High protective duties, from
their unjust operation upon the masses of the people, can not fail to
give rise to extensive dissatisfaction and complaint and to constant
efforts to change or repeal them, rendering all investments in
manufactures uncertain and precarious. Lower and more permanent rates of
duty, at the same time that they will yield to the manufacturer fair and
remunerating profits, will secure him against the danger of frequent
changes in the system, which can not fail to ruinously affect his
interests.
Simultaneously with the relaxation of the restrictive policy by the
United States, Great Britain, from whose example we derived the system,
has relaxed hers. She has modified her corn laws and reduced many other
duties to moderate revenue rates. After ages of experience the statesmen
of that country have been constrained by a stern necessity and by a
public opinion having its deep foundation in the sufferings and wants of
impoverished millions to abandon a system the effect of which was to
build up immense fortunes in the hands of the few and to reduce the
laboring millions to pauperism and misery.
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