Eclectic Magazine of Foreign Literature, Science, and Art, February 1885Various
Religion
Eclectic Magazine of Foreign Literature, Science, and Art, February 1885
Various
American literature -- Periodicals; Literature -- Periodicals
Alexander Hamilton, the Federalist Secretary of the Treasury under
Washington, was the first apostle of Protection in America, but
in approaching the subject he “walked delicately,” like Agag. The
Americans of 1789 established absolute free trade between all the
sovereign States of the new Republic; nay more, during the negotiations
for peace at Versailles in 1783, the American Commissioners offered
Great Britain absolute free trade between the new States “and all
parts of the British dominions, saving only the rights of the British
chartered companies.” David Hartley, the philosophic writer on “Man,”
one of the British Commissioners, had wisdom enough to see the immense
importance of this offer, and urged the British Government to close
with it. Lord Shelburne, I believe, agreed with him. But the king
peremptorily refused to entertain a proposition which, had it been
accepted, must have changed the whole subsequent course of the history
of the two countries.
Down to 1809 no import duties were levied in the United States except
for purposes of revenue only. High rates of duty were levied in 1816
after the war of 1812, not for “protection,” but in order to meet the
exigencies of a most dangerous financial situation. In 1824, Henry
Clay, backed by New England and the middle States, carried through a
tariff to “protect American industry.” This was followed up by the
tariff of 1828, known as the “Bill of Abominations.” But the Democratic
sense of the country clearly saw that as the power to levy protective
taxes must be derived from the revenue power it is of necessity
incidental, and that as the incident cannot go beyond that to which it
is incidental, Congress cannot constitutionally levy duties avowedly
for Protection; and the Democratic party has never since departed, and
never can depart, from this doctrine in its party action. In 1833,
under President Jackson, “Protection” went down with Nullification. In
1846, under President Polk, the liberal Democratic tariff of Secretary
Walker was framed, under which our exports increased from $99,299,766
in 1845, to $196,689,718 in 1851, and our net imports from $101,907,734
to $194,526,639. In 1856, under Democratic rule, our net imports
were $298,261,364, in specie value, and our exports $310,586,330.
In that year the Democratic Convention declared “the time has come
for the people of the United States to declare themselves in favor
of progressive free trade throughout the world.” Under Republican
Protection, despite the development of the population, our net imports
fell from $572,080,919 in 1874, to $455,407,836 in 1876, and our
exports from $704,463,120 (mixed values, gold and inflated currency)
to $655,463,969; and in 1876 the Democratic Convention declared, “We
demand that all Custom House taxation shall be only for revenue.” Of
course trade can never be said to be free excepting where, as in the
internal commerce of the United States, no tax is levied on trade; and
Public-domain text, read in full here on John Shaqi.
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