The cause is readily apprehended when it is remembered that the tariff question is always presented as one not merely affecting the general prosperity, but as specifically involving the question of bread to the millions who are intrusted with the suffrage. The industrial classes study the question closely; and, in many of the manufacturing establishments of the country, the man who is working for day wages will be found as keenly alive to the effect of a change in the protective duty as the stockholder whose dividends are to be affected. Thus capital and labor coalesce in favor of high duties to protect the manufacturer, and, united, they form a political force which has been engaged in an economic battle from the foundation of the government. Sometimes they have suffered signal defeat, and sometimes they have gained signal victories. The landmarks which have been left in a century of discussion and of legislative experiment deserve a brief reference for a better understanding of the subject to-day. Our financial experience has been practically as extended as that of the older nations of Europe. When the Republic was organized, Political Economy as understood in the modern sense was in its elementary stage, and indeed could hardly be called a science. Systems of taxation were everywhere crude and ruthless, and were in large degree fashioned after the Oriental practice of mulcting the man who will pay the most and resist the least. Adam Smith had published his "Enquiry into the Nature and Causes of the Wealth of Nations" in the year of the Declaration of Independence. Between that time and the formation of the Federal Government his views had exerted no perceptible influence on the financial system of England. British industries were protected by the most stringent enactments of Parliament, and England was the determined enemy not only of free trade but of fair trade. The emancipated Colonies found therefore in the mother country the most resolute foe to their manufacturing and commercial progress. American statesmen exhibited wisdom, moderation, and foresight in overcoming the obstacles to the material prosperity of the new Republic.