Mr. Clay, in referring to the condition of the country at large, said: "I have now to perform the more pleasing task of exhibiting an imperfect sketch of the existing state of the unparalleled prosperity of the country. On a general survey, we behold cultivation extended; the arts flourishing; the face of the country improved; our people fully and profitably employed, and the public countenance exhibiting tranquillity, contentment, and happiness. And, if we descend into particulars, we have the agreeable contemplation of a people out of debt; land rising slowly in value, but in a secure and salutary degree; a ready, though not an extravagant market for all the surplus productions of our industry; innumerable flocks and herds browsing and gamboling on ten thousand hills and plains, covered with rich and verdant grasses; our cities expanded, and whole villages springing up, as it were, by enchantment; our exports and imports increased and increasing; our tonnage, foreign and coastwise, swelled and fully occupied; the rivers of our interior animated by the perpetual thunder and lightning of countless steamboats; the currency sound and abundant; the public debt of two wars nearly redeemed; and, to crown all, the public treasury overflowing, embarrassing Congress, not to find subjects of taxation, but to select the objects which shall be liberated from the impost. If the term of seven years were to be selected, of the greatest prosperity which this people have enjoyed since the establishment of their present Constitution, it would be exactly that period of seven years which immediately followed the passage of the tariff of 1824.
"This transformation of the condition of the country from gloom and distress to brightness and prosperity, has been mainly the work of American legislation, fostering American industry, instead of allowing it to be controlled by foreign legislation, cherishing foreign industry. The foes of the American system, in 1824, with great boldness and confidence, predicted, first, the ruin of the public revenue, and the creation of a necessity to resort to direct taxation. The gentleman from South Carolina, (General Hayne,) I believe, thought that the tariff of 1824 would operate a reduction of revenue to the large amount of eight millions of dollars; secondly, the destruction of our navigation; thirdly, the desolation of commercial cities; and, fourthly, the augmentation of the price of articles of consumption, and further decline in that of the articles of our exports. Every prediction which they made has failed--utterly failed. . . . . It is now proposed to abolish the system to which we owe so much of the public prosperity . . . . . Why, sir, there is scarcely an interest--scarcely a vocation in society--which is not embraced by the beneficence of this system. . . . . The error of the opposite argument, is in assuming one thing, which, being denied, the whole fails; that is, it assumes that the _whole_ labor of the United States would be profitably employed without manufactures. Now, the truth is, that the system _excites_ and _creates_ labor, and this labor creates wealth, and this new wealth communicates additional ability to consume; which acts on all the objects contributing to human comfort and enjoyment. . . . . I could extend and dwell on the long list of articles--the hemp, iron, lead, coal, and other items--for which a demand is created in the home market by the operation of the American system; but I should exhaust the patience of the Senate. _Where, where_ should we find a market for all these articles, if it did not exist at home? What would be the condition of the largest portion of our people, and of the territory, if this home market were annihilated? How could they be supplied with objects of prime necessity? What would not be the certain and inevitable decline in the price of all these articles, but for the home market?"