.

[Footnote 1: Elements of Political Economy, p. 461]

It is true that this resolution did not commit anybody to the doctrine
that the industrial interests of the whole country are promoted by taxes
levied upon imported property, however "adjusted," but it was
understood, by the Pennsylvanians at least, to be a promise that if the
Republican party were successful in the coming election, the doctrine of
protection, which had been overthrown in 1846, and had been in an
extremely languishing state ever since, should be put upon its legs
again. I am far from asserting that this overture was needed to secure
the vote of Pennsylvania for Mr. Lincoln in 1860, or that that State
was governed by less worthy motives in her political action than other
States. I only remark that her delegates in the convention thought such
a resolution would be extremely useful, and such was the anxiety to
secure her vote in the election that a much stronger resolution might
have been conceded if it had been required. I affirm, however, that
there was no agitation on the tariff question in any other quarter. New
England had united in passing the tariff of 1857, which lowered the
duties imposed by the act of 1846 about fifty per cent., i.e., one-half
of the previously existing scale. The Western States had not petitioned
Congress or the convention to disturb the tariff; nor had New York done
so, although Mr. Greeley, then as now, was invoking, more or less
frequently, the shade of Henry Clay to help re-establish what is deftly
styled the "American System."

The protective policy was restored, after its fifteen years' sleep,
under the auspices of Mr. Morrill, a Representative (now a Senator) from
Vermont. Latterly I have noticed in the speeches and votes of this
gentleman (who is, I think, one of the most conscientious, as he is one
of the most amiable, men in public life), a reluctance to follow to
their logical conclusion the principles embodied in the "Morrill tariff"
of 1861. His remarks upon the copper bill, during the recent session of
Congress, indicate that, in his opinion, those branches of American
industry which are engaged in producing articles sent abroad in exchange
for the products of foreign nations, are entitled to some consideration.
This is an important admission, but not so important as another, which
he made in his speech on the national finances, January 24, 1867, in
which, referring to the bank note circulation existing in t