ABSTRACT
A member of Mr. Monroe's cabinet, referring afterward to the condition of affairs then existing, said "there was a powerful feeling manifested at this time in favor of affording protection to the infant manufactures of the country". And this was exhibited by an amendment of the law of 1816, so as largely to increase the duties on copper, cut-glass, Russia sheetings, iron, nails, and cotton and woolen goods, with only three votes in the Senate and sixteen in the House of Representatives in opposition to it. In 1819, however, there was a general depression in all values throughout the United States, which, of course, lessened the prices of labor in all its departments, as well as the business and profits of manufactures. This depression was said to have been produced by the reduction of the currency, made in order to keep the bank circulation of equal value with specie.
