Read it through once

Each Australian colony fences itself off from its neighbor with a custom-house. Personally, I have no objection, but it must be a good deal of inconvenience to the people. We have something resembling it here and there in America, but it goes by another name. The large empire of the Pacific coast requires a world of iron machinery, and could manufacture it economically on the spot if the imposts on foreign iron were removed. But they are not. Protection to Pennsylvania and Alabama forbids it. The result to the Pacific coast is the same as if there were several rows of custom-fences between the coast and the East. Iron carted across the American continent at luxurious railway rates would be valuable enough to be coined when it arrived.