts that belong to the Cluestion. — The Difficulty in England not found in the United States, and is now removed there. — Practical Men always Right on this Subject. — Instance the London Times. — Adam Smith's " Wherewithal."— The Free-Trade Economists fail to distinguish between Money as a Subject and as the Instrument of Trade, in all their Reasonings on this Cluestion. — Adam Smith lets the Cat out of the Bag, by an Hypothesis.— The Key of this Hypothesis.— Adam Smith makes Loss Evidence of Gain. — Joshua Gee's Position and Reasoning as a British Economist. — He the British Oracle. — His Policy for America. — The Coinage of a Nation Evidence of its Profitable or Unprofitable Trade. — M. Say's Reasoning on the Balance of Trade. — Its Absurdity. — Adam Smith the original Author of this Fallacy. — How One rides a Hobby. — A Citizen may be enriched by the same Act that subtracts from the Wealth of the Nation.— ^So of a Class of Citizens.

CHAPTER XXII. — The Mutual Dependence of Agriculture, Manufactures, AND Commerce page 342

These three are a natural Family of Interests in the United States. — Agriculture alone subjects a Nation to Dependence. — Adam Smith on this Point. — Adam Smith and his School have furnished the best Refutation of their own Errors. — An Argument on the indissoluble Connexion between these three great Interests. — The " Mercantile and Agricultural Systems," as defined by Adam Smith and others, considered. — There is no Foundation for this Array of these two Systems, as opposed to each other, and made so much of by some of the Economists. — The Importing Merchants favor Free Trade. — Smith's and Gee's Description of this Class of Traders. — The Independent Position of every Commercial Transaction.

CHAPTER XXIII.— Protective Duties not Taxes page 351

The Gain of Assumptions, without Proof, to one Party, and the Loss to the other by conceding them. — The whole Controversy turns on the Proposition of this Chapter.— Popular Instincts on this Subjeet. — Duties not the Cause or Measure of a Change in Prices. — The vast and comprehensive Spheres of Influence which bear on this Cluestion. — How they all tend to prove that Protective Duties are not Taxes. — The Causes Abroad and at Home, which produce the Effect. — A Protective System adequate for all Purposes of Public Revenue in the United Stales. — The Commercial Position of the United States will, for an indefinite Period, require Protection. — An Array of Facts to establish the Proposition of this Chapter, with Comments. — Reasons of the Facts. — The great Misfortune of conceding, in the Technical Use of Language, that Protective Duties are Taxes.

CHAPTER XXIV. — An American Protective System a Rescue from Foreign Taxation page 381

The Method and Rule of this Argument, as laid down by a Public Document and Joshua Gee. — A Showing, from the Principles of this Rule, and by Public Documents, of the Foreign Taxation which the People of the United States have been and are still subjected to. — Adam Smith's and MCulloch's Evidence on this Point. — Taxes of Foreign Nations, of whom we purchase, enter into the Prices of their Products to us. — The Principles of the Tariff of 1846, as they bear on this Point. — Returns of British Commerce as compared with those of the United States. — The Aggregate of Foreign Taxes paid by the United States since 1791. — A Protective System the sure and only Way of Rescue from Foreign Taxation.