iety; and as any strong conviction will
always seek to force itself into practice, we see the laws of the
country struggling to prevent abundance.

Now, what is the defect in this argument? Something tells us that it
must be wrong; but _where_ is it wrong? Is it false? No. And yet it is
wrong? Yes. But how? _It is incomplete._

Man produces in order to consume. He is at once producer and consumer.
The argument given above, considers him only under the first point of
view. Let us look at him in the second character, and the conclusion
will be different. We may say:

The consumer is rich in proportion as he _buys_ at a low price. He
buys at a low price in proportion to the abundance of the articles in
demand; _abundance_, then, enriches him. This reasoning, extended to
all consumers, must lead to the _theory of abundance_.

Which theory is right?

Can we hesitate to say? Suppose that by following out the _scarcity
theory_, suppose that through prohibitions and restrictions we were
compelled not only to make our own iron, but to grow our own coffee;
in short, to obtain everything with difficulty and great outlay of
labor. We then take an account of stock and see what our savings are.

Afterward, to test the other theory, suppose we remove the duties on
iron, the duties on coffee, and the duties on everything else, so that
we shall obtain everything with as little difficulty and outlay of
labor as possible. If we then take an account of stock, is it not
certain that we shall find more iron in the country, more coffee, more
everything else?

Choose then, fellow-countrymen, between scarcity and abundance,
between much and little, between Protection and Free Trade. You now
know which theory is the right one, for you know the fruits they each
bear.

But, it will be answered, if we are inundated with foreign goods and
produce, our specie, our precious product of California, our dollars,
will leave the country.

Well, what of that? Man is not fed with coin. He does not dress in
gold, nor warm himself with silver. What does it matter, then, whether
there be more or less specie in the country, provided there be more
bread in the cupboard, more meat in the larder, more clothes in the
wardrobe, and more fuel in the cellar?

Again, it will be objected, if we accustom ourselves to depend upon
England for iron, what shall we do in case of a war with that country?

To this I reply, we shall then be compelled to produce iron