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