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Updated: May 15, 2025
And, on the other hand, if they sincerely believe that the adoption of a protective-tariff policy by this country inures to their profit and our hurt, it is noticeably strange that they should lead the outcry against the authors of a policy so helpful to their countrymen and crown with their favor those who would snatch from them a substantial share of a trade with other lands already inadequate to their necessities.
But, by 1864, the Republican Protective-Tariff of 1860, had so abundantly demonstrated, to all our people engaged in industrial occupations, the beneficence of the great principle of home industrial Protection, that Tariff-agitation actually ceased, and the National Democratic platform of that year had nothing to say in behalf of Free-Trade!
Madison called it the "collective" bill, and wrote to a friend that it had cost much trouble to adjust its regulations to the varied geographical and other circumstances of the States. However unconsciously done, the principle of protective-tariff legislation by the National Government had been adopted.
The reaction occasioned by this widespread ruin having brought the Whigs into power, led to the enactment of the Protective-Tariff of 1842 and to the chagrin of the Conspirators industrial prosperity and plenty to the Free North again ensued.
The people of any one of the Western, or Northern States, take New York, for example, feel prosperous and happy under the beneficent workings of the Republican Protective-Tariff system.
The question of regulation of the trusts stands apart from the question of tariff revision. Stability of economic policy must always be the prime economic need of this country. This stability should not be fossilization. The country has acquiesced in the wisdom of the protective-tariff principle.
And, on the other hand, if they sincerely believe that the adoption of a protective-tariff policy by this country inures to their profit and our hurt, it is noticeably strange that they should lead the outcry against the authors of a policy so helpful to their countrymen and crown with their favor those who would snatch from them a substantial share of a trade with other lands already inadequate to their necessities.
Thus it happened that the first import bill, intended by Madison as a measure for raising revenue, was turned virtually into a protective-tariff measure, and was so called in the preamble. Few realised the importance of the change at the time.
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