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 add that the President, in accordance with the spirit of this Act (of 1828) has already made a specific proposal to Great Britain through Mr. Bancroft to Lord Palmerston, dated 3rd November, 1847, to conclude a treaty providing that "British ships may trade from any port in the world to any port in the United States, and be received, protected, and, in respect to charges and duties, treated like American ships, if, reciprocally, American ships may in like manner trade from any port of the world to any port under the dominion of her Britannic Majesty: but of course, this proposal was not intended to embrace the coasting trade of either country." Mr. Buchanan did not confine himself merely to this honest, frank disclaimer. While his own opinions, as well as those of the highly liberal and intelligent Secretary of the Treasury, Mr. R. J. Walker, whose admirable report was published at the same time, were decidedly in favour of meeting the change proposed by reciprocal legislation, he did not conceal from Mr. Crampton that it was probable some difference of opinion would manifest itself in Congress upon this question, from the unwillingness felt in some quarters to throw open the ship-building business in the United States

citizens, the consequence would be the sudden annihilation of their manufactures and navigation." And this has been in a great measure the opinion entertained by the Americans throughout, no doubt under the impression that, with so vast a territory, where they had within themselves almost everything they required, they could do without foreign nations. They have not yet seen the advantages they would derive by being allowed to purchase in the cheapest market, wherever that market may be,—home or abroad.]
 * [Footnote: the ships and merchants of all nations equal privileges with their own