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end. Sir William knew and well estimated the elements of which that quasi power consisted; and he knew how to apply the substantive power of England to dissolve it. In the best interest of humanity, I venture to say that it is the duty of England to apply this power without further delay--its duty to itself, to its starving operatives, to France, to Europe, and to humanity. And in the discharge of this great duty to the world at large there will not even be the dignity of sacrifice or danger."] Threats and counter-threats of Disunion were made on either hand by the opponents and advocates of Slavery-extension through annexation; nor was it less agitated on the subject of a Protective Tariff. The Compromise Tariff of 1833, together with President Jackson's upheaval of our financial system, produced, as has already been hinted, terrible commercial disasters. "In 1840," says competent authority, "all prices had ruinously fallen; production had greatly diminished, and in many departments of industry had practically ceased; thousands of working men were idle, with no hope of employment, and their families suffering from want. Our farmers were without markets, their products rotted in their barns, and their lands, teeming with rich harvests, were sold by the sheriff for debts and taxes. The Tariff, which robbed our industries of Protection failed to supply Government with its necessary revenues. The National Treasury in consequence was bankrupt, and the credit of the Nation had sunk very low." Mr. Clay himself stated "the average depression in the value of property under that state of things which existed before the Tariff of 1842 came to the rescue of the country, at fifty per cent." And hence it was that Protection was made the chief issue of the Presidential campaign of 1840, which eventuated in the election of Harrison and Tyler, and in the Tariff Act of August 30, 1842, which revived our trade and industries, and brought back to the land a full measure of prosperity. With those disasters fresh in the minds of the people, Protection continued to be a leading issue in the succeeding Presidential campaign of 1844--but coupled with the Texas-annexation issue. In that campaign Henry Clay was the candidate of the Whig party and James K. Polk of the Democratic party. Polk was an ardent believer in the annexation policy and stood upon a platform declaring for the "re-occupation of
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