dant after the year 1849; large enterprises were
undertaken, speculation was prevalent, and for a considerable period
the prosperity of the country was general and apparently genuine.
After 1852 the Democrats had almost undisputed control of the
government, and had gradually become a free-trade party. The
principles embodied in the tariff of 1846 seemed for the time to
be so entirely vindicated and approved that resistance to it ceased,
not only among the people but among the protective economists, and
even among the manufacturers to a large extent. So general was
this acquiescence that in 1856 a protective tariff was not suggested
or even hinted by any one of the three parties which presented
Presidential candidates.

THE FREE-TRADE TARIFF OF 1857.

It was not surprising therefore that with a plethoric condition of
the National Treasury for two or three consecutive years, the
Democratic Congress, in the closing session of Pierce's administration,
enacted what has since been known as the tariff of 1857. By this
law the duties were placed lower then they had been at any time
since the war of 1812. The Act was well received by the people,
and was indeed concurred in by a considerable proportion of the
Republican party. The Senate had a large Democratic majority, but
in the House three parties divided the responsibility,--no one of
them having an absolute majority. The Republicans had a plurality
and had chosen Mr. Banks Speaker, but the American party held the
balance of power in the House and on several of the leading
committees. Some prominent Republicans, however, remaining true
to their old Whig traditions, opposed the reduction of duties.
Mr. Seward voted against it, but his colleague, Mr. Hamilton Fish,
voted for it. Mr. Seward represented the protective tendencies of
the country districts of New York, and Mr. Fish the free-trade
tendencies of the city. Mr. Sumner and Mr. Wilson both voted for
it, as did also Senator Allen of Rhode Island, the direct representative
of the manufacturers of that State. Mr. Bell of New Hampshire
voted for it, while Senators Collamer and Foote of Vermont voted
against it. Mr. Fessenden did not oppose it, but his colleague,
Mr. Nourse, voted against it. The Connecticut senators, Foster
and Toucey, one of each party, supported the measure.

In the House, the New-England representatives generally voted for
the bill, but Mr. Morri