Mr. Clay then explained the principle of his bill, which was a series of annual reductions of one tenth per cent. on the value of all duties above twenty per cent. for eight successive years; and after that, the reduction of all the remainder above twenty per centum to that rate by two annual reductions of the excess: so as to complete the reduction to twenty per centum on the value of all imported goods on the 30th day of September, 1842; with a total abolition of duties on about one hundred articles after that time; and with a proviso in favor of the right of Congress, in the event of war with any foreign power to impose such duties as might be necessary to prosecute the war. And this was called a "compromise," although there was no stipulation for the permanency of the reduced, and of the abolished duties; and no such stipulation could be made to bind future Congresses; and the only equivalent which the South received from the party of protection, was the stipulated surrender of their principle in the clause which provided that after the said 30th of September, 1842, "duties should only be laid for raising such revenue as might be necessary for an economical administration of the government;" an attempt to bind future Congresses, the value of which was seen before the time was out. Mr. Clay proceeded to touch the tender parts of his plan—the number of years the protective policy had to run, and the guaranties for its abandonment at the end of the stipulated protection. On these points he said:
"Viewing it in this light, it appeared that there were eight years and a half, and nine years and a half, taking the ultimate time, which would be an efficient protection; the remaining duties would be withdrawn by a biennial reduction. The protective principle must be said to be, in some measure, relinquished at the end of eight years and a half. This period could not appear unreasonable, and he thought that no member of the Senate, or any portion of the country, ought to make the slightest objection. It now remained for him to consider the other objection—the want of a guaranty to there being an ulterior continuance of the duties imposed by the bill, on the expiration of the term which it prescribes. The best guaranties would be found in the circumstances under which the measure would be passed. If it were passed by common consent; if it were passed with the assent of a portion, a considerable portion, of those who had hitherto directly supported this system, and by a considerable portion of those who opposed it; if they declared their satisfaction with the measure, he had no doubt the rate of duties guarantied would be continued after the expiration of the term, if the country continued at peace."
Here was a stipulation to continue the protective principle for nine years and a half, and the bill contained no stipulation to abandon it at that time, and consequently no guaranty that it would be abandoned; and certainly the guaranty would have been void if stipulated, as it is not in the power of one Congress to abridge by law the constitutional power of its successors. Mr. Clay, therefore, had recourse to moral guaranties; and found them good, and best in the circumstances in which the bill would be passed, and the common consent with which it was expected to be done—a calculation which found its value, as to the "common consent," before the bill was passed, as to its binding force before the time fixed for its efficacy to begin.
Mr. Forsyth, of Georgia, replied to Mr. Clay, and said:
"The avowed object of the bill would meet with universal approbation. It was a project to harmonize the people, and it could have come from no better source than from the gentleman from Kentucky: for to no one were we more indebted than to him for the discord and discontent which agitate us. But a few months ago it was in the power of the gentleman, and those with whom he acted, to settle this question at once and for ever. The opportunity was not seized, but he hoped it was not passed. In the project now offered, he could not see the elements of success. The time was not auspicious. But fourteen days remained to the session; and we had better wait the action of the House on the bill before them, than by taking up this new measure here, produce a cessation of their action. Was there not danger that the fourteen days would be exhausted in useless debate? Why, twenty men, with a sufficiency of breath (for words they would not want), could annihilate the bill, though a majority in both Houses were in favor of it. He objected, too, that the bill was a violation of the constitution, because the Senate had no power to raise revenue. Two years ago, the same senator made a proposition, which was rejected on this very ground. The offer, however, would not be useless; it would be attended with all the advantages which could follow its discussion here. We shall see it, and take it into consideration as the offer of the manufacturers. The other party, as we are called, will view it as a scheme of diplomacy; not as their ultimatum, but as their first offer. But the bargain was all on one side. After they are defeated, and can no longer sustain a conflict, they come to make the best bargain they can. The senator from Kentucky says, the tariff is in danger; aye, sir, it is at its last gasp. It has received the immedicable wound; no hellebore can cure it. He considered the confession of the gentleman to be of immense importance. Yes, sir, the whole feeling of the country is opposed to the high protective system. The wily serpent that crept into our Eden has been touched by the spear of Ithuriel. The senator is anxious to prevent the ruin which a sudden abolition of the system will produce. No one desires to inflict ruin upon the manufacturers; but suppose the Southern people, having the power to control the subject, should totally and suddenly abolish the system; what right would those have to complain who had combined to oppress the South? What has the tariff led us to already? From one end of the country to the other, it has produced evils which are worse than a thousand tariffs. The necessity of appealing now to fraternal feeling shows that that feeling is not sleeping, but nearly extinguished. He opposed the introduction of the bill as a revenue measure, and upon it demanded the yeas and nays: which were ordered."
