Page:HOUSE CR Exposition and Protest 1828-12-19.pdf/16

 supply as a remedy, they demanded an enlargement of their market by the exclusion of all competition in the home market. Our market is the world; and as we cannot imitate their example by enlarging it for our products to the exclusion of others, we must decline to follow their advice; which in truth instead of alleviating, would greatly increase our embarrassment. We have no monopoly in the supply of our products. Three fourths of the globe may produce them. Should we reduce our production to raise prices, others stand ready, by increasing theirs, to take our place; and instead of raising prices, we should only diminish our share of the supply. We are thus compelled to produce, be the price what it may, under the penalty of losing our market. Once lost, it may be lost forever. And lose it we must, if we continue to be compelled as we now are, on the one hand by the general competition of the world to sell low, and on the other, by the tariff to buy high. We cannot withstand this double action. Our ruin must follow. In fact our only permanent and safe remedy is, not the rise in the price of what we sell, from which we can receive no aid from our government; but in a reduction in the price of what we buy; which is prevented by the interference of the government. Give us a free and open competition in our own market, and we fear not to encounter like competition in the general markets of the world. If, under all our discouragements, by the acts of our own government, we are still able to contend with these against the world, can it be doubted if the impediment were removed we should force out all competitors, and thus also enlarge our market, not by the oppressions of our fellow citizens of the other states, but by our industry, enterprize and natural advantages.

But while the system prevents this great enlargement of our foreign market, and endangers what we have left, its advocates attempt to console us by the growth of the home market for our products, which, according to their calculation, is to compensate us amply for all our losses; though in the leading article of our products, cotton, the home market now consumes but a sixth, and with an absolute prohibition would not consume more than a fifth. In the other articles, rice and tobacco, it is even much less.

But brilliant prospects are held out of a great export trade in cotton goods, which we are told is to demand an immense amount of the raw material. To what countries are the goods to be shipped? Not to Europe, for there we will meet prohibition for prohibition; not to the southern portion of this continent, for already they have been taught to imitate our prohibitory policy. The most sanguine will not expect extensive or profitable markets in the other portions of the globe. But admit-