Wlliam Gilmore Simms
Selections from the Letters and Speeches of the Hon. James H. Hammond, of South Carolina >> Speech Delivered at Barnwell C.H., S.C., October 29, 1858 >> Page 342

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Page 342

Speech | The Reprint Company; John F. Trow & Co. | 1866, 1978
Transcription 342
no hesitation in saying that the plantation States should
discard any government that made a protective tariff
its policy. They should not submit to pay tribute
for the support of any other industrial system than
their own, much less to make good the bubble specula-
tions of another section of the Union. Unequal taxa-
tion is, after all, what we have most to fear in this
Union, and against that we must be always ready to
adopt the most decisive measures.
The internal improvement system was in full
vigor in 1828. Inaugurated also by southern men, it
absorbed all the surplus of the treasury, and being in
its nature unlimited, it was capable of absorbing all
the revenue that could be extorted by the highest
possible tariff. That too, if not destroyed, has been
checked and crippled by southern action. It is true
that it still appears annually in Congress but the
once haughty brigand is now little more than a sturdy
beggar.
We had then, also, in full operation, a Bank of
the United States, with branches in all our principal
cities. It received and speculated on all the revenues
of the government, and controlled and concentrated in
the North all the exchanges, thus levying a per cent-
age upon every commercial transaction of the South.
That has been annihilated. It sleeps the sleep that
knows no waking. But let me say that the system
which it established still exists. Despite of its destruc-
tion by the Federal Government and the collection of
the revenue in specie, our exchanges still centre in the
North, and our otherwise stable industry is still com-
pelled to participate more or less in all the reckless
speculations of that fanatical section more fanatical