agriculturists, misled by the manufacturers and politicians, influenced
by the manufacturers' money. And a fact worth noting is that financial
panics have come quick and furious. They came in 1818, and in 1825-26,
in 1829-30, and so on, (see page 13). Sudden changes in our tariff rates
have unvaryingly been followed by financial panics within a short
period. Changes to lower rates have not brought panics so quickly as
changes in the reverse direction.

Low tariff without protective features, maintained steadily, has been
coincident with constantly increasing prosperity to the country at
large: but most especially to the agriculturists. This is readily
understood, for purchases of imported and manufactured goods and all
outfit needed for the farmers' land and family can be made at low--and
owing to the competition that always arises to supply a steady and
natural market--lowering prices. Moreover, the settled prices prevailing
throughout the country allow of assured calculations and precautions as
to business ventures, and permit such a ratio to be established between
expenses and income, that at the end of the fiscal year a profit, not a
loss, may be counted upon.

This was the experience of our agriculturists during the second and last
prosperous time of our farmers, 1846-60. During that period agriculture
flourished; the tariff was low and there were only two panics, that of
1848, and the one of 1857, and the first (a non-protective one) should
not be considered as precipitated by the tariff of 1846, except that
some few suffered briefly in readjusting themselves to the changed,
(though better), condition of the new tariff. The vast majority of the
nation reaped enormous benefits from the changes inaugurated.

The panic of 1857 was caused by over-activity in trade speculation, and