tion in the reduction; while the
Democratic policy, so far as it is defined, is to deal as tenderly as
possible with interests which have become vested under a protective
system. What influence will be exerted by the present over-production
and depression in business cannot, of course, be foretold; but the
report of Mr. McCulloch, Secretary of the Treasury, in December, 1884,
indicates an attempt to induce manufacturers to submit to an abandonment
of protection, as a means of securing a decrease in cost of production,
and a consequent foreign market for surplus product.

In taking Clay's speech in 1832 as the representative statement of the
argument for protection, the editor has consulted Professor Thompson,
of the University of Pennsylvania, and has been guided by his advice. On
the other side, the statement of Representative Hurd, in 1881, has been
taken as, on the whole, the best summary of the free-trade argument. In
both cases, the difficulty has been in the necessary exclusion of merely
written arguments.

HENRY CLAY,

OF KENTUCKY. (BORN 1777, DIED 1852.)

ON THE AMERICAN SYSTEM;

IN THE UNITED STATES SENATE, FEBRUARY 2-6, 1832.

THE question which we are now called upon to determine, is not, whether
we shall establish a new and doubtful system of policy, just proposed,
and for the first time presented to our consideration, but whether we
shall break down and destroy a long-established system, carefully and
patiently built up and sanctioned, during a series of years, again and
again, by the nation and its highest and most revered authorities. And
are we not bound deliberately to consider whether we can proceed to this
work of destruction without a violation of the public faith? The people
of the United States have justly supposed that the policy of protecting
their industry against foreign legislation and foreign industry was
fully settled, not by a single act, but by repeated and deliberate acts
of government, performed at distant and frequent intervals. In full
confidence that the policy was firmly and unchangeably fixed, thousands
upon thousands have invested their capital, purchased a vast amount of
real and other estate, made permanent establishments, and accommodated
their industry. Can we expose to utter and irretrievable ruin this
countless multitude, without justly incurring the reproach of violating
the national faith? * * *

When gentlemen have succeeded in their design of an immediate