The real amount, then, of this bounty on a given article will be precisely the amount of the present duty added to the amount of the proposed duty." He then went on to show the injustice which would be done to all manufacturers of unprotected articles, and ridiculed the idea of the connection between home industries artificially developed and national independence.

He concluded by assailing manufacturing as an occupation, attacking it as a means of making the rich richer and the poor poorer; of injuring business by concentrating capital in the hands of a few who obtained control of the corporations; of distributing capital less widely than commerce; of breeding up a dangerous and undesirable population; and of leading to the hurtful employment of women and children.

The meeting, the resolutions, and the speech were all in the interests of commerce and free trade, and Mr.Webster's doctrines were on the most approved pattern of New England Federalism, which, professing a mild friendship for manufactures and unwillingly conceding the minimum of protection solely as an incident to revenue, was, at bottom, thoroughly hostile to both.

In 1820 Mr.Webster stood forth, both politically and constitutionally, as a free-trader, moderate but at the same time decided in his opinions.
When the tariff of 1824 was brought before Congress and advocated with great zeal by Mr.Clay, who upheld it as the "American system," Mr.Webster opposed the policy in the fullest and most elaborate speech he had yet made on the subject.

A distinguished American economist, Mr.Edward Atkinson, has described this speech of 1824 briefly and exactly in the following words:-- "It contains a refutation of the exploded theory of the balance of trade, of the fallacy with regard to the exportation of specie, and of the claim that the policy of protection is distinctively the American policy which can never be improved upon, and it indicates how thoroughly his judgment approved and his better nature sympathized with the movement towards enlightened and liberal commercial legislation, then already commenced in Great Britain." This speech was in truth one of great ability, showing a remarkable capacity for questions of political economy, and opening with an admirable discussion of the currency and of finance, in regard to which Mr.Webster always held and advanced the soundest, most scientific, and most enlightened views.