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generally produces little or nothing to them. These / or a cent's worth of gold or silver to each individual. are serious matters. Our gallant seamen constitute Now calculate a large portion of the national defence, and honor is 1st. Loss in transportation, by sea, from port to strength. Never may they be disposessed of that port. high-souled feeling and ardent patriotism which 2d. Loss by abra dings. distinguished them in the late war, by plundering 3d. "The consumption in gold and silver leaf for on the one hand, and the custom of insulting the flag furniture. of their country and of abusing their countrymen,on 4th. The consumption in plating. the other! Never may the hand that strikes in be- 5th. The conversion into watches, spoons, plate, half of the United States be the hand of a slave-al&c. machine, without sentiment, impelled only by the After this estimate how much will remain for a direction of a superior. There is no being so debas- circulating medium» edas the man who fights simply for his pay. It Now-what of all this? In this specie-paying Jand, was for this that the Swiss were degraded in the and with three or fourspecie-paying banks within one eyes of the world, for they hired themselves out for minute's walk of me, it often happens that my whole Soldiers to neighboring despots. Whenever this is family, and perhaps, too, all the persons employed the case generally in any country, the impressment in my office, more than twenty in the whole, may not of seamen and coascription of soldiers naturally fol. have one cent's worth of gold or silver coin, though 1.ws
the value of many dollars, in good paper, might be We have not yet said any thing about the loss found amongst us. Still, it is the certainty that this of reputation which is sustained to the United paper may be converted into money at pleasure, Stutes by such conduct. If privateering goes on which gives it a superior value to its weight in such much further, and continues to progress in atrocity | old rags as it is made of for we do not want gold * as it has done for the past year, * we must expect a and silver, at present, except for the purposes of. considerable reduction of the high estimation in change. If “Homo” doubts this, he may overhaul which we are hekl by the enlightened world, for our my desk, where he will find several pieces of paper liberality and love of justice. Still, the fact is it is beautifully marked for five dollars, which I will sell difficult' wholly to restrain those things, and fix a to him at 50, 70, 90 or even 99 per cent. discount line beyond which our people shall not pass. They five dollars for the five penny piece" he speaks of.. certainly, have a right to enter the patriot service, The real value of gold or silver is less than that of or lend their money to the cause of liberty in South iron; but all the civilized nations, with some that are America: but then, they should do it under direct rude and nearly uncultivated, have accepted these and indisiritable authority from the independent go-metals as standards of value, because of their scarci. vernments, and consider themselves as alienated city, for they have not any intrinsic value in them. from their own; and the fitting-out of vessels in our selves. And, notwithstanding this generally ascribed ports, for either party, except for bona fide sales to value, the worth of the precious metals fluctuates the citizens or subjects thereof, should not be coun- considerably, less however than almost any thing tenanced any longer. The government has endea-else except the worth of labor, as applied to provored to prevent this but public opinion must duce something desirable; and this too, is affected come in to aid the government to give efficiency to by various circumstances and contingencies, though the laws, or the laws will continue to be evaded. the original and most permanent standard of value,
It ought to be added--that the independent go and still in use by a large majority of the population vernments by no means sanction the piracies which of the earth. Polished nations, finding the exchange we reprehend; and perhaps, since privateering be- of labor inconvenient, have fixed upon gold and silgan, no vessels nave been managed with more pro- ver as the best substitute to regulate commerce priety than such as have been regularly commission-between man and man; and, on these metals for a ed, at Buenos Ayres, and most places in Venezuela. foundation, others have issued bank notes and
stocks, and various other kinds of paper money, all
which are very useful when wholesomely restruined: Cashqueer Calculation.
