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exports； it will then appear incomprehensible how Mr Huskisson
could make use of an argument which proves the exact opposite of
that which he desired to prove。 All or by far the greater part of
the exports of the United States to England consisted of raw
materials； whose value is increased tenfold by the English； and
which they cannot dispense with； and also could not at once obtain
from other countries； at any rate not in sufficient quantity； while
on the other hand all the imports of the North Americans from
England consisted of articles which they could either manufacture
for themselves or procure just as easily from other nations。 If we
now consider what would be the operation of an interruption of
commerce between the two nations according to the theory of values；
it will appear as if it must operate to the disadvantage of the
Americans； whereas if we judge of it according to the theory of the
productive powers； it must occasion incalculable injury to the
English。 For by it two…thirds of all the English cotton
manufactories would come to a standstill and fall into ruin。
England would lose as by magic a productive source of wealth； the
annual value of which far exceeds the value of her entire exports；
and the results of such a loss on the peace； wealth； credit；
commerce； and power of England would be incalculable。 What；
however； would be the consequences of such a state of things for
the North Americans？ Compelled to manufacture for themselves those
goods which they had hitherto obtained from England； they would in
the course of a few years gain what the English had lost。 No doubt
such a measure must occasion a conflict for life and death； as
formerly the navigation laws did between England and Holland。 But
probably it would also end in the same way as formerly did the
conflict in the English Channel。 It is unnecessary here to follow
out the consequences of a rivalry which； as it appears to us； must
sooner or later； from the very nature of things； come to a rupture。
What we have said suffices to show clearly the futility and danger
of Huskisson's argument； and to demonstrate how unwisely England
acted in compelling the North Americans （by means of her corn laws）
to manufacture for themselves； and how wise it would have been of
Mr Huskisson had he； instead of trifling with the question by such
futile and hazardous arguments； laboured to remove out of the way
the causes which led to the adoption of the American tariff of
1828。
In order to prove to the North Americans how advantageous to
them the trade of England was； Mr Huskisson pointed out the
extraordinary increase in the English importations of cotton； but
the Americans also knew how to estimate this argument at its true
value。 For the production of cotton in America had for more than
ten years previously so greatly exceeded the consumption of； and
the demand for； this article from year to year； that its prices had
fallen in almost the same ratio in which the export had increased；
as may be seen from the fact that in the year 1816 the Americans
had obtained for 80；000；000 pounds of cotton 24；000；000 dollars；
while in the year 1826 for 204；000；000 pounds of cotton they only
obtained 25；000；000 dollars。
Finally； Mr Huskisson threatened the North Americans with the
organisation of a wholesale contraband trade by way of Canada。 It
is true that under existing circumstances an American protective
system can be endangered by nothing so seriously as by the means
indicated by Mr Huskisson。 But what follows from that？ Is it that
the Americans are to lay their system at the feet of the English
Parliament； and await in humility whatever the latter may be
pleased to determine from year to year respecting their national
industry？ How absurd！ The only consequence would be that the
Americans would annex Canada and include it in their Union； or else
assist it to attain independence as soon as ever the Canadian
smuggling trade became unendurable。 Must we not； however； deem the
degree of folly absolutely excessive if a nation which has already
attained industrial and commercial supremacy； first of all compels
an agricultural nation connected with her by the closest ties of
race； of language； and of interest； to become herself a
manufacturing nation； and then； in order to hinder her from
following the impulse thus forcibly given to her； compels her to
assist that nation's own colonies to attain independence？
After Huskisson's death； Mr Poulett Thompson undertook the
direction of the commercial affairs of England； this statesman
followed his celebrated predecessor in his policy as well as in his
office。 In the meantime； so far as concerned North America； there
remained little for him to do； for in that country； without special
efforts on the part of the English； by means of the influence of
the cotton planters and the importers； and by the aid of the
Democratic party； especially by means of the so…called Compromise
Bill in 1832； a modification of the former tariff had taken place；
which； although it certainly amended the excesses and faults of the
former tariff； and also still secured to the American manufactories
a tolerable degree of protection in respect of the coarser fabrics
of cotton and woollen； nevertheless gave the English all the
concessions which they could have desired without England having
been compelled to make any counter concessions。
Since the passing of that Bill； the exports of the English to
America have enormously increased。 And subsequently to this time
they greatly exceed the English imports from North America； so that
at any time it is in the power of England to draw to herself as
much as she pleases of the precious metals circulating in America；
and thereby to occasion commercial crises in the United States as
often as she herself is in want of money。 But the most astonishing
thing in this matter is that that bill had for its author Henry
Clay； the most eminent and clearsighted defender of the American
manufacturing interest。 For it must be remembered that the
prosperity of the American manufacturers which resulted from the
tariff of 1828 excited so greatly the jealousy of the cotton
planters； that the Southern States threatened to bring about a
dissolution of the Union in case the tariff of 1828 was not
modified。 The Federal Government； which was dominated by the
Democratic party； had sided with the Southern planters from purely
party and electioneering motives； and also managed to get the
agriculturists of the Middle and Western States； who belonged to
that party； to adopt the same views。
These last had lost their former sympathy with the
manufacturing interest in consequence of the high prices of produce
which had prevailed； which； however； were the result for the most
part of the prosperity of the home manufactories and of the
numerous canals and railways which were undertaken。 They may also
have actually feared that the Southern States would press their
opposition so far as to bring about a real dissolution of the Union
and even civil war。 Hence it became the party interests of the
Democrats of the Central and Eastern States not to alienate the
sympathies of the Democrats of the Southern States。 In consequence
of these political circumstances； public opinion veered round so
much in favour of free trade with England； that there was reason to
fear that all the manufacturing interests of the country might be
entirely sacrificed in favour of English