In this country protection has always, to some extent, existed; but at some times it has been efficient, and at others not; and our tendency toward freedom or slavery has always been in the direct ratio of its efficiency or inefficiency.

Its present value forms a very small proportion of the cost expended on it because it represents only what would be required with the science and appliances of our time to bring the land from its primitive into its present state. He is now best known for the book The Harmony of Interests to compare and contrast what he called the "British System" of laissez faire free trade capitalism with the "American System" of developmental capitalism through tariff protection and government intervention to encourage production. The owner is not rewarded for what is done by the powers of nature and society is in no sense defrauded by his sole possession.

He was born in Philadelphia Pennsylvania in 1793 and was a chief economic advisor to Abraham Lincoln during his presidency. He is now best known for the book The Harmony of Interests to compare and contrast what he called the "British System" of laissez faire free trade capitalism with the "American System" of developmental capitalism through tariff protection and government intervention to encourage production.