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The larger the return to labour, the greater will be the power to accumulate capital. The larger the proportion which capital seeking to be employed bears to the labourers who are to employ it, the larger will be the wages of labour, the greater the power of the labourer to accumulate for himself, and the more perfect will be his control over the disposition of his labour and the application of its proceeds, whether to private or public purposes....
Throughout the world, and in all ages, freedom has advanced with every increase in the ratio of wealth to population....
The object of protection is that of securing a demand for labour, and its tendency is to produce equality of condition... the abolition of protection [has] invariably tended to the production of inequality. The wealthy capitalist suffers some loss; but he is not ruined. A change takes place, and he is ready to avail himself of it, and at once regains all that had been lost, with vast increase. The small capitalist has been swept away, and his mill is in a state of ruin. By the time he can prepare himself to recommence his business, the chance being past, he is swept away again, and perhaps for the last time.
For months past, the rate of interest on a certain species of securities has been very low. The wealthy man could borrow at four percent; the poor man, requiring a small loan on a second-rate security, could scarcely obtain it at any price. The man who has coal to sell, or iron to sell, must have the aid of middlemen to act as endorsers upon the paper received from his customers, and their commissions absorb the profits. The wages of the miner have been greatly reduced, while the profits of the speculator have been increased. The reason of all this is, that, throughout the nation, there prevails no confidence in the future. It is seen that we are consuming more than we produce; that our exports do not pay for our imports; that we are running in debt; that furnaces and mills are being closed; and everyone knows what must be the end of such a system. Re-enact the tariff of 1842, and the trade of the middleman would be at an end, because confidence in the future would be felt from one extremity of the land to the other. Should we not find in this some evidence of the soundness of the principle upon which it was based? The system that gives confidence must be right; that which destroys it must be wrong.
Confidence in the future -- Hope -- gives power to individuals and communities. It is that which enables the poor man to become rich, and the character of all legislative action is to be judged by its greater or lesser tendency to produce this effect. A review of the measures urged upon the nation by the advocates of the system miscalled free trade, shows, almost without exception, they have tended to the destruction of confidence, and therefore to the production of the political revolutions....
The direct effect of the insecurity that has existed has been to centralize the business of manufacture in one part of the Union and in the hands of a comparatively limited number of persons -- such as could afford to take large risks, in the hopes of realizing large profits....
The object of the colonial system was that of taxing the world for the maintenance of a great mercantile, manufacturing, and landed aristocracy, and the mode of accomplishment was that of securing a monopoly of machinery. The object of protection is to break down that monopoly, and with it the aristocracy which collects from the people of Great Britain and the world those immense taxes, to be appropriated to the payment of fleets and armies officered by younger sons, and kept on foot for the maintenance of the existing inequality in Great Britain, Ireland, and India. (pp. 213-217)