Almost immediately after the repeal of the British Navigation Laws the revolution in shipbuilding to which I have referred had its commencement, and we have seen how British shipowners availed themselves of it. Nor were they alone in adopting the change from sail to steam and from wood to iron. We can remember what a large trade we had with Germany twenty-five years ago, although it was small compared with that of the present. At that time it was chiefly conducted in American vessels. But when iron steamships came into vogue, wooden vessels, both American and German, were abandoned. If we had been permitted to do so, we should have still kept the greater part of that important carrying trade in our hands. But we were shackled by our navigation laws, while the Germans were unconstrained by any such impediment. The _personnel_ of our mercantile marine was, in every respect, superior to theirs, but it was consigned to annihilation by our protective government; while Hamburg and Bremen took their old galliot skippers in hand and educated them to the responsible places they now fill in command of the splendid lines of iron steamships, making their semi-weekly trips across the Atlantic, having absolutely monopolized the whole American trade! Thus our government protected the Germans as well as the English. By citing other examples, we might show how the "fostering" hand of protection has been extended by our government to every nation choosing to trade upon the necessities of prohibited Americans. Now, if the United States persist in maintaining a policy long since abandoned by Europeans, South American and Asiatic nations, even by Japan, leaving us only China as a companion, there must surely be some arguments to support it, and to account in some other way than has been pointed out for the decadence of our carrying trade. It was the theory of Mr. Lynch's committee that we were going on very successfully until the civil war supervened, and then the Confederate cruisers destroyed our "commerce," as they termed the industry we have lost. If this is not disposed of by what I have already said, permit me to quote from my scrap-book an extract from a letter addressed by me to the New York _Journal of Commerce_, in the spring of 1857, _nearly four years previous to the commencement of the rebellion_: "In an article, written some months since, it was assumed that steam was destined to be the great moving power for emigration, and that it would supplant, almost entirely, the use of sails. Experience is every day justifying this view, and still more, it is becoming evident that in proportion as steam can be economized, it will serve for the transportation of very much of the merchandise now carried by sailing vessels. In fact, the time is not far distant when the latter class of ships will be required only for articles of great bulk and comparatively little value.