but this can be done only by securing its redemption A writer in the National Intelligencer, who has in gold and silver, the common test of value, on delong labored under the signature of “Homo,” to bless mand, or at such periods, and in such manner asmay the people of the United States with a PAPER CUR- be voluntarily agreed upon between the parties. The Rency, such as they are blessed with in England, in a time has been that two guineas in gold would buy fate short note to the editors, says in
three one pound notes of the great bank of England, The statement of gold and silver coinage in Mexi- and 75 dollars in silver purchase 100 in treasury notes co, for the last eight years, being 64,000,000, gives of the United States, bearing interest at 6 per cent. an average of 8,000,000 dollars per annum. Suppos- though the dollars in silver, lying idle, would not proing the population of the world to be 800 millions, duce any interest at all. Why was this? -because faith it gives the sixth of what we call a five-penny piece, was given to one as the most steady representative
- of value, whereas that of the others was local, and * Circumstances similar to the following, fre might be annihilated by untoward events in the miently occur—"The patriot brig La Irresistible countries which they belonged to. zvas risen upon by her crew, assisted by those of the orig Except a few destructive merchants and traders Crioles in the port of Margueretta; taking advantage to China and the East Indies, &c. whose business of the absence of the officers, they got her wider ought to be annihilated, there are few persons in the way, appointed officers among themselves, and went | United States that want much specie-but every out to cruise on their own account.
man sees it is the only thing that can balance, or conBy a proclamation of gen. Arismendi, outlawing troul issues of paper. We have had melancholy the irresistible and lier crew, it subsequently ap-proof of this, at the sacrifice of millions on millions pear's, that though the crew of the privateer La of dollars, by the industrious poor, to pamper the Criole, joined in the mutiny and chiefly went off in pride and glut the inordinate appetites. of specuthe Irresistible, that the vessel was saved from i lating scoundrels. I use these words deliberateiy: them.
notwithstanding all the shavings, quirkings, twistings
and frauds which the people are generally acquaint- formed men,that neither this bank, nor any one out of ed witb, I feel authorized to say, that the history of ten others paying their debts with money, can safely modern banking, particularly in the middle and west- and honestly divide more than six per cent. per anern sections of the United States, is as yet but very num, for a long time to come, unless there is some imperfectly known. The imagination of an honest great change in the commercial relations of the man can hardly conceive the stupendous villainies world. Any thing, therefore, like the preceding that have been contrived, and which must, and will, communication, ought to be severdy reprehended forever exist in every country where paper can be as if intended wilfully to deceive the public. forced upon the people in lieu of money. What is here said will be severely recollected in a year or Col. R. M. Johnson would not vote on the bank two, if the present wholesome purgation of the sys- questions before congress, because as the assignee tem is suffered to go on unimpeded; and some ex- of James Prentice, for the benefit of col. James posures will probably be made that will half fright- Johnson (his brother) a large amount of the stock en many people out of their wits. If the writer here- stood in his name. Further, a Kentucky paper of could tell what he knows, there is no one would says that wif the situation of Mr. Speaker Clay say that this picture is too highly colored: private and col. R. M. Johnson, of this state,'had allowed honor and his pledge as a gentleman, yet forbids— them to vote, their unqualified disapprobation and may forever conceal, several things which, if would have been given to a repeal of the bank charthey had been received without that plodge, would ter.” have been published. Expediency too, the vile doc- Semi-reciprocity. The British papers complain trine of expediency, may have some effect in certain that many of the forged bank of England notes come cases and a question might arise, whether in our from France. This may be a partial attempt to return present scate we are able to bear the truth? It is the compliment of the British government, which reformation that we have always aimed at a retire officially caused the late paper currency of France to ment from the waste and extravagance of the paper be forged, and sent off by waggon loads. The progye, to the economy and simplicity of honest times. bability, however, is, that the forgers of English
But to return a moment to "Homo." His division notes at Paris, are Englishmen. of the 64 millions of dollars, coined at the Mexican mint, is so far fetched as almost to provoke ridicule. From the first step!--The legislature of Georgia He wonld teach us that this is the whole amount of in its last session, but by a small majority and after the value of the precious metals raised in the world a warm opposition, wisely resolved to establish a for the period stated, and intimates that each person new bank at a flourishing town called Darien. We on the globe should h-ve a part of it!-He knows see in the Darien Gazette,”a very respectable news. better than to believe that any one can receive such paper, that the subscriptions for this stock were late. ideas. Three fourths of the population of the world ly made, and that some swindling, "business of sharpa know nothing of the Mexican coinage, or of the pro-ers," or, as we politely call it, speculation, took duce of its mines new modelled, except as a solitary place at the beginning.-But, indeed, how can we matter of ornament, if they have ever seen or heard of expect any thing else in building up a new bank, in it at al; and three fourths, perhaps, of the remaining times like these? We will give a reward in a piece fourth have little, if any thing at all to do with it: of paper marked 5 or 10 dollars, on either of the and with the few who use it, it is a simple thing of following banks, to any person who will seriously as. traffic, passing through a thousand hands, perform sure us, that any new bank has been established in ing a thousand offices, and fixing the value upon a the United States within the last five years, free of thousand things in the course of a year. And here- speculation: to wit, in is its essentialu., and the exercise of an indispen. Of the Merchants bank of Alexandria-of the sable quality to keep speculation in check and pro. German bank of Wooster, and two or three others tect honest men from oppression.
