have hitherto considered the question in reference only to a state of
peace; but who can tell when the storm of war shall again break forth?
Have we forgotten so soon the privations to which not merely our brave
soldiers and our gallant tars were subjected, but the whole community,
during the last war, for the want of absolute necessaries? To what an
enormous price they rose! And how inadequate the supply was, at any
price! The states-man who justly elevates his views will look behind
as well as forward, and at the existing state of things; and he will
graduate the policy which he recommends to all the probable exigencies
which may arise in the republic. Taking this comprehensive range, it
would be easy to show that the higher prices of peace, if prices were
higher in peace, were more than compensated by the lower prices of war,
during which supplies of all essential articles are indispensable to its
vigorous, effectual, and glorious prosecution. I conclude this part
of the argument with the hope that my humble exertions have not been
altogether unsuccessful in showing:

First, that the policy which we have been considering ought to continue
to be regarded as the genuine American system.

Secondly, that the free-trade system, which is proposed as its
substitute, ought really to be considered as the British colonial
system.

Thirdly, that the American system is beneficial to all parts of the
Union, and absolutely necessary to much the larger portion.

Fourthly, that the price of the great staple of cotton, and of all our
chief productions of agriculture, has been sustained and upheld, and a
decline averted, by the protective system.

Fifthly, that if the foreign demand for cotton has been at all
diminished, the diminution has been more than compensated in the
additional demand created at home.

Sixthly, that the constant tendency of the system, by creating
competition among ourselves, and between American and European industry,
reciprocally acting upon each other, is to reduce prices of manufactured
objects.

Seventhly, that, in point of fact, objects within the scope of the
policy of protection have greatly fallen in price.

Eighthly, that if, in a season of peace, these benefits are experienced,
in a season of war, when the foreign supply might be cut off, they would
be much more extensively felt.

Ninthly, and finally, that the substitution of the British colonial
system for the American system, without ben