The practical, clear-headed, straightforward Gen. Smith, of Maryland, put his finger at once upon the fallacy and insecurity of the whole scheme, and used a word, the point and application of which was more visible afterwards than at the time it was uttered. He said:
"That the bill was no cure at all for the evils complained of by the South. They wished to try the constitutionality of protecting duties. In this bill there was nothing but protection, from beginning to end. We had been told that if the bill passed with common consent, the system established by it would not be touched. But he had once been cheated in that way, and would not be cheated again. In 1816 it was said the manufacturers would be satisfied with the protection afforded by the bill of that year; but in a few years after they came and insisted for more, and got more. After the first four years, an attempt would be made to repeal all the balance of this bill. He would go no further than four years in prospective reduction. The reduction was on some articles too great."
He spoke history, except in the time. The manufacturers retained the benefits of the bill to the end of the protection which it gave them, and then re-established the protective system in more amplitude than ever.
"Mr. Calhoun rose and said, he would make but one or two observations. Entirely approving of the object for which this bill was introduced, he should give his vote in favor of the motion for leave to introduce it. He who loved the Union must desire to see this agitating question brought to a termination. Until it should be terminated, we could not expect the restoration of peace or harmony, or a sound condition of things, throughout the country. He believed that to the unhappy divisions which had kept the Northern and Southern States apart from each other, the present entirely degraded condition of the country (for entirely degraded he believed it to be) was solely attributable. The general principles of this bill received his approbation. He believed that if the present difficulties were to be adjusted, they must be adjusted on the principles embraced in the bill, of fixing ad valorem duties, except in the few cases in the bill to which specific duties were assigned. He said that it had been his fate to occupy a position as hostile as any one could, in reference to the protecting policy; but, if it depended on his will, he would not give his vote for the prostration of the manufacturing interest. A very large capital had been invested in manufactures, which had been of great service to the country; and he would never give his vote to suddenly withdraw all those duties by which that capital was sustained in the channel into which it had been directed. But he would only vote for the ad valorem system of duties, which he deemed the most beneficial and the most equitable. At this time, he did not rise to go into a consideration of any of the details of this bill, as such a course would be premature, and contrary to the practice of the Senate. There were some of the provisions which had his entire approbation, and there were some to which he objected. But he looked upon these minor points of difference as points in the settlement of which no difficulty would occur, when gentlemen meet together in that spirit of mutual compromise which, he doubted not, would be brought into their deliberations, without at all yielding the constitutional question as to the right of protection."
This union of Mr. Calhoun and Mr. Clay in the belief of the harmony and brotherly affection which this bill would produce, professing as it did, and bearing on its face the termination of the American system, afforded a strong instance of the fallibility of political opinions. It was only six months before that the dissolution of the Union would be the effect, in the opinion of one of them, of the continuance of the American system—and of its abandonment in the opinion of the other. Now, both agreed that the bill which professed to destroy it would restore peace and harmony to a distracted country. How far Mr. Clay then saw the preservation, and not the destruction, of the American system in the compromise he was making, may be judged by what he said two weeks later, when he declared that he looked forward to a re-action which would restore the protective system at the end of the time.