The leading assertions of this Exposition are these:--1. Every duty
imposed for protection is a violation of the Constitution, which
empowers Congress to impose taxes for revenue only. 2. The _whole_
burden of the protective system is borne by agriculture and commerce.
3. The _whole_ of the advantages of protection accrue to the
manufacturing States. 4. In other words, the South, the Southwest, and
two or three commercial cities, support the government, and pour a
stream of treasure into the coffers of manufacturers. 5. The result
must soon be, that the people of South Carolina will have either to
abandon the culture of rice and cotton, and remove to some other
country, or else to become a manufacturing community, which would only
be ruin in another form.
Lest the reader should find it impossible to believe that any man out
of a lunatic asylum could publish such propositions as this last, we
will give the passage. Mr. Calhoun is endeavoring to show that Europe
will at length retaliate by placing high duties upon American cotton
and rice. At least that appears to be what he is aiming at.
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