Wlliam Gilmore Simms
Selections from the Letters and Speeches of the Hon. James H. Hammond, of South Carolina >> Message to the Senate and House of Representatives of the State of South Carolina, Nov. 28, 1843 >> Page 52

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Page 52

Documents | The Reprint Company; John F. Trow & Co. | 1866, 1978
Transcription that it will be permanent, and to felicitate ourselves
on the dawn of a new era in trade and finance.
There is but one serious obstacle, now apparent,
that can arrest and roll back, in any short period, the
returning tide of our prosperity ; and that is, the nar-
row and delusive idea, which still seems to prevail
with a majority of those who rule the world, that they
can promote the interests of their respective countries,
by fettering trade and building up monopolies. Until
we seriously approximate to universal Free Trade--to
an unrestricted exchange of the surplus production of
one country for the surplus of another, by which
means, the wants of all will be supplied in the cheapest
manner, and commerce, currency, and credit are estab-
lished in natural and enduring channels, the periodical
recurrence of speculations, fluctuations and disasters
that will convulse the world, must be looked for with
perfect certainty.
It is a matter for congratulation, that England, the
source and centre, from which have directly or indi-
rectly sprung nearly all the great improvements of
modern times, has given evidence of a serious change
on this great question. Her recent legislation has been
decidedly directed towards a relaxation of her prohib-
itory and protective laws. It is to be regretted, at
the same time, that nearly every other important
power in Europe, has within a few years past, in its
convulsive efforts to throw off the embarrassments of
the time, increased restrictions upon trade. Whilst
our own government, recurring to that policy which is
every where else regarded as one of the most odious
features of aristocratic and despotic power, and held
in abhorrence by the people, has re-enacted its tariff