“I was not unaware of the hazards of accepting office under Mr. Adams, and yielded my judgment to gratify my friends. I was deeply solicitous of rendering the country independent: our population was increasing; I was sure large immigration would add to the natural increase; and I felt it was the true policy of the Government to commence the manufacture of all articles necessary to its population, and especially the articles of prime necessity, iron and clothing. We had the minerals, the coal, and the cotton; and the sad experience of the recent war warned us to prepare against the same consequences should we unfortunately be again in a similar condition. I was satisfied that this policy would meet powerful opposition by those who supposed their interests affected by protection; and I knew, to build up the manufactures at home, they must be protected against foreign competition—at least for a time. Once capital was abundant and largely invested in manufacturing, with an abundance of educated skill, this protection could be withdrawn; as home protection would not prevent home competition, and high prices would stimulate this competition to the point of producing more than was necessary for home consumption; which would force the manufacturer to find a market abroad for his surplus; this would bring him into competition with the European manufacturer, and he would be compelled to be content with the prices he could obtain under this competition; this would necessarily, by degrees, reduce prices at home, and finally obviate the necessity of protection. Already this has come to pass. The good of the country I thought demanded this; and for this I exerted all my powers and all my influence; never for a moment doubting but that in time and from results the whole people would approve the policy. Nor did I ever anticipate any political result to my own interest. I have never thought of self, in any great measure of policy I may have advocated. I have looked to final results in benefits to the country alone, with a hope that my name should not be a disgrace to my children, who should witness the working and the effect of measures connected with my public life. With an honest purpose, I feared no consequences; and desiring, above temporary popularity, the good of the country, I assumed all the hazards and consequences which my enemies could torture out of the act of accepting office under Mr. Adams. I have never regretted it, and have lived to see the slanderers of my fame rebuked by the whole country.