there was not a single panic.

"The Embargo" of 1808, followed by the Non-Intercourse Act in 1809 and
the War of 1812-15, and the war tariff, by which double duties were
charged in order to raise money for war purposes, caused us to suffer
all the economic disasters flowing from tariffs ranging between absolute
protection, and those practically prohibiting, and intensified by the
sufferings inseparable from war.

During this period agriculture, for the first time in our history, was
in a miserable condition. It is significant that for the first time too,
we had a protective tariff. Though our people made heroic efforts to
make for themselves those articles formerly imported, thus starting our
manufacturing interests, they had, of course, lost their export trade
and its profits. When the peace of 1814 came, we again began exporting
our produce, and aided by the short harvests abroad, and our own
accumulated crops, resumed the profitable business which for six years
our farmers and our people generally had entirely lost. Our first panic,
that of 1814, came as a result of our long exclusion from foreign
markets, being followed by the stimulation given business through
resumption of our foreign trade in 1814, which was immensely heightened
by the banks issuing enormous quantities of irredeemable paper, instead
of bending all their energies to paying off the paper they had issued
during the war.

But worse than the suffering entailed by this panic, was the engrafting
upon our economic policy of the fallacious theory made possible by the
Embargo and the Non-Intercourse Act, (which was equivalent, let me
enforce it once more, to that highest protective tariff, a prohibitory
one) that _all infant manufactures must be protected, that is,