dissent from the obitudieca of their own predeces sors. The conclusion to which the court arrived was, that a discharge obtained under our state laws, would operate as a bar to a claim upon a contract made in this state, subsequently to the passage of the law, inasmuch, as it must be supposed to have been made in reference to such law, and the possibility of a discharge of the debt without a full payment of the money to have been at the time within the contemplation of the creditor. The opinion of the court was given at much length, and will soon be published. The above sketch does not aim at giving the exact phraseology of the court, but the general outline is believed to be correct. National Interests. Address of the Philadelphia society for the promotion of domestic industry, to the citizens of the United States. No. V. CONCLUDED. IV. VACANT LANDS. When the cause, not of the maufacturers alone, as was erroneously supposed, but of the whole nation, which was deeply involved in the question, was powerfully pleaded before congress, the southern planters were admonished to secure themselves a grand home market, independent of the caprice of foreign nations. They were prophetically warned of the ruinous consequences that must inevitably follow from the adoption of the contrary system. Trusting to a continuance of the very favorable markets they then enjoyed, in which they could anticipate no change, the petitions and memorials were rejected. But the delusion is past and gone. The age of sober reflection has arrived. And we trust, it is impossible for those whose votes prevented such adequate protection to the cotton manufactures as would have secured an unfailing and increasing home market, to look back on those votes without the most heartfelt regret at the course they pursued, not merely as it has affected their own in terests, but for the deleterious effects it has produced, and is likely to continue to produce, on the wel fare of the nation. At the time those votes were given, which signed Among the most formidable objections advanced and sealed the destruction of a large portion of the against the protection of national industry in the cotton manufacturers in the middle states, cotton form of manufactures, the extent of our vacant lands was thirty cents per pound. It was not necessary holds no mean place. Many members of congress, for congress to have adopted the policy of Russia and others, when they are told of the decline of ma- or France, which prohibits the importation of all nufactures-the bankruptcy of the manufacturers-cotton manufactures nor that of Great Britain, and the sufferings of the workmen, with great gravity advise the sufferers "to go back," and cultivate the soil in the wilderness, where there is ample field for their industry, This is prescribed as a sovereign and infallible remedy for all their evils, So much importance is attached to this idea, and Its use is so general, we had almost said, so universal, that it requires to be dilated on at some length, We shall consider it under two points of view I. Are manufacturers, in general, capable of cultivating vacant lands? which imposes a duty of 851. per cent. on them. Had they barely prohibited the low-priced articles, and laid an adequate protecting duty on all other descriptions, cotton wool would probably have never fallen below that price. So large, and so constantly increasing, a portion of it would be consumed in this country, that it could not be materially affected by the fluctuation of foreign markets. It now sells at eighteen or twenty cents: and it is not easy to calculate how long it will remain at that rate. The value of the estates of the southern planters is thus reIt requires but a moment's reflection to be satis-duced one third. Dearly, therefore, do they expified that the mass of persons engaged in manufactures are wholly unfit for agricultural employments; more particularly clearing and cultivating those vacant lands to which they are directed to resort, as a terrestrial paradise. A man who has spent the prime of his life in making watches, cabinet ware, hats or shoes, or weaving cloth, would be nearly as much out of his element at agricultural labor, as a farmer would be in a watchmaker's or hatter's work. shop. II. Suppose the thousands of manufacturers now out of employment, and those who are likely, from the present stagnation of manufactures, trade and commerce, to be discharged, were to apply themselves to agriculture, is there any chance of a market for the surplus of their productions? This is a vital question, and demands the most se rious and sober consideration, Its decision must affect the character of the past political economy of our government, and clearly demonstrate the future course pointed out to this rising empire by sound political wisdom. In consequence of having an over proportion of our population engaged in agricultural pursuits, the foreign markets are almost constantly glutted with our staple articles, which are frequently purchased at a distance of three thousand miles at a far lower rate than in our scaport towns. And hence the most ruinous losses are sustained by our merchants, of whom a large proportion are almost every year blotted from the map of the commercial world. ate their rejection of the earnest prayers of their fellow citizens, who, as we have stated, were actually, as is now in full proof, pleading the cause of the whole nation, and at least as much that of the cotton planters as of any other portion of our citizens. The depreciation of the price of the two other great staples of the country, tobacco and flour, is at least as ruinous as that of cotton. The reduction of the value of estates is not confined to those of the cotton planters. Real estate generally, throughout the union, has suffered a vast depreciation. In many places it has fallen onefourth-in others one-third, and in some even onehalf. We do not pretend that the low tariff proceeded solely from the southern planters. This would be contrary to the historical fact. Members from every state in the union, except three, voted for the existing rates. But of all the members from the five southern states, Maryland, Virginia, North Carolina, South Carolina and Georgia, only five voted against the reduction of the duty on cotton goods to twenty-five per cent.* *In order to present a correct view of this interesting subject, we annex the yeas and nays on a motion made by Mr. Forsyth, on the second of April, 1816, to amend the report of the committee on the bill to regulate the duties on imports, by striking out thirty per cent, on cotton goods, proposed by that committee, and substituting twenty-five : of the United States. And hence the general depression, the stagnation of business, the drain of the circulating medium, and the consequent depreciation of their bank paper. In order to test more fully the correctness of the prevailing idea we here combat, we will suppose it carried generally into operation, and that a large proportion of the persons at present employed in manufactures, had "gone back" and were "cultivat- Of this policy the state of Ohio has long been, and ing our vacant lands." The obvious consequence all the other western states are gradually becoming, would be, that the quantity of the agricultural pro- melancholy victims. It can never be sufficiently ductions of the country, and our demands for manu- regretted, that with a boundless capacity of supplyfactured goods from abroad, would both have been ing themselves with nearly every thing they require, greatly increased. Of course the prices of the for- avery large proportion of their clothing and other armer would have been still more ruinously reduced, ticles should be drawn from Europe, and that the and the nation still more drained than it is, of a cir-produce of their industry should depend for its value culating medium. It does not require much skill to on the state of the markets in that quarter of the calculate what ruinous consequences such a system of policy would have produced. globe! Let us exhibit a brighter picture, on which the Before we dismiss this part of our subject, we mind can dwell with delight; a picture, which a wish, fellow-citizens, to present it in another point correct tariff could not have failed to produce, and of view. Suppose 10,000 agricultural citizens set which, we trust, the wisdom of congress will ere tled in the interior of any of the western states, and log produce. Let us suppose that these ten thou acting on the maxim of Adam Smith, that is, "buy-sand citizens had linen, cotton, woolen, and leather ing where they can purchase the cheapest"-of manufactures adequate to their wants in their imcourse in Europe and in the East Indies, at a dis-mediate vicinity, and that instead of sending tance of from three to ten thousand miles, subject to their flour and tobacco to New Orleans and thence all the variety of charges incidental to such a com- to Liverpool, the former at four or five dollars per merce and then transmitting their surplus produc-barrel, and of course purchasing a coat with six or tions three thousand miles, subject to similar charges; eight barrels of flour; they had a market for their what a state of dependence and poverty this policy flour at home, and could purchase a coat for three is calculated to produce! Yet it is to a certain ex- or four barrels of flour, and in the same proportion tent the situation of a large portion of the interior for other other articles. What a contrast! what a a lesson does this superficial view furnish the legislature of the United States-and what a strong sentence of condemnation it pronounces on Adam Smith's theory! YEAS. (For twenty-five per cent.) New Hampshire. Atherton Stearns Wright. Breckenridge Hawes Hungerford North Carolina. Delaware. Clayton. Smith Cilley Hale Maryland. Webster Wilcox Archer Virginia. Vermont. Barbour Langdon Basset "Connecticut. Champion Goodwyn Hardin V. EXTORTION DURING THE WAR. This stands on nearly the same ground of error as the preceding objections. During that period, the wages of labor were high --the expenses of transportation of the raw materials, as well as the manufactured articles, very exorbitant-and those raw materials were sold at very high rates. All these circumstances combined to enhance the price of goods of every description. Moreover, the heavy disbursements for the purchase of millseats and erecting machinery, required extraordinary profits. And, finally, the disorders and irregularities of a state of warfare, forbid men of sound minds from grounding any general inferences on the occurrences of such a period. But suppose all the charges of this class were judicially proved; with what propriety, we boldly, but respectfully ask, could a planter who raised cotton for 10 a 15 cents, and sold it at 30, and who would without scruple have sold it at 75 or 100--or a merchant who buys flour at ten dollars, carries it to the West Indies, where the people are in a state of starvation, and there, taking advantage of their distress, sells at 30, 40, or 50 dollars—with what propriety, we say, can they reproach the manufacturer for hav ing sold cloth which cost him eight or nine dollars, at twelve or thirteen? The application of the parable of the beam and the mote, was not confined to the commencement of the Christian era. Its lessons are as necessary now as they were 1800 years ago. On this point we once more refer to the luminous maxim of Alexander Hamilton, contained in our third number, which is beyond the power of refutation, and which points out the proper course to be pursued, with the hand of a master.* *Though it were true, that the immediate and certain effect of regulations controlling the competition of foreign with domestic fabrics, was an increase of price, it is universally true, that the contra This maxim has received the strongest corrobo- |ty of a nation, should for a moment prefer to have ration from the practical experience of the United its wealth, to such an extent, drained away for the States, which is within the knowledge of almost eve-benefit of a foreign country, merely because it could ry individual in it. There is probably not a single draw a portion of the amount to the coffers of the article manufactured here, which is not sold at a fair state! That is to say, in order to simplify the busiprice. This can never fail to be the case, in a coun-ness, can it be reconcilable to sound policy, to send try where there is so much capital, and so much indus- 15,000,000 of dollars to India and China, or elsetry, at all times ready to be employed in any pursuit where, to support the industry, the manufactures, which affords a reasonable prospect of remunera- and the agriculture of those countries, instead of tion. In fact, the competition is, in very many cases, retaining it at home for the advantage of our own carried so far, that prices are reduced too low and citizens, merely because the treasury could raise in consequence many of the competitors are ru-three or four millions out of the articles thus purchased! Whatever plea there might be for this sys ined. But facts speak louder than words. For years tem in countries whose immoderate debts and enorthe agriculturalists have been led astray by ground-mous expenses require paramount attention to raisless accusations of the extortions of manufacturers, ing a large revenue, it is wholly inapplicable in the which have been an unceasing source of declama- United States, whose debts and expenses are comtion, and been regarded as an unanswerable argu-paratively light, and whose means of discharging ment against complying with the requests of this them are so abundant. class of citizens. During this whole time, the farm- Any diminution of revenue resulting from the imers and planters have been realizing the most exor-position of the duties necessary to protect national bitant profits; amassing large and independent for-industry, would only affect the question of the du tunes; and exhibiting a degree of prosperity rarely ration of the debt itself, that is, whether it should exceeded.* On the contrary, nearly one-half of the "extortionate" manufacturers of cotton and woolen fabrics, victims of a pernicious policy, have been ruined, and a large portion of the remainder are barely able to struggle along in hopes of a change in the policy of the country. VI. LOSS OF REVENUE. be paid off in a greater or less period of time! It is, in a word, a question whether the nation shall pay off the debt, for instance, in ten or twenty years, and during that period feel all the distress, embarrassment and poverty which have never failed and never can fail to result from the neglect of protecting national industry-or take twenty-five or thirty The solicitude to avoid imparing the revenue, by years to pay it off, and in the mean time enjoy all prohibiting the importation of any articles, or by the bounties, the blessings, the happiness which such high protecting duties as might operate to di-heaven has placed within our reach! We trust there minish importation, has been openly avowed in con- never will be any hesitation, in future, on the gress among the reasons for rejecting the prayers choice! of the manufacturers for protection! It is lamentable to think that in the enlightened nineteenth century, it should be necessary to combat such a prejudice! But we feel persuaded, that even confining our views to the mere secondary object of revenue, and utterly disregarding all higher concerns, the low tariff has been impolitic, which will appear manifest from the following consideration. Let us calmly examine this objection, and see on what ground it rests. Let us suppose the annual It has encouraged extravagant importations, for amount of our importations of cotton fabrics, to be a few years, whereby the revenue has, it is true, 15,000,000 of dollars; and that by adequate protec- gained in proportion as the country has been imtion, they could be manufactured among ourselves,poverished. But that impoverishment, and the ruin and this large sum retained in the country; can it be that spreads far and wide, must necessarily produce admitted for a moment that the question of manu- a diminution of future importations proportioned to facturing or importing should be decided by the the past excess, and has further produced the laoperation on the fiscal concerns of the country? or mentable consequence of a diminution of the pow. that a government whose paramount duty it is to er of paying taxes. protect the interests and to promote the prosperiry is the ultimate effect with every successful manufac. ture. On The utter impolicy of depending almost wholly on the impost for a revenue, was so striking during When a domestic manufacture has attained the last war, and reduced the country to such a deto perfection, and has engaged in the prosecution of plorable state in point of resources and finances, that it a competent number of persons, it invariably be-sound wisdom enters a most solemn protest against comes cheaper. Being free from the heavy charges the continuance of such a systein. It brought the which attend the importation of foreign commodi- United States to the verge of destruction. ties, it can be afforded cheaper, and accordingly sel- the commencement of the war, when the utmost dom or never fails to be sold cheaper, in process of energies of the nation ought to have been called intime, than was the foreign article for which it is a to immediate operation, the grand source of revesubstitute. The internal competition which takes nue was at once cut off, and invaluable time was place, soon does away every thing like monopoly; wasted in preparing a substitute. This must be the and by degrees reduces the price of the article to the case in all future wars, from which the experience minimum of a reasonable profit on the capital employed. of all mankind forbids us to hope for an exemption. This accords with the reason of the thing, and with Whereas, if manufactures were duly protected, experience."-Hamilton's Works, vol. i. p. 212. they would bear, and the manufacturers would *The ruin resulting from the excessive quanti- cheerfully pay, moderate duties, which in time of ties of our produce, with which foreign markets are war might be enlarged as circumstances would reso frequently overstocked, has hitherto scarcely quire. England, the most commercial nation in the touched the farmers or planters. They have almost world, derives only one fifth part of her revenues universally sold their produce at high rates. The from customs. In 1793, her revenue was above ruin, as already stated, has fallen on the merchants. sixty-three millions of pounds sterling, of which the The farmers and planters, however, now begin to customs vielded not quite twelve.* participate largely in the pernicious effects of this system. *Colquhoun on power and resources of Great Bri tain, p. 258, The customs of the United States for the years 1807 and 1808, were above thirty-two millions; whereas, in 1814, they were not six millions; thus this source of revenue, like a false friend, deserted the nation completely in the hour of need; and like a deceitful friend, whose falsehood is fully proved, ought never to be implicitly relied on again." VII. ENCOURAGEMENT OF SMUGGLING. The refusal of adequate duties for the protection of the manufactures of the United States has been defended, among other reasons, by the apprehension of affording encouragement to smuggling. This plea will not stand scrutiny. It is a remarkable fact, that the duties are higher on a variety of articles, not at present, nor likely to be, raised or manufactured in this country, than on those which interfere with or destroy our national industry. In order to enable you, fellow citizens, to form a correct idea on this subject, and to appreciate the incorrectness of the plea, we annexa table of duties on sundry articles of both descriptions. since the war, and would now exhibit a most enviag ble spectacle of prosperity. It rends the heart of every citizen possessed of public spirit to behold the melancholy and appalling contrast that at present pervades the nation. The United States possess a capacity of raising, and water power and mechanical skill to manufacture cotton, to an extent commensurate with the demand probably of the whole world. And it can hardly be doubted that by adequate encouragement, in a few years this nation might have fully supplied itself with cotton and woolen manufactures to theutmost extent ofits wants; and yet, wonderful to tell, two-thirds of our cotton fabrics are brought from three to ten thousand miles distance-and seveneighths of our woolens, three thousand! We wish it to be clearly and distinctly understood, that though these addresses appear to advocate exclusively the interests of the manufacturers, yet it is in appearance only. Our views embrace the interests of the whole nation, on the most extended scale. We storn all partial views: and are convinced that if every manufacturer in the United States was in a prosperous situation, still sound policy requires a radical revision of the tariff, in order to arrest the impoverishing drain of specie, resulting from an unfavorable balance of trade, and from the pernicious intercourse with India. The motive to our addresses is a clear and decided conviction that this nation can never be great, happy, or respectable, while "it buys more than it sells," as it has done ever since the war; while its treasures are lavished at a distance of ten thousand miles to purchase fa brics, with which it could abundantly supply itself; while it exports raw materials at thirty cents a pound, and receives the articles manufactured of them from one dollar to six or eight;* and while we suffer our machinery to go to ruin, consign our manufacturers to poverty, and furnish employment to *Two pieces of cambric, each containing twelve yards, weighed, the one two pounds one-eighththe other, two pounds one-fourth. The first is sold at one dollar, and the other at sixty-two and a halfcents per yard And there are much finer and higher priced cambrics than either-some at one hun It is painful to us to state, but regard to truth, dred and twenty-five, and one hundred and fifty and to the dearest interests of our country, oblige cents. Thus the cotton, which we sell raw from us to state, that we do not believe that the tariff of thirty to fifty cents per pound, is returned to us, any country has ever exhibited more impolitic fea-manufactured, at the rate of from two dollars to setures than are to be seen in the above abstract. If ven or eight-an advance of from six hundred to the apprehension of encouraging smuggling had in- about eighteen hundred per cent. fluenced the rates of duties on cottons and woolens, We submit to the calm consideration of the reaand on the variety of articles above enumerated, der, a calculation which cannot fail to astonish him. which are rated at only twenty per cent. ought it In 1816 we exported to Great Britain about fifty not to have prevented the imposition of eighty per millions of pounds of cotton, which, at thirty cents, cent. on teas, fifty per cent. on wines, sixty per cent. amounted to fifteen millions of dollars. Suppose on cinnamon, and fifty per cent. on cloves? The that we received only fifteen millions of this manuwant of sufficient protection of the national indus-factured into muslins and cambrics, at an average try, which is so conspicuous throughout the tariff, value of thirty-three cents per yard, it would amount cannot be defended on the ground of apprehension to about two dollars per pound. For the fifteen milof promoting smuggling, which plea must be aban-lion pounds we of course paid thirty millions of doned forever. The utterly inadequate duty on dollars, amounting to double the value of the whole woolen goods sealed the condemnation and destruction of more than half the merino sheep, which cost such immense sums to our citizens, and which were beyond price, and ought to have been cherished as "the apple of the eye." Had the cotton and woolen manufactures been protected by the lowest rates of duties on the seven first articles, in the above list, the United States would probably have saved 100,000,000 of dollars *At the places of exportation, respectively. raw material exported, exclusive of the remaining thirty-five millions of pounds of cotton. What an appalling view of the policy of a nation which has had the experience of all the world to guide its career! Is it wonderful, after reflecting on this and so many analogous features of our intercourse with foreign countries, that with advantages equal at least to those of any nation of ancient or modern times, we should be surrounded by embarrassments and difficulties, and that bankruptcy should stare us in the face! the machinery and manufacturers of other countries. We shall conclude this address with a new view of this subject which will appear paradoxical, but which, nevertheless, we hope will not be rejected without duc consideration. We are strongly inclined to believe, that such additional protection to the national industry, as would have considerably diminished our. importations, would not only have rescued this country from its present distress and embarrassment, and insured it a high degree of happiness and prosperity, but, extraordinary as it may appear, would have proved advantageous even to Great Britain. N. B. In the list of articles prohibited in Russia; as stated in our last number, we have-"Cottons, tissued