Thus it appears that the manufactories of England produce five different descriptions of wrought iron, four of which bear a lower price, and are therefore inferior in quality to those of Sweden and Russia, and, consequently, to the best American iron. No more than one of these, and that the lowest in quality, is usually shipped to this country, and it was the influx of this cheap and almost worthless material, which in 1816 and '17, completely prostrated the American manufacture. Under a protecting duty, it has again revived, but has not reached its former level. New capital has been invested in it under this protection, and it would be a breach of faith suddenly to withdraw it. Still sound policy would dictate that this protection should not be perpetual, provided it can be incontestably proved that it bears so hard upon other branches of industry, as to injure the country through them to a greater extent, than the benefit it derives from the manufacture of iron. But this is far from being the case. The manifest and habitual policy of our government, is to derive its revenue indirectly through the custom house, instead of seeking it in direct taxation. When these duties descend to a level with the minimum expenditure, they cannot be considered burthensome, because they in fact replace revenues that must be drawn from other sources. If, for instance, the iron employed in a specific object, appear to cost more than in some other country, that object may yet be afforded cheaper with us, in consequence of its maker being free from other burthens, which the repeal of the duty on iron, would throw upon him as a necessary substitute. If then our furnaces and forges, when a sufficient capital shall be invested in them under a protecting duty, can afford iron as cheap as it can be imported from other countries, under a minimum of duty, it cannot in truth be said, that this raw material will enhance the price of the articles manufactured from it. Let us see whether there be any reasonable prospect that we shall have iron produced in our own country, which will compete with foreign iron of equal quality, paying a duty of 25 per centum. If this be the case, the profits arising from the present protection, must, in a few years, call forth such production as will reduce the price to a proper level.