in Ohio; of the Parkersburg and Saline banks, of Vir. One year's practice of the principles set forth ginia; of sevéral in Pennsylvania; of the bank of So. in the address of the Philadelphia society for the pro. mersett, or the Elkton bank, of Maryland; or, the motion of home industry, is worth more than all the privilege of selection from a large heap of trash Bchemes about money-making, from the time of Law's which we unfortunately have on hand, consisting of Mississippi fraud to the founding of the Owl Creek counterfeit bank notes and bank notes counterfeit. bank.
A bill to incorporate the Exchange Bank at New
York, was rejected in the senate of that state by Banking Scraps.
the overwhelming majority of 12 votes. Good. Bank of the U.S. A short time ago the following silly article appeared in a Raleigh, N. C. paper, as a . The Hoo Hoo Bank. The Owl Creek Bank has communication: - .
Igiven public notice, that, in order to counteract the o United States bank.-The stock of this bank injurious tendency of the United States branch banks in is again looking up; having passed the ordeal, no that state, it has thought proper to follow the exam. fears are now felt for its future prosperity -$125 ple of the other state banks, and has therefore stop. per share, was offered in this city, for 50 shares a few ped payment of specie, and will probably “stay stop. days past, and refused sales."
ped,” as the expression is, for some time. So saye We had hoped that the day of such things had an Ohio paper. gone by. At the very time that this puff was published at Raleigh, the price of the stock was quoted (and The Western Herald, a newspaper printed at Steu. every body knows what a stock-broker's quotation benville, the intelligence and zeal of whose editor is!) at about 112. No sales were mentioned as hav- we have several times commended and always had ing taken place, at any ptice; and now, the nominal reason to respect, is headed thus The United value of this stock in the United States is only 104 | States' bank-every thing! The sovereignty of the Or 105; in London at 20 to 211-888 80 to 93 24! states--nothing.
We do not wish to say any thing more on this “At the close of some nervous remarks, he says particular subject-it is agreed upon by all best in-! Our opinion is, that if the U.S. bank is permitted
to tax us without our consent to locate branches such case, it shall give immediate notice thereof t among us without our consent-and said branches to such receivers and others who usually deposite pub be free from taxation for state purposes --we had lic monies in it; and the notes of any such bank, better, instead of calling a convention to amend our which may have been received by them before such 'constitution, call a convention to offer it up, uncon- notice, shall nevertheless, be taken by the “Farmditionally, to the general goverument, and return to ers' and Mechanics' bank," as cash. the territorial grade.”
