by means of the great advantages we enjoyed, to get a monopoly of all
their markets for our manufactures, and to prevent them, one and all,
from ever becoming manufacturing nations. When the system of reciprocity
and free trade had been proposed to a French ambassador, his remark was,
that the plan was excellent in theory, but, to make it fair in practice,
it would be necessary to defer the attempt to put it in execution for
half a century, until France should be on the same footing with Great
Britain, in marine, in manufactures, in capital, and the many other
peculiar advantages which it now enjoyed. The policy that France acted
on was that of encouraging its native manufactures, and it was a wise
policy; because, if it were freely to admit our manufactures, it would
speedily be reduced to the rank of an agricultural nation, and therefore
a poor nation, as all must be that depend exclusively upon agriculture.
America acted, too, upon the same principle with France. America
legislated for futurity--legislated for an increasing population.
America, too, was prospering under this system. In twenty years, America
would be independent of England for manufactures altogether. * * * But
since the peace, France, Germany, America, and all the other countries
of the world, had proceeded upon the principle of encouraging and
protecting native manufacturers." * * *

I regret, Mr. President, that one topic has, I think, unnecessarily been
introduced into this, debate. I allude to the charge brought against the
manufacturing system, as favoring the growth of aristocracy. If it were
true, would gentlemen prefer supporting foreign accumulations of wealth
by that description of industry, rather than in their own country? But
is it correct? The joint-stock companies of the North, as I understand
them, are nothing more than associations, sometimes of hundreds, by
means of which the small earnings of many are brought into a common
stock, and the associates, obtaining corporate privileges, are enabled