their loans would be paid.

Thus in all his demonstrations he appealed to common-sense, not
theories. He took into consideration the necessities of his own country,
not the interests of other countries. He would legislate for America,
not universal humanity. The one great national necessity was protection,
and this he made as clear as the light of the sun. "One of our errors,"
said he, "is that of judging things by abstract calculations, which
though geometrically true, are practically false." It was clear that the
Government must have a revenue, and that revenue could only be raised by
direct or indirect taxation; and he preferred, under the circumstances
of the country, indirect taxes, which the people did not feel, and were
not compelled to pay unless they liked; for the poor were not compelled
to buy foreign imports, but if they bought them they must pay a tax to
government. And he based his calculations that people could afford to
purchase foreign articles, of necessity and luxury, on the enormous
resources of the country,--then undeveloped, indeed, but which would be
developed by increasing settlements, increasing industries, and
increasing exports; and his predictions were soon fulfilled. In a few
years the debt disappeared altogether, or was felt to be no burden. The
country grew rich as its industries were developed; and its industries
were developed by protection.

I will not enter upon that unsettled question of political economy.
There are two sides to it. What is adapted to the circumstances of one
country may not be adapted to another; what will do for England may not
do practically for Russia; and what may be adapted to the condition of a
country at one period may not be adapted at another period. When a
country has the monopoly of a certain manufacture, then that country
can dispense with protection. Before manufactures were developed in
England by the aid of steam and improved machinery, the principles of
free-trade would not have been adopted by the nation. The landed
interests of Great Britain required no protection forty years ago, since
there was wheat enough raised in the country to supply demands. So the
landed aristocracy accepted free-trade, because their interests were not
jeopardized, and the interests of the manufacturers were greatly
promoted. Now that the landed interests are in jeopardy from a
diminished rental, they must either be protected, or the lands must be
cut up into small patches