The substantial difference between the two is this: The whigs desire a tariff of duties which shall directly and intentionally protect American industry, or, as we understand it, shall directly and intentionally protect manufacturing industry, while the commercial and agricultural interests are to be protected indirectly, not as if they were valuable in themselves, but were a collateral security to the manufacturing interest: a special protection is desired for the great manufactures, which are usually conducted by large capitalists--such as the manufacture of wool, iron, and cotton. On the other hand, the democrats disclaim all direct protection of any special interest, but, by raising the national revenue from the imports of the nation, actually afford a protection to the articles of domestic origin to the extent of the national revenue, and much more. That is the substantial difference between the two parties--one which has been much insisted on at the late election, especially at the North. Is this difference of any practical importance at the present moment? There are two methods of raising the revenue of a country: first, by direct taxation,--a direct tax on the person, a direct tax on the property; second, by indirect taxation. To a simple-minded man direct taxation seems the only just and equal mode of collecting the public revenue: thereby, the rich man pays in proportion to his much, the poor to his little. This is so just and obvious, that it is the only method resorted to, in towns of the North, for raising their revenue. But while it requires very little common sense and virtue to appreciate this plan in a town, it seems to require a good deal to endure it in a nation. The four direct taxes levied by the American government since 1787 have been imperfectly collected, and only with great difficulty and long delay. To avoid this difficulty, the government resorts to various indirect modes of taxation, and collects the greater part of its revenue from the imports which reach our shores. In this way a man's national tax is not directly in proportion to his wealth, but directly in proportion to his consumption of imported goods, or directly to that of domestic goods, whose price is enhanced by the duties laid on the foreign article. So it may happen that an Irish laborer, with a dozen children, pays a larger national tax than a millionnaire who sees fit to live in a miserly style. Besides, no one knows when he pays or what. At first it seems as if the indirect mode of taxation made the burden light, but in the end it does not always prove so. The remote effect thereof is sometimes remarkable. The tax of one per cent, levied in Massachusetts on articles sold by auction, has produced some results not at all anticipated.