A distinguished American economist, Mr. Edward Atkinson,
has described this speech of 1824 briefly and exactly in the following
words:--
"It contains a refutation of the exploded theory of the balance of
trade, of the fallacy with regard to the exportation of specie, and
of the claim that the policy of protection is distinctively the
American policy which can never be improved upon, and it indicates
how thoroughly his judgment approved and his better nature
sympathized with the movement towards enlightened and liberal
commercial legislation, then already commenced in Great Britain."
This speech was in truth one of great ability, showing a remarkable
capacity for questions of political economy, and opening with an admirable
discussion of the currency and of finance, in regard to which Mr. Webster
always held and advanced the soundest, most scientific, and most
enlightened views. Now, as in 1820, he stood forth as the especial champion
of commerce, which, as he said, had thriven without protection, had brought
revenue to the government and wealth to the country, and would be
grievously injured by the proposed tariff.
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