In adjusting the duties on imports to the object of revenue the influence of the tariff on manufactures will necessarily present itself for consideration. However wise the theory may be which leaves to the sagacity and interest of individuals the application of their industry and resources, there are in this as in other cases exceptions to the general rule. Besides the condition which the theory itself implies of a reciprocal adoption by other nations, experience teaches that so many circumstances must concur in introducing and maturing manufacturing establishments, especially of the more complicated kinds, that a country may remain long without them, although sufficiently advanced and in some respects even peculiarly fitted for carrying them on with success. Under circumstances giving a powerful impulse to manufacturing industry it has made among us a progress and exhibited an efficiency which justify the belief that with a protection not more than is due to the enterprising citizens whose interests are now at stake it will become at an early day not only safe against occasional competitions from abroad, but a source of domestic wealth and even of external commerce.
This passage discusses the role of tariffs in promoting domestic manufacturing while still raising revenue. The author acknowledges the classical economic theory that individuals should freely direct their industry, but notes exceptions exist, especially for complex manufacturing that requires specific conditions to thrive. The passage emphasizes that manufacturing can develop successfully under protectionist measures, which would safeguard domestic producers from foreign competition, stimulate economic growth, and eventually contribute to both national wealth and international trade. It reflects early American debates on protectionism vs. free trade and the need to balance revenue generation with support for emerging industries.