Trade War Quotes
See {640847}, {640845} & {640846}. The capitalization is exactly as Adams wrote it. Note the omission of a capital letter for “congress” for whom he and many others had little respect even then.
In 1992 Russia was in terrible economic shape after the fall of the Soviet Union. Keeping up with the United States military expenditures had bankrupted the Russians. The United States which had strategically increased its defense spending to break the Russian economy if they tried to keep up. However, the U. S. expenditures had forced America into a deficit spending period which produced a national deficit greater than all the previous cumulative deficits in our history. So the American economy was not in great shape either. Meanwhile, Japan, whose constitution (imposed by America after WWII) forbade having a military and funding a military. The result was the Japanese economy was growing at a much more rapid rate, and did not have the unbalanced budget of the United States and Russia. Hence, Tsongas’ observation.
This is an excellent example of the delusion that many Southerners functioned under regarding the importance of cotton to the economy of the nation. There were New York merchants and some New England ship owners who profited from the export of cotton, but cotton contributed very little to the economy of the North and the Midwest while it was essential to the South representing a huge percentage of their output. Industrialization was growing all over the country except in the South where slavery and cotton both held it back. When the South finally decided on war, they did not realize that the North would be able to embargo their cotton exports nor did they realize how little the rest of the country needed the cotton industry It was another great example of political hubris.
Madison’s view is at odds with International Law.
