Year: 1866

CeS. CHc Has pee!i, itlinOSC exclusively, all dSil
cultural State, and she has expended all the
proceeds of her crops in buying from the North
a thousand things that she should have made
at home. Clinging to certain delusive political
theories she has neglected her substantial lnte-
rests.


But all that belongs to the past The revolu-
ton in her labour system will compel change
in her policy. A new era is dawning upon us,
and we must accommodate ourselves to the new
condition of things


We must diversity our pursuits. We must
open our mines and coal-felds, fell our forests,
improve our water power, introduce all kinds Of
machinery, extend our orchards, plant vine
yards, and establish manufactures and work
shops of every description. We must build up
a home market for the products of our fields,
and make within ourselves every thing necessary
for our comfort.


The recent war has taught us some useful les
sons. 1t has shown us how dependent we have
been on the North and foreign countries and
how helpless we were when cut off from the out
side world. Let us profit by this painful and
humlllating experience, and try and put our
selves on better footing in future


Our country needs a settled policy in regard
to domestic industry. Change, perpetually re-
curing change, has been the source of untold
injury. A bad policy steadily adhered to, is
hardly as mischievous as one that is constantly
shifting. Our people have never had any as
surance OF stability in our policy. 1t has gene
rally happened, heretofore that as soon as men
OF enterprise were tempted, by fair tariff to
invest capital in manufactures, a cry was raised
for the repeal of the law With the repeal,
down went all the enterprises that had been set
on foot. The competition produced by home
industry was withdrawn, and foreign nations
were able to tax us at pleasure.


1t seems like paradox to say that well d..
gested protection tariff tends to bring down
prices. Yet it is unquestionably true.


Let me illustrate this idea Suppose Eng
land in consequence Of greater capital, cheaper
labor, and other causes has an advantage over
the U. S. equal to 40 per cent in the production
of iron, and of 20 per cent in cotton goods. In
view of this disparity, it is obvious, we cannot
enter into competition with her, and she conse-
quently has monopoly, and can fix prices to
suit herself. The only competition is among
her own producers, and they find it to their in
terest to combine to keep up prices


But suppose we impose a tariff OF 40 per cent
on British iron and 20 per cent on British cot
ton goods, is it not plain, that this will bring
our home manufacturers up to the point ofcom-
petition with the foreigner? They can then
stand the contest because they fight the battle,
as it were, behind rampant of protection
Active competition begins between the domes-
tic and foreign producer The foreign monop-
oily is destroyed, a struggle ensues to undersell
each other, and thus prices are worked down to
the lowest point at which the commodities can
be produced.


admit on the other hand, that duties may
be too high, and thus drive out the foreigner
and secure a monopoly to the home producer.
But this can easily be avoided The true rule
is, to graduate the duty, on each article, so as
to.keep up the competition


IT we had the protective policy firmly es-
tablished, on the principle above indicated, why
should not Virginia In twenty years outstrip
New England in cotton goods, and Pennsylva-
MIA in iron? We are nearer than those States,
to the raw-material, and to the markets in which
our wares would be sold.


Our mines and coal fields are as extensive and
as rich as those Of Pennsylvania. Our water
power is never obstructed by ice, while that of
New England is locked up for months at time,
and they are compelled to substitute steam
Steam cannot successfully compete with water
power.


Provisions are cheaper here than at the North.
Our seasons are longer-our lands are better
our stock requires less food and attention than
theirs, and our families need less fuel and cloth
ing to protect them against the rigors of the
climate.


New England has to bring all her provisions
and raw materials long way before they work
them up, and then she has to transport the pro-
duct of her skill and labor great distance to
market.


We have every thing we need, as it were, at
hand, to be worked up, and distributed, with
out heavy freight or transportation. We of
Virginia need protection, until we can get fair
ly under way. When we have established our
manufactures, our natural advantages will as
sert their power.


Our people also need relief from direct taxes,
excises and stamp duties which they find SO
burthensome. A high tariff will tend not only
to give this relief but also to induce foreigners
to transfer capital skill and machinery to Vir-
ginia.


IF guarantee could be given of a permanent
protective tariff, am greatly mistaken, if, with
in twenty years, Richmond, Petersburg, Fred
ericksburg and other towns near the falls in our
rivers, would not be formidable rivals of Pitts
burg Lowell and Lawrence and other manfac-
turing towns of the North. Now is the crisis
Of our fortunes. IF we will discard antiquated
errors and hereditary prejudices, we can soon
repair, SO much as is reparable, of the injuries
of the past, and establish our prosperity on
solid and durable basis.


ever prosper which buys more than it SELLS
This has been our case All that we received
from our tobacco, wheat, and other agricultural
products has been expended in the purchase of
goods from other States and Countries. We
have thus been always kept poor. The time
has come when we must change all this We
no longer have slaves to till our lands. Let us
now be selfdependent Let us make what we
can, within ourselves Let us keep our money
at home, and spend it among our own people.
Our wealth will thus be increased Our lands
will rise in value, our population will be aug
mented, and our whole country wear new as
pect


Why should we not beat the North with their
own weapons? We have as much inventive
genius as they, and we have, as I have shown,
greatly the advantage in geographical position,
and all the physical elements necessary to a sue
cessful prosecution of manufacturing industry.


The great cause Of discord between the North
and South, in former years, was supposed,
(but not real antagonism between their systems
of labor. Rightly understood, and controlled
by wise craftsmanship, these systems ought to
have operated in perfect harmony-as allies,