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lower we may dispose of our products with profit; and in the same degree our capacity of meeting competition is increased; on the contrary, the higher the price of our supplies, the less the profit at the same price, and the less consequently the capacity for meeting competition. If, for instance, Cotton can be cultivated at ten cents a pound, under an increase of 45 per cent. for what is purchased in return, it is clear, we could cultivate it as profitably at 5½ cents, if the 45 per cent. were not added, and our capacity of meeting the competition of foreigners in the general market of the world would be increased in the same proportion. If we can now, with the increased prices under the Tariff, retain our commerce, we would be able with a reduction of 45 per cent. in the prices of our supplies, to drive out all competition, and thus add annually to the consumption of our cotton at least 300,000 bales, with a corresponding increase of our annual income. The case then, fairly stated between us and the manufacturing states, is, that the Tariff gives them a prohibition against foreign competition in our own market, in the sale of their goods, and deprives us of the benefit of a competition of purchasers for our raw material. They who say, that they cannot compete with foreigners at their own doors without an advantage of nearly fifty per cent, expect us to meet them abroad, under a disadvantage equal to their encouragement. But the oppression, great as it is to us, will not stop at this point. The trade between us and Europe, has heretofore been a mutual exchange of products. Under the existing duties, the consumption of European fabrics must in a great measure cease in our country, and the trade must become, on their part a cash transaction. But he must be ignorant of the principles of commerce, and the policy of Europe, particularly England, who does not see, that it is impossible to carry on a trade of such vast extent on any other basis but that of mutual exchange of products; and if it were not impossible, such a trade would not long be tolerated. We already see indications of the commencement of a commercial warfare, the termination of which cannot be conjectured, though our fate may easily be. The last remains of our great and once flourishing agriculture, must be annihilated in the conflict. In the first instance we will be thrown on the home market, which cannot consume a fourth of our products; and instead of supplying the world, as we should with a free trade, we shall be compelled to abandon the cultivation of three fourths of what we now raise, and receive for the residue, whatever the manufacturers, (who will then have their policy consummated, by the entire possession of their market, both exports and imports,) may choose to give. Forced with an immense sacrifice of capital to
