protecting the industry of her subjects, and Spain is one of the poorest of European nations. Unfortunate Ireland, disinherited, or rendered in her industry subservient to England, is exactly in the same state of poverty with Spain, measured by the rule of taxation. And the United States are still poorer than either.”
And this still more startling remark: —
“No man pays the duty assessed on the foreign article by compulsion, but voluntarily; and this voluntary duty, if paid, goes into the common exchequer, for the common benefit of all. Consumption has four objects of choice: First, it may abstain from the use of the foreign article, and thus avoid the payment of the tax; second, it may employ the rival American fabric; third, it may engage in the business of manufacturing, which this bill is designed to foster; fourth, it may supply itself from the household manufactures.”
By the side of this amazing revelation of the means by which the consumer can for himself neutralize the effects of a high tariff, we find strikingly wise sayings, which, however, sometimes fit economic theories different from his own. He observed, for instance, that: —
“The great desideratum in political economy is the same as in private pursuits; that is, what is the best application of the aggregate industry of a nation that can be made honestly to produce the largest sum of national wealth?”
Notwithstanding its weak points the speech made a great impression. The immediate effect may be judged from the extent to which it monopolized
