the faith of them, they cannot
now be repealed without great and overwhelming inconvenience. Because a
thing has been wrongly done, it does not therefore follow that it can
now be undone; and this is the reason, as I understand it, for which
exclusion, prohibition, and monopoly are suffered to remain in any
degree in the English system; and for the same reason, it will be wise
in us to take our measures, on all subjects of this kind, with great
caution. We may not be able, but at the hazard of much injury to
individuals, hereafter to retrace our steps. And yet, whatever is
extravagant or unreasonable is not likely to endure. There may come a
moment of strong reaction; and if no moderation be shown in laying on
duties, there may be as little scruple in taking them off.

It may be here observed, that there is a broad and marked distinction
between entire prohibition and reasonable encouragement. It is one
thing, by duties or taxes on foreign articles, to awaken a home
competition in the production of the same articles; it is another thing
to remove all competition by a total exclusion of the foreign article;
and it is quite another thing still, by total prohibition, to raise up
at home manufactures not suited to the climate, the nature of the
country, or the state of the population. These are substantial
distinctions, and although it may not be easy in every case to determine
which of them applies to a given article, yet the distinctions
themselves exist, and in most cases will be sufficiently clear to
indicate the true course of policy; and, unless I have greatly mistaken
the prevailing sentiment in the councils of England, it grows every day
more and more favorable to the diminution of restrictions, and to the
wisdom of leaving much (I do not say every thing, for that would not be
true) to the enterprise and the discretion of individuals. I should
certainly not have taken up the time of the committee to state at any
length the opinions of other governments, or of the public men of other
countries, upon a subject like this; but an occasional remark made by me
the other day, having been so directly controverted, especially by Mr.
Speaker, in his observations yesterday, I must take occasion to refer to
some proofs of what I have stated.

What, then, is the state of English opinion? Everybody knows that, after
the termination of the late European war, there came a time of great
pressure in England. Since her example has b