This is no exaggerated picture of the present imposing power of slavery. It is literally true. Southern men, at an early day, believed that the Protective Tariff would have paralyzed it--would have destroyed it. But the abolitionists, led off by their sympathies with England, and influenced by American politicians and editors, who advocated free trade, were made the instruments of its overthrow. No such extended mining and manufacturing, as the Protective system was expected to create, has now any existence in the Union. Under it, according to the theory of its friends, more than one hundred and sixty millions in value, of the foreign imports for 1853, would have been produced in our own country. But free trade is dominant: the South has triumphed in its warfare with the North: the political power passed into its hands with the defeat of the Father of the Protective Tariff, ten years since, in the last effort of his friends to elevate him to the Presidency: the slaveholding and commercial interests then gained the ascendency, and secured the power of annexing territory at will: the nation has become rich in commerce, and unbounded in ambition for territorial aggrandizement: the people acquiesce in the measures of Government, and are proud of the influence it has gained in the world: nay, more, the peaceful aspect of the nations has been changed, and the policy of our own country must be modified to meet the exigencies that may arise. One word more on the point we have been considering. With the defeat of Mr. Clay, came the immediate annexation of Texas, and, as he predicted, the war with Mexico. The results of these events let loose from its attachments a mighty avalanche of emigration and of enterprise, under the rule of the free trade policy, then adopted, which, by the golden treasures it yields, renders that system, thus far, self-sustaining, and able to move on, as its friends believe, with a momentum that forbids any attempt to return again to the system of protection. Whether the Tariff controversy is permanently settled, or not, is a question about which we shall not speculate. It may be remarked, however, that one of the leading parties in the North gave its adhesion to free trade many years since, and still continues to vote with the South. The leading abolition paper, too, ever since its origin, has advocated the Southern free trade system; and thus, in defending the cause it has espoused, as was said of a certain general in the Mexican war, its editors have been digging their ditches on the wrong side of their breastworks. To say the least, their position is a very strange one, for men who profess to labor for the subversion of American slavery. It would be as rational to pour oil upon a burning edifice, to extinguish the fire, as to attempt to overthrow that system under the rule of free trade. For, whatever differences of opinion may exist on the question of free trade, as