home, and the quantity of the domestic article exceeds the amount which
had been previously imported, the price will fall. * * *

But it is argued that if, by the skill, experience, and perfection which
we have acquired in certain branches of manufacture, they can be made as
cheap as similar articles abroad, and enter fairly into competition with
them, why not repeal the duties as to those articles? And why should we?
Assuming the truth of the supposition, the foreign article would not be
introduced in the regular course of trade, but would remain excluded
by the possession of the home market, which the domestic article had
obtained. The repeal, therefore, would have no legitimate effect. But
might not the foreign article be imported in vast quantities, to glut
our markets, break down our establishments, and ultimately to enable the
foreigner to monopolize the supply of our consumption? America is the
greatest foreign market for European manufactures. It is that to which
European attention is constantly directed. If a great house becomes
bankrupt there, its storehouses are emptied, and the goods are shipped
to America, where, in consequence of our auctions, and our custom-house
credits, the greatest facilities are afforded in the sale of them.
Combinations among manufacturers might take place, or even the
operations of foreign governments might be directed to the destruction
of our establishments. A repeal, therefore, of one protecting duty,
from some one or all of these causes, would be followed by flooding the
country with the foreign fabric, surcharging the market, reducing the
price, and a complete prostration of our manufactories; after which
the foreigner would leisurely look about to indemnify himself in the
increased prices which he would be enabled to command by his monopoly
of the supply of our consumption. What American citizen, after the
government had displayed this vacillating policy, would be again tempted
to place the smallest confidence in the public faith, and adventure once