Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1833-02-28
MR.. CLAY's EXPLANATIONS.


some Of the objections which would be
made to the bill II might he said that
the act was prospet tive, that It bound
our succe ssors, and that we had no pow
er thus to bind them. it was true that
the act was prospective, and SO was al
I mos, every act which we had ever pas
sed, bat we could repeal it the next day.
1t was the established usage to give all
acts a prospective operation Immediate
I ly, and others at IA future time. Each
! Congress legslated according to their
I own views OF proprleiy; their acts did not
4 bind their successors, but created Il spe
cies of public faith which would not rash
+ " he broken. But if this bill should go
/ into operation, as he hoped even against
hope, that it might, he had not a doubt
that it would be adhered to by all par
ties. There was but ore contingency
which would render a chance necessary,
and that was the intervention oi war,
which was provided for in the bill. The
/ hands Of Congress were let united in
ithis event, and they would be at liberty
! to resort To any mode Of taxation which
lthey might propose. But, five suppose
| reace to continue, there would be no
motive for disturbing the arrangement,
| Lut on The contrary, every motive to car
Try it into effect. In the next place, II
, will be objected to the bill, bv the friends
Of the protec clive policy, OF whom he held
| himself to be one, for bis mind was I'M
mutually fixed in favor of that policy,
that it abandoned the power of protection.
| But, lie contsndcd, in TIE first place,
/ that q suspension Of the exercise of the
( power was not an abandonment Of it; for
, the power was in the Constitution ac-
! cordng to our thcory-was put there by
!. its trainers, and could only be dislodged
! by the people. After the year 1928, the
bill provided that the power should be
exercised in certain mode. There
! were four modes by which the industry
/ Of the country could be protected:
I First, the absolute prohibition of rival
I foreign articlcs.-1hat was totally nnat-
tempted by the bill; but it was competent
to the wisdom Of the Government TO en-
eit the power whenever they wished
Second, the imposition of the duties in
such a manner as to have 10 reference
to any object but revenue. When we
had large public debt, in 1916, the du-
ties yielded 81 millions and paid so much
more of the debt, and subsequently they
| Welded but eight or ten millions, and
paid so much less ofthe debt. Sometimes
we had to trench on the sinking fund.-
i Now we had no public debt to absorb
the surplus revenue, and no motive for
continuing the duties. No man can look
at the condition Of the country and say
that we can carry Oh the system, with
! accumulating revenue and no practical
bic way of expendinE it. The third
mode was attempted last session, in re-
solution which he had the honor to sub
NIT last year, and which in fact Ultimate
Ily formed the basis OF the act which pas
/ sed both Houses. This was to raise as
much revenue as was wanted for the use
4 of the Government and no more; but to
raise it from the unprotected articles
He would say that he regretted most
| deeply that the greater part of the coun-
try would not suffer this principle 10 pre-
vail. 1t ought to prevail-and the day
be adopted as the permanent policy OF
the country. Shall we legislate for our
own wants or that Of a foreign country 7
II To protect our own interests in opposition
to foreign legislation was the basis oI the
system The fourth mode in which pro-
lection could be afforded to domestic in
dustry was to admit free Of duty, every
IL ;ok - l,l hn
manufacturers. These were the four
modes for protecting our industry; and to
those who say that the bill abandons
the power Of protection, he would reply
that it did not touch that power; and that
the fourth mode, so far from being aban-
4 doned, is extended and upheld by the
IIbil. The most that can be objected to
/ the bill by those with whom he had CO.
operated to support the protective system
was, that, in consideration Of nine and a
half years Of peace, certainty, and sta
bility, the manufacturers reinquished
some advantages which they now enjoy
ed. What was the principle which had
always been contended for in this and IN
the other House? That, after the accu-
mutation of capital aud skill, The manu-.
facturers would stand alone, una'ded by
the Government, in competition with the
imported articles from any quarter. Now
give us time cease all fluctuations aud
agitaiions, for nine years, and the manu-
| facturers in every branch, will sustain
themselves against foreign competition.
II IL we can see our way clearly Tor nine
years to come, we can safely leave to
posterity to provide for the rest II the