Page:Life of Henry Clay (Schurz; v. 1).djvu/224

212 acted upon, and Clay's resolution concerning the Spanish American republics never called up. We shall see him return to that subject as the head of the department of foreign affairs in the government of the United States.

Clay's most important oratorical effort at this session, and indeed one of the most important of his life, was brought forth by a debate on the tariff. The country had gone through trying experiences during the last eight years. As we remember, the tariff of 1816 had been enacted to ward off the flood of cheap English goods which, immediately after the close of the war of 1812, were pouring into the country and underselling American fabrics. That object, however, was not accomplished, except in the case of cheap cotton goods, which had the advantage of a “minimum” provision: that all cotton fabrics invoiced at less than twenty-five cents should be taken to have cost that price at the place of exportation, and should be taxed accordingly. The tariff did not prevent the reaction naturally following the abnormally stimulated business and the inflated values of war times. When prices rose, people ran into debt in the hope of a still greater rise. Those who made money became accustomed to more expensive living. With the return of peace, the expenditures of the government were contracted. There was less demand for breadstuffs. Then came currency troubles. The return to specie payments in England, and the raising of the