It was in vain that the friends of protection appealed to the fact, that the duties levied on foreign goods did not necessarily enhance their cost to the consumer; that the competition among home manufacturers, and between them and foreigners, had greatly reduced the price of nearly every article properly protected; that foreign manufacturers always had, and always would advance their prices according to our dependence upon them; that domestic competition was the only safety the country had against foreign imposition; that it was necessary we should become our own manufacturers, in a fair degree, to render ourselves independent of other nations in times of war, as well as to guard against the vacillations in foreign legislation; that the South would be vastly the gainer by having the market for its products at its own doors, to avoid the cost of their transit across the Atlantic; that, in the event of the repression or want of proper extension of our manufactures, by the adoption of the free trade system, the imports of foreign goods, to meet the public wants, would soon exceed the ability of the people to pay, and, inevitably, involve the country in bankruptcy. Southern politicians remained inflexible, and refused to accept any policy except free trade, to the utter abandonment of the principle of protection. Whether they were jealous of the greater prosperity of the North, and desirous to cripple its energies, or whether they were truly fearful of bankrupting the South, we shall not wait to inquire. Justice demands, however, that we should state that the South was suffering from the stagnation in the cotton trade existing throughout Europe. The planters had been unused to the low prices, for that staple, they were compelled to accept. They had no prospect of an adequate home market for many years to come, and there were indications that they might lose the one they already possessed. The West Indies was still slave territory, and attempting to recover its early position in the English market. This it had to do, or be forced into emancipation. The powerful Viceroy of Egypt, Mehemet Ali, was endeavoring to compel his subjects to grow cotton on an enlarged scale. The newly organized South American republics were assuming an aspect of commercial consequence, and might commence its cultivation. The East Indies and Brazil were supplying to Great Britain from one-third to one-half of the cotton she was annually manufacturing. The other half, or two-thirds, she might obtain from other sources, and repudiate all traffic with our planters. Southern men, therefore, could not conceive of any thing but ruin to themselves, by any considerable advance in duties on foreign imports. They understood the protective policy as contemplating the supply of our country with home manufactured articles to the exclusion of those of foreign countries. This would confine the planters, in the sale of their