Secondly, that the free-trade system, which is proposed as its
substitute, ought really to be considered as the British colonial
system.

Thirdly, that the American system is beneficial to all parts of the
Union, and absolutely necessary to much the larger portion.

Fourthly, that the price of the great staple of cotton, and of all our
chief productions of agriculture, has been sustained and upheld, and a
decline averted, by the protective system.

Fifthly, that if the foreign demand for cotton has been at all
diminished, the diminution has been more than compensated in the
additional demand created at home.

Sixthly, that the constant tendency of the system, by creating
competition among ourselves, and between American and European industry,
reciprocally acting upon each other, is to reduce prices of manufactured
objects.

Seventhly, that, in point of fact, objects within the scope of the
policy of protection have greatly fallen in price.

Eighthly, that if, in a season of peace, these benefits are experienced,
in a season of war, when the foreign supply might be cut off, they would
be much more extensively felt.

Ninthly, and finally, that the substitution of the British colonial
system for the American system, without benefiting any section of the