Carey. the economist. changed from a freetrader to a protectionist by just such experiences as this. said: With 1857 came the culmination of the whole system. Merchants and manufacturers became ruined. banks being compelled to suspend payment.. and the Treasury being reduced to acondition of bankruptcy. In the three years which followed labor was everywhere in excess. Wages were low. immigration below the point at which it bad stood for twenty years before. the home market for food diminished. and the foreign one proved so utterly worthless that the whole export to all the manufacturing nations of Europe amounted to little more than $10.000.000. In conclusion. Mr.
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immigration