1 2. That the bank shall pay, at sight, all drafts
which the treasurer of the U, States may draw on it; As it should be. The legislature of Pennsylvania and shall from time to time, transfer to the bank of has passed an act annulling the charter of any bank the United States or its branches (in such monies as (except for the purpose of immediately closing the will be received by it as cash) the excess of public concerns of the institution) that shall refuse to pay monies remaining on deposite after such drafts are its notes in the legal coin of the United States. The paid, over and above the sum of $100,000; which process to be by proclamation of the governor, ex. sum of $100,000 shall remain on deposite in said cept in the case of brokers or others in the habit bank during the continuance of this arrangement, of buying the notes of such bank at a price below and shall be transferred in like manner within six their nominal value: and if after such proclamation months after the said bank shall cerise to be employany bank shall issue its own notes, grant any new ed to receive the public monies. It is agreed, how. loan or declare a dividend of profits, every person ever, that if the amount received by the bank shall be consenting thereto shall be liable each in his indivi- so large, as that the expense of remittance shall exdual capacity. There is also a provision for the re-ceed the benefit of the deposite, the sum which is to covery of interest on a note not paid, on demand, by remain on deposite in that bank shall be proporany person, after the fist of August next.
tionally increased. We are thus happily retiring from the madness 3. That the bank shall render to the secretary of af paper-money-inaking--and trust, that in a reason the treasury and to the treasurer of the United able time, we shall get back to a wholesome curren States, duplicate monthly returns of its account with cy.
the treasurer; and shall, also, render to the secreta.
ry of the treasury monthly returns of the state of its The legislature of Pennsylvania has passed a re- affairs; which latter returns will be considered consolution to amend the constitution of the United fidential. In these latter returns will, also, be noStates, so as to forbid the establishment of a bank ticed the sums standing to the credit of any public by congress, except in the district of Columbia. officer or agent.
If those conditions are accepted by the bank, it Retiring banks, Far be it from iis to believe that will immediately give notice of its acceptance to the a majority of the persons who latterly engaged in secretary of the treasury; and the receivers of the making of banksare dishonest-though we must public monies at authorised, upon receiving believe, that, as a general rule, the chief promoters from the bank an official copy of such notice, to of them were---speculators. We see evidences of make deposites in the farmers and Mechanics' the honesty which we hoped existed, in the resolu- bank of Cincinnati: provided, however, that the tions of the stockliolders of several banks to close said bank shall previously have resumed specie paythe concerns of their institutions and dissolve their ments, and shall have given notice thereof in the associations.
Treasury department, 5th March, 1819. Bank of Wilmington and Brandywine. A numer. The banks referred to in the first article of the ous meeting of the stockholders of the above bank, foregoing articles are: was held at Wilmington, Del. on the 5th inst. and a Bank of Cincinnati, the Miami Exporting Comcommittee of six stockholders appointed, in con pany, Lebanon Miami Banking Company, Dayton junction with the board of directors, to examine the Manufacturing Company, Urbana Banking Compaatairs of the institution, and to report to an adjourn- ny, Bank of Chillicothe, Franklin Bank of Columbus, ed meeting on the 10th May next, “wliether it will | Lancaster Ohio Bank, Bank of Marietta, Belmont be most consistent with the public good and the in- Bank of St. Clairsville, Bank of Steubenville, Westterest of the stockholders to close the affairs of the ern Reserve Bank, Bank of Kentucky, and its bank, or to take measures for restoring its credil." branches, Farmers and Mechanics' Bank, Lexington,
Bank of Georgetown, Kv.Newport Bank,ky. Branch WESTERN BANKS.
Farmers and Mechanics' Bank of Indiana, at LauA Cincinnati paper of the 23d it. gives us therenceburgh, Indiana. following, as an arrangement of the treasury of the The bank will extend this list in proportion as it United States, to relieve the pressure upon certain can do it with safety. local banks, and thereby, also secure the collection of monies due the United States, for lands sold, &c. An arrangement, on the same principles, has It is considered as very beneficial to the people of been made with the bank of Steubenville, and, we Obio.
believe,with that of Chillicothe. The Steubenville He. Conditions on which the secretary of the treasury is wil. rald says— The receivers of public monies in Steu.
