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ly pursued is leading to its own correction. Specie is seldom to be seen in the ordinary transactions of business, except in small worn pieces of inferior denominations, and cut money, from which a portion of the metal has been fraudulently abstracted. The deficiency in weight prevents this part of the currency from being exported in direct payments, and nothing but the recent depreciation of paper seems to prevent these remnants of silver from being disposed of as bullion.

In former times, when Europe furnished a market for almost every kind of produce, the strongest inducements to agricultural industry prevailed. The fertility and the vast extent of the United States enabled cultivators to increase in numbers, in a manner that would have produced a disagreeable competition, in a more thickly peopled country; but the recent state of commercial affairs shows that America is not wide enough to prevent the inconveniences of competition in a narrow market. The necessity of a new distribution of pursuits becomes every day more apparent, as without it the people cannot enjoy the articles of comfort and luxury hitherto imported. Some of the most popular newspapers now advocate the cause of manufactures, and several public societies take a deep interest in promoting the internal prosperity of the country. The society at Philadelphia for promoting American manufactures, have in some of their papers reasoned in such a manner as to prove that they possess a comprehensive knowledge of the subject, both of its effects on national wealth, and of manufacturing business. The resolutions of the society lately instituted at Cincinnati for the promotion of agriculture, manufactures, and domestic economy, are subjoined,

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as a mark of the patriotic spirit that now prevails*. The committee of this society consists of people of the greatest wealth and influence in the city and neighbourhood.

Of the essays in favour of manufactures which have been published, it may be observed generally, that they recommend the adoption of higher import duties. That these have not been resorted to, need excite no surprise, as the secretary of the treasury has shown that an increase of duties must be followed by a decrease of national revenue,

* "1st. We will not purchase, or suffer to be used in our families, any imported liquors, fruits, nuts, or preserves of any kind, unless they shall be required in cases of sickness.

"2d. Being convinced, that the practice which generally prevails of wearing suits of black as testimonials of respect for the memory of deceased friends, is altogether useless, if not improper, while it is attended with a heavy expense; we will not sanction it hereafter in our families, or encourage it in others.

"3d. We will not purchase, for ourselves or our families, such articles of dress as are expensive, and are generally considered as ornamental rather than useful.

"4th. We will abstain from the use of imported goods of every description, as far as may be practicable, and we will give a preference to articles that are of the growth and manufacture of our own country, when the latter can be procured.

"5th. We will not purchase any articles, either of food or dress, at prices that are considered extravagant, or that the citizens generally cannot afford to pay; but will rather abstain from the use of such articles until they can be obtained at reasonable prices.

"6th. We will observe a rigid economy in every branch of our expenditures, and will, in all our purchases, be influenced by necessity rather than convenience, and by utility rather than


"7th. We believe that the prosperity of the country depends in a great degree on a general and faithful observance of the foregoing declaration; we therefore promise that we will adhere to it ourselves, and that we will recommend it to others.” Farnsworth's Cincinnati Directory.

and as the ultimate substitute, internal taxation, would probably be unpopular, although imposed with the most sparing hand. The spontaneous decrease in the amount of money capital now going on, does not seem to be duly appreciated;-an occurrence that is evidently well calculated to give an impulse to American industry.

When the United States shall abandon the spurious money now in circulation, and proceed on a smaller but more substantial capital, a new era of national prosperity will commence. The government will be freed from the danger, or rather the certainty, of losing the revenue by a smuggled trade, and will feel less necessity for resorting to restrictive regulations. A less sum of money will be sufficient to defray the public expenses. The consequent cheapness of labour will give the agriculturist new advantages in foreign markets, and develop in a new degree the natural resources of the country. The home market, occasioned by a manufacturing population, will be secure, as being beyond the reach of foreign governments, whose caprice is hostile to the security of American trade. Whenever the country shall be able to manufacture the whole, or the greater part of its necessaries, the exports of produce must be attended with an importation of specie. The ingress of foreign capitalists may also be calculated on as one of the effects to be produced by the change of system.

The introduction of manufactures must promote internal improvements, as the making of roads and the construction of works, for facilitating inland na'vigation. The country will be rendered capable of supporting a greater population than it can under the present system, thereby removing much of the inconvenience that attends their present settle

ments; better opportunities for mental improvement, and the means of more prompt national defence, will be acquired; foreign commerce and foreign relations will be abridged, so that the hazard of hostilities with other countries may be greatly lessened. A small shipping trade evidently requires less naval protection than an extensive foreign commerce, and the retrenchment may perhaps admit of some relaxation in the present construction of ships of war. The reverses so frequently injurious to the manufacturers of Britain are less to be dreaded in the United States. While their manufactures do not exceed their own wants, it will always be practicable to prevent the home market from being overstocked, and while the vacant back woods are held in reserve, a manufacturing population need not be reduced to pauperism by the want of a foreign market for their fabrics.

The erection of manufacturing establishments was recommended some time ago by intelligent citizens, who foresaw that the money capital of the country could not long supply the great efflux of specie. Now, a change of policy becomes a matter of necessity. It is chiefly to be regretted that several State legislatures are too active in forcing the circulation of degraded money;-a procedure which, in the meantime, retards the natural subsidence of the convulsion, and keeps property out of the hands of its real owners. However far they may succeed in procuring indemnity for past peculations, their efforts must be impotent. in opposition to the future interests of mankind. The paper currency that they strive to support falls in spite of their utmost exertions. I now find that my expense of living or of travelling is nominally the same that it was in the autumn of 1818. At that time I paid in specie, or in money, which

was considered as nearly equivalent to it, but of late I have on various occasions found that paper is accepted which is 50 per cent. worse than silver. A person who collected a salary to the amount of about eight hundred dollars, told me that he had received only five dollars of that sum in specie. You can easily perceive that, under this state of things, very few will give specie to the tavern-keeper, grocer, or others, while he can previously procure for it one and a half times, or twice its nominal amount, in what is called current paper. Most of the small towns have a person who follows the business of money changing; and merchants and other persons transact in that way, so that specie is almost entirely withdrawn from retail business, and applied to the purchase of public lands, or other objects, for which depreciated paper would not be accepted of in payment. Under this condition, an unsettled or precarious sort of internal trade is carried on, but it is impossible to import foreign goods as formerly.

The want of employment is another strong inducement to adopt an independent system of economy, but a cumbrous load of paper money presses industry to the earth. It is found by experience that the farmer cannot pay 125 cents per day to the labourer, and sell his corn for 25 cents per bushel, nor can the labourer work for a small hire while he pays two and a half, or three dollars a-week for his board, and an extravagant price for his clothing. Similar obstacles occur in almost every branch of industry that furnishes any thing for exportation, or comes into competition with the labour of foreign artizans, so that the operations of this country now consist chiefly of works of first necessity. A gentleman who has opportunities of being well acquainted with the


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