“What happened in 1828 is also a very curious fact. 1828 was a crucial moment in the history of the tariff, because the national debt was just being paid off, and so the income from the tariff would produce a surplus in the treasury. And at that time, there was a great fear that a surplus in the federal treasury might be used to buy the freedom of slaves.”

— Harry V. Jaffa

2000s, The Real Abraham Lincoln: A Debate (2002), Rebuttal

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Harry V. Jaffa 171

American historian and collegiate professor 1918–2015

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“So the slave issue really under-laid the tariff issue. But it also happened that in the committee which was scheduling the tariffs, the people in South Carolina, and I think other Southerners, moved to raise the tariffs to this abominable level on the assumption that they would be voted down on the floor of the House. And they got fooled by that. Instead of being voted down, it was voted in. They were hoist by their own petard. But in 1833 a compromise was reached. The tariffs were reduced. Jackson’s Force Bill was repealed, and so there was a peaceful resolution of that.”

Harry V. Jaffa (1918–2015) American historian and collegiate professor

2000s, The Real Abraham Lincoln: A Debate (2002), Rebuttal

“Madison, by the way, had opposed both the bank and tariffs when Hamilton was Secretary of Treasury. He signed into law the Second Bank of the United States, and endorsed the tariff, said that it has been ratified by the people in subsequent elections, so he reversed his position on that.”

Harry V. Jaffa (1918–2015) American historian and collegiate professor

2000s, The Real Abraham Lincoln: A Debate (2002), Rebuttal

“It is a fact worth pondering that four centuries ago the evil of "an abundance or surplus" arose from its being kept off the market, while today the evil of surplus lies in its being thrown upon the market.”

Benjamin Graham (1894–1976) American investor

Part I, Chapter II, Government and Surplus Stocks, p. 28
Storage and Stability (1937)

“We must find new lands from which we can easily obtain raw materials and at the same time exploit the cheap slave labor that is available from the natives of the colonies. The colonies would also provide a dumping ground for the surplus goods produced in our factories.”

Cecil Rhodes (1853–1902) British businessman, mining magnate and politician in South Africa

Teaching a “Racist and Outdated Text”: A Journey into my own Heart of Darkness, Wong, Melody, Western Washington University, 2008-09-20 http://www.wce.wwu.edu/Resources/CEP/eJournal/v003n001/a025.shtml,
[Britten, Sarah, The Art of the South African Insult, 30° South Publishers, 2006, 167, 9781920143053]
Disputed

“Of course, shedding the debt burden would be a happy development for our country, but it would nevertheless pose a big dilemma for the Fed. Our primary lever of monetary policy was buying and selling treasury securities-Uncle Sam's IOU's. But as the debt was paid down, those securities would grow scarce, leaving the Fed in need of a new set of assets to effect monetary policy.”

Alan Greenspan (1926) 13th Chairman of the Federal Reserve in the United States

Source: 2000s, The Age of Turbulence (2008), Chapter Ten, "Downturn", p. 214.

“Protective tariffs are as much applications of force as are blockading squadrons, and their object is the same—to prevent trade. The difference between the two is that blockading squadrons are a means whereby nations seek to prevent their enemies from trading; protective tariffs are a means whereby nations attempt to prevent their own people from trading. What protection teaches us, is to do to ourselves in time of peace what enemies seek to do to us in time of war.”

Henry George (1839–1897) American economist

Source: Protection or Free Trade? (1886), Ch. 6
Context: Free trade consists simply in letting people buy and sell as they want to buy and sell. It is protection that requires force, for it consists in preventing people from doing what they want to do. Protective tariffs are as much applications of force as are blockading squadrons, and their object is the same—to prevent trade. The difference between the two is that blockading squadrons are a means whereby nations seek to prevent their enemies from trading; protective tariffs are a means whereby nations attempt to prevent their own people from trading. What protection teaches us, is to do to ourselves in time of peace what enemies seek to do to us in time of war.

“My hon. Friend must be aware of the words used by the Chancellor on Tuesday, when he said that, this year, the Government expect to make a surplus of £14 billion—part of which will be used to pay off the national debt. In those circumstances, would it not be more appropriate and beneficial to the rest of the world if more money were given for overseas aid and to assist the very poor countries in the usary levels of debt repayments that they are forced into at present?”

Jeremy Corbyn (1949) British Labour Party politician

Question http://hansard.millbanksystems.com/commons/1989/mar/17/overseas-development in the House of Commons (17 March 1989).
1980s

“Freedom is the by-product of economic surplus.”

Aneurin Bevan (1897–1960) Welsh politician

In Place of Fear (William Heinemann Ltd, 1952), p. 39
1950s

“We shall put the tariff through and if it does well it will drop out of party politics very much like Free Trade did. Then leave suitable time to change the title of our Party to National, as there will be little which really divides us from the great bulk of the Liberals.”

Stanley Baldwin (1867–1947) Former Prime Minister of the United Kingdom

Conversation with Thomas Jones (28 January 1932), quoted in Thomas Jones, A Diary with Letters. 1931-1950 (Oxford University Press, 1954), pp. 25-26.
1932

“Gold is required in large quantities only in a society which produces a very large economic surplus and can afford to transform part of that surplus into gold for prestige purposes (as in India) or into coinage and money to promote capitalism”

Walter Rodney book How Europe Underdeveloped Africa

as in Western Europe
Source: How Europe Underdeveloped Africa (1972), p. 106.

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Harry V. Jaffa 171

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