US Presidency
1850

The consequence of this is that the artisan and the agriculturist are broughttogether, each affords a ready market for the produce of the other, thewhole country becomes prosperous, and the ability to produce every necessaryof life renders us independent in war as well as in peace. A high tariff can never be permanent. It will cause dissatisfaction, and will be changed. It excludes competition, and thereby invites the investmentof capital in manufactures to such excess that when changed it brings distress, bankruptcy, and ruin upon all who have been misled by its faithless protection. What the manufacturer wants is uniformity and permanency, that he may feela confidence that he is not to be ruined by sudden exchanges. But to makea tariff uniform and permanent it is not only necessary that the laws shouldnot be altered, but that the duty should not fluctuate. To effect thisall duties should be specific wherever the nature of the article is suchas to admit of it. Ad valorem duties fluctuate with the price and offerstrong temptations to fraud and perjury.