ch repeatedly
recommended the exercise of this right under the Constitution, as by the
uniform practice of Congress, the continued acquiescence of the States,
and the general understanding of the people.

The difficulties of a more expedient adjustment of the present tariff,
although great, are far from being insurmountable. Some are unwilling to
improve any of its parts because they would destroy the whole; others
fear to touch the objectionable parts lest those they approve should be
jeoparded. I am persuaded that the advocates of these conflicting views
do injustice to the American people and to their representatives. The
general interest is the interest of each, and my confidence is entire
that to insure the adoption of such modifications of the tariff as the
general interest requires it is only necessary that that interest should
be understood.

It is an infirmity of our nature to mingle our interests and prejudices
with the operation of our reasoning powers, and attribute to the objects
of our likes and dislikes qualities they do not possess and effects they
can not produce. The effects of the present tariff are doubtless
overrated, both in its evils and in its advantages. By one class of
reasoners the reduced price of cotton and other agricultural products is
ascribed wholly to its influence, and by another the reduced price of
manufactured articles. The probability is that neither opinion
approaches the truth, and that both are induced by that influence of
interests and prejudices to which I have referred. The decrease of
prices extends throughout the commercial world, embracing not only the
raw material and the manufactured article, but provisions and lands. The
cause must therefore be deeper and more pervading than the tariff of the
United States. It may in a measure be attributable to the increased
value of the precious metals, produced by a diminution of the supply and
an increase in the demand, while commerce has rapidly extended itself
and population has augmented. The supply of gold and silver, the general
medium of exchange, has been greatly interrupted by civil convulsions in
the countries from which they are principally drawn. A part of the
effect, too, is doubtless owing to an increase of operatives and
improvements in machinery. But on the whole it is questionable whether
the reduction in the price of lands, produce, and manufactures has been
greater than the appreciation of the standard of value.