ling to employ the Farmers' and Mechanics' bank benville and Wooster, are instructed by the bank at Cincinnati, as a depository of public monies. of Steubenville to receive, as cash, notes of the 1. The bank will receive from the receivers of
U.States bank and branches, public monies, and others having monies to pay on Bank of Steubenville, account of treasury of the United States, the notes Farmers' & Mechanics' bank of Steubenville, of the banks, a list of which has been deposited in Bank of Pittsburgh, the office of the secretary of the treasury by the Banks of New York city, Philadelphia, and Balcashier of that bank, and credit the same to the trea
timore (except the Marine bank.*) surer of the United States as cash. The bank may, however, discontinue the notes of any of the said * Probably, on account of the great body of coun banks whicuerer it may deen it necessary; but interfeits on this bank, which are circulated through
New bank in Wheeling.
now appears, that the correspondence, from that im No note will be received under five dollars. pression, has found its way into several of the public '. The list will be extended to several other Ohiu papers. I confess, that a circulation has thusbeen banks, so soon as the necessary arrangements can given to it, much greater than was expected or inbe made—and probably to some of those of the dis- tended. The printed copies, which have faller rict of Columbia.
under my observation, are, however, with the exception of certain typographical errors, correct.
My present objects are to disavow the printing of Jackson_Clinton and Scott.
the correspondence, and to recal the word "gar.
bled,” twice used in the adelress -To the Public.”The following are the indignant terms in which gov.
: Have the goodness to append hereto, the letter and Clinton repels the insinuation of gen. Scott, that
extract of a letter on which the charge and the re. he was the author of the anonymous letter to gen,
to gen, cantation are respectively predicated. Jackson:
I will barely add, that although the first letter ap. To the public. Gen. Scott, of the arıny of the U. peared to have been cautiously written, I should imStates, having, in a letter of the 2d Jan. 1818, to mediately have desired my correspondent to re-exa. gen. Jackson, insinuated that I had written, dictated mine the subject, but that I had reason to suppose, or instigated an anonyinous letter to the latter gen- from himself, that he had left New York soon after tleman, from unworthy motives, and for improper the date of his letter.-The above retraction is vopurpose's; and having also concealed this imputation luntarily and cheerfully inade. from me, until the publication of a pamphlet which I remain, Messrs. Editors, your most obdt. reached me on the 4th instant, I have considered it
WINFIELD SCOTT. proper to declare, that I have had no agency or par.1 April 9th, 1819. ticipation in writing, dictating or instigating any anonymous letter whatever to general Jackson
Copy of a letter adılressed to major general Scott, dated that I am entirely ignorant of the author--and that
at New-York, March 20, 1819. . the intimation of general Scott is totally and unqualifiedly false, to all intents, and in all respects. This. DEAR GENERAL-I trust that you will excuse me declaration is made from motives of respect for pub- for troubling you on this occasion, but I considered lic opinion, and not from any regard for gen. Scolt, that you might be ignorant of the circumstànces I whose conduct, on this occasion, is such a total de. am about to mention, and perhaps they may be some, parture from honor and propriety, as to render him what important. untorthy of the notice of a man who has any respect
General Jackson, during his late visit to this place,
was at some trouble to cause to be widely distribut for himself.
ed his correspondence with you. He left with a It is not probable that I can at this time have any
ve any gentleman (late a lieutenant colonel in the army) a recollection of having hd the honor of seeing gen.
copy-say of the anonymous letter, his letter to you, Scott, on 9th of June, 1817, at a dinner in N. York, or
"Jyour reply, and his rejoinder, all certified by his A. of the topics of conversation as he suggests: circum. Ib. c. 'This late lieutenant colonel has even, in constances so unimportant are not apt to be impressed versation, proposed, that it should be published; but on the memory. But I feel a confident persuasion, I have understood that general Jackson was averse
( did not make use of any expressions incom- from this-but had no objection that it should be cir. patible with the high respect which I entertain for
for culated in MS.
DE WITT CLINTON. gen. Jackson. Albany, 6th April, 1319.
This transaction, perhaps, makes no impression
on your friends, which is at all disadvantageous; but By referring to the statement published in our !, in common with others, have conceived, that it is last, it seems to be implied by gen. Scott, as if hc malevolent in intention, and that the efforts of ma. had only on one occasion expressed an opinion of ny here will be exerted to support its mischievous gen. Jackson's order. The New York Columbian spirit. If you are not already informed of this, some says that gen. Scott has a most treacherous memo. advantage may be reaped from knowing, that all ry-his inculpations of gen. Jackson were almost as this has been done with feelings and intentions full public in this city, as his intentions of defacing our of animosity towards you. battery he was open and explicit in expressing I hope, that you will excuse any thing which may these opinions,” &c.
appear intermeddling or forward, as no one, dea!
general, can be more devotedly your friend and The Richmond Compiler of the 10th inst. contains well-wisher, than, &c.&c. the following letter, addressed to the editors.
GESTLEMEN-On the 18th ultimo, I commenced Extract of a letter addressed to maior rencral Scott, multiplying manuscript copies, with notes, &c, of
dated New York, April 5th, 1819. the correspondence into which I was accidentally ! On one point of the subject, I discover, with drawn in 1817, with major general Jackson, intensi. (mortification, that I have misled you: In mine of the ing to have made out some twenty copies in that second of V[arch, I made, it is true, a particular reshape, for the public. Before I had accomplished fcrence to the letters, copies of which were circuthat intention, some friend, no doubt, availed himself lated in MS. here. My accidental omission of the of one of the first copies put into circulation, and last of the series, has induced you to suppose, that caused it to be printed in a pamphlet form; and it the agents of general Jackson hall suppressed it.
For this I am very sorry, and to atone to my own the western country. The bank is as good as any feelings, must state explicitly, that the whole serica other in Baltimore, and has very properly changed was included in the manuscript circulated here, and its plates, though the counterfeit notes are easily were true copies, I believe, of those now in print, detected, by those acquainted with the genuine with the certificate, in the commmon form of cant. oncs,
Ev. Rec. Call, 20 A. D.C."
1 In this arduous undertaking, we request a patient
or and candid hearing from our fellow citizens. We Auldress of the Philadelphia society for the promotion of
| fondly hope for success: but if disappointed, we shall domestic industry, to the citizens of the United States.)
have the consolation of having endeavored to disNo. 1. Philadelphia, March 7.
charge a duty every good citizen owes to the country
which protects him—the duty of contributing his The Philadelphia society for the promotion of do
efforts to advance its interests and happiness. mestic industry, respectfully solicit your attention
Asa preliminary step, we propose to establish the to a few brief essays, on topics of vital importance).
utter fallacy of two maxims, supported by the authoto your country, yourselves, and posterity. They
rity of the name of Adam Smith, but pregnant with shall be addressed to your reason and understanding,
certain ruin to any nation by which they may be car. without any attempt to bias your feelings by decla-Irie mation.
This writer stands as pre-eminent in the estimaThe subject discussed in these essays, will be po-li
tion of a large portion of Christendom, as the Dellitical economy, which, in its broad and liberal sense,
phic Oracle of political economy, and there is such a Inay be fairly styled the science of promoting hu-l
"magic in his name, that it requires great hardihood man happiness; than which a more noble subject
to question any thing that he asserts or assumes; and cannot occupy the attention of men endowed with
" a high degree of good fortune to obtain a fair and pa: liberal minds, or inspired by public spirit. .
tient hearing for the discussion. It is to be regretted, that this important science
But at this enlightened period, we trust our citihas not had adequate attention bestowed on it in the
zens will scorn to surrender their reason into the U. States. And, unfortunately, so many contradic
guidance or guardianship of any authority whatever. tory systems are in existence, that statesmen and le
When a position is presented to the mind, the quesgislators, disposed to discharge their duty conscien
tion ought to be, not who delivered it, but what is tiously, and for that purpose, to study the books on
the nature of the subject, and how is it supported this subject, are liable to be confused and distracted
by reason and common sense, and especially by faci. by the unceasing discordance in the views of the
A theory, how plausible soever, and however propwriters,
ed up by a bread-roll of great names, ought to be reIt is happily, nevertheless, true, that the leading
6 garded with suspicion, if unsupported by fact--but principles of the science which safely conduct to the
if contrary to established fact, it ought to be unbesimost important and beneficent results, that are its
tatingly received. This course of procedure is ultimate object, arc plain and clear: and require, to be
strongly recommended by the decisive fact, that in distinctly comprehended and faithfully carried mto the long catalogue of wild, ridiculous, and absurd the. effect, no higher endowments than good sound sense,
ories on morals, religion, politics, or science, which and rectitude of intention. .
have had their reign among mankind, there is hardIt is a melancholy feature in human affairs, that
ly one that has not reckoned among its partisans imprudence and error often produce as copious a,
men of the highest celebrity.* And in the present harvest of wretchedness as absolute wickedness.
S: instance, the most cogent and conclusive facts bear llence arises an indisputable conviction of the impe
testiinony against many received doctrines of this rious necessity, in a country where so many of our
political economist, great as is his reputation. citizens may aspire to the characters of legislators!
We hope, therefore, that our readers will bring and statesmen, of a more general study of this sci
to this discussion, minds wholly liberated from the ence, a thorough knowledge of which is so essen
fascination of the name of the writer whose opinions
scinti tial among the qualifications for those important stall we undertake to combat, and a determination to tions.
weigh the evidence in the scales of reason, not those To remove all doubt on this point, we shall adduce,
21 of prejudice. in the course of these essays, various instances in which single errors of negociators and legislators
In order to render Dr. Smith full justice, and to have entailed much, and in many cases, more misery li
S remove all ground for cavil, we state his positions at
y length, in his own language. on nations, than the wild and destructive ambition of
1 To give the monopoly of the home market to conquerors. Unless in some extraordinary instances, lan
$; the produce of domestic industry, in any particular à sound policy on the restoration of peace, heals art or manufacture is in some mensure to direct the wounds inflicted by the war, and restores a na.
private people in what manner they ought to employ tion to its pristine state of case and comfort. Butlin
their capitals; and must, in almost all cases, be ei. numerous cases are on record, wherein an article of ther a useless or a hurtful regulation. If the domestic a treaty, of ten or a dozen lines, or an impolitic or unjust law, has germinated into the most ruinous industry, the regulation is evidently useless.
i produce can be broughi there as cheap as that of foreign
If it can. consequences for a century:
not, it must generally be hurtful. It is our intention in these essays "
"It is the maxim of every prudent master of a 1. To review in detail the policy of those nations which have enjoyed a high degree of prosperity,! *Montesqużeu, whose reputation was as great as with or without any extraordinary advantages from that of Dr. Smith, and whose Spirit of Laws has nature; and likewise of those whose prosperity has had as extensive a currency as the Wealth of Nabeen blasted by fatuitous counsels, notwithstanding tions, held the absurd idea, which remained uncongreat natural blessings:
troverted for half a century, that the habits, man2. To examine the actual situation of our country, ners, customs, and even virtues and vices, of nations, in order to ascertain whether we enjoy the advanta. were in a great measure governed by climate; so ges to wbich our happy form of government and lo- that a tolerable idea might be formed of those imcal situation entitle us; and if we do not, to investi- portant features of national character by consulting gate the cause to which the failure is owing: maps, and ascertaining latitudes and longitudes!
3. To develope the true principles of political Bacon studied judicial astrology! All the great men economy, suited to our situation and circumstances, of his day believed in magic and witchcraft! Johnand calculated to produce the greatest sum of hap- son had full faith in the story of the Cock-lane ghost! piness throughout the wide expanse of our territory. So much for great names,