I was satisfied that
this policy would meet powerful opposition by those who supposed their
interests affected by protection; and I knew, to build up the
manufactures at home, they must be protected against foreign
competition--at least for a time. Once capital was abundant and
largely invested in manufacturing, with an abundance of educated
skill, this protection could be withdrawn; as home protection would
not prevent home competition, and high prices would stimulate this
competition to the point of producing more than was necessary for home
consumption; which would force the manufacturer to find a market
abroad for his surplus; this would bring him into competition with the
European manufacturer, and he would be compelled to be content with
the prices he could obtain under this competition; this would
necessarily, by degrees, reduce prices at home, and finally obviate
the necessity of protection. Already this has come to pass. The good
of the country I thought demanded this; and for this I exerted all my
powers and all my influence; never for a moment doubting but that in
time and from results the whole people would approve the policy.
Pages:
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98