“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

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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“On the question of the tariff, it may come as news to Professor DiLorenzo that the protective tariffs were first instituted by Jefferson and Madison, not by the Hamiltonian party. Hamilton tried to get the tariffs, but he was not successful. And the reason why, the protective tariffs first entered our system in the wake of Jefferson’s embargo, which put the New England shipping interests out of business. And so the first protective tariffs were put in, I think, under Madison’s administration, and supported by John C. Calhoun, who agreed that at that time it was owed to the New England people to give their infant industries protection because they had been put out of business by the embargo, and later by the War of 1812, conducted under Madison’s administration.”

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

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

“As far as Hamilton, the banks and internal improvements, contrary to Professor DiLorenzo, I think, and several other people have thought, that Hamilton was the greatest Secretary of the Treasury we ever had. The assumption of the debts of the states, and the funding of the debt through the bank produced an enormous prosperity in the country, and this was all done under Washington’s administration. And if you want to speak of Federalists and people supporting the Federalist economic agenda, the first one of them was George Washington.”

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

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

“DiLorenzo thinks that slavery was not the real issue in the Civil War, that it was the Whig economic program. Banks, tariffs, internal improvements, and what he calls corporate welfare. And he thinks that the slavery question was really only a sham that was not the real question; it was not the real issue. That's very strange for anybody reading the Lincoln-Douglas debates, since the subject of tariffs was never mentioned.”

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

2000s, The Real Abraham Lincoln: A Debate (2002), The South was a Closed Society
Context: DiLorenzo thinks that slavery was not the real issue in the Civil War, that it was the Whig economic program. Banks, tariffs, internal improvements, and what he calls corporate welfare. And he thinks that the slavery question was really only a sham that was not the real question; it was not the real issue. That's very strange for anybody reading the Lincoln-Douglas debates, since the subject of tariffs was never mentioned. The only time the word is used, I think, is when Douglas says that the tariff was one of the questions that the two parties used to discuss. But the only subject discussed in the Lincoln-Douglas debates was slavery in the territories.

“Alexander Hamilton has been on the $10 since 1928, he's been well honored by the country, he was a great Secretary of the Treasury. But of all the people on the currency, the only one who isn't a president." [Note: Benjamin Franklin, whose portrait appears on the $100 bill, also was not a president. ]”

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“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.”

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“How much attention is paid to agreement between Galbraith and myself in opposing a draft and favoring an all-volunteer armed force, or in opposing tariffs and favoring free trade, or on a host of other issues? What is newsworthy is that Galbraith endorses wage and price controls, while I oppose them.”

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“The incorporation of a bank and the powers assumed [by legislation doing so] have not, in my opinion, been delegated to the United States by the Constitution. They are not among the powers specially enumerated.”

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“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.”

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Harry V. Jaffa 171

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