Speaker, in his observations yesterday, I must take occasion to refer to
some proofs of what I have stated.
What, then, is the state of English opinion? Everybody knows that, after
the termination of the late European war, there came a time of great
pressure in England. Since her example has been quoted, let it be asked
in what mode her government sought relief. Did it aim to maintain
artificial and unnatural prices? Did it maintain a swollen and
extravagant paper circulation? Did it carry further the laws of
prohibition and exclusion? Did it draw closer the cords of colonial
restraint? No, Sir, but precisely the reverse. Instead of relying on
legislative contrivances and artificial devices, it trusted to the
enterprise and industry of the people, which it sedulously sought to
excite, not by imposing restraint, but by removing it, wherever its
removal was practicable. In May, 1820, the attention of the government
having been much turned to the state of foreign trade, a distinguished
member[2] of the House of Peers brought forward a Parliamentary motion
upon that subject, followed by an ample discussion and a full statement
of his own opinions. In the course of his remarks, he observed, "that
there ought to be no prohibitory duties as such; for that it was
evident, that, where a manufacture could not be carried on, or a
production raised, but under the protection of a prohibitory duty, that
manufacture, or that produce, could not be brought to market but at a
loss.
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