Every increase of protective duties is necessarily followed, in the present condition of our country, by an expansion of the currency, which must continue to increase till the increased price of production, caused by the expansion, shall be equal to the duty imposed, when a new tariff will be required.
Measures of policy are necessarily controlled by circumstances; and, consequently, what may be wise and expedient under certain circumstances might be eminently unwise and impolitic under different circumstances. To persist in acting in the same way under circumstances essentially different would be folly and obstinacy, and not consistency.
When we contend, let us contend for all our rights - the doubtful and the certain, the unimportant and essential. It is as easy to contend, or even more so, for the whole as for a part. At the termination of the contest, secure all that our wisdom and valour and the fortune of war will permit.