The revenue involves, not only the supply of the treasury with money, but the question of protection to manufactures.  On these connected subjects, therefore, Gentlemen, as I have promised to keep nothing back, I will state my opinions plainly, but very shortly.

I am in favor of such a revenue as shall be equal to all the just and reasonable wants of the government; and I am decidedly opposed to all collection or accumulation of revenue beyond this point.  An extravagant government expenditure, and unnecessary accumulation in the treasury, are both, of all things, to be most studiously avoided.

I am in favor of protecting American industry and labor, not only as employed in large manufactories, but also, and more especially, as employed in the various mechanic arts, carried on by persons of small capitals, and living by the earnings of their own personal industry.  Every city in the Union, and none more than this, would feel severely the consequences of departing from the ancient and continued policy of the government respecting this last branch of protection.  If duties were to be abolished on hats, boots, shoes, and other articles of leather, and on the articles fabricated of brass, tin, and iron, and on ready-made clothes, carriages, furniture, and many similar articles, thousands of persons would be immediately thrown out of employment in this city, and in other parts of the Union.  Protection, in this respect, of our own labor against the cheaper, ill-paid, half-fed, and pauper labor of Europe, is, in my opinion, a duty which the country owes to its own citizens.  I am, therefore, decidedly for protecting our own industry and our own labor.

In the next place, Gentlemen, I am of opinion, that, with no more than usual skill in the application of the well-tried principles of discriminating and specific duties, all the branches of national industry may be protected, without imposing such duties on imports as shall overcharge the treasury.

And as to the revenues arising from the sales of the public lands, I am of opinion that they ought to be set apart for the use of the States.  The States need the money.  The government of the United States does not need it.  Many of the States have contracted large debts for objects of internal improvement, and others of them have important objects which they would wish to accomplish.  The lands were originally granted for the use of the several States; and now that their proceeds are not necessary for the purposes of the general government, I am of opinion that they should go to the States, and to the people of the States, upon an equal principle.  Set apart, then, the proceeds of the public lands for the use of the States; supply the treasury from duties on imports; apply to these duties a just and careful discrimination, in favor of articles produced at home by our own labor, and thus support, to a fair extent, our own manufactures.  These, Gentlemen, appear to me to be the general outlines of that policy which the present condition of the country requires us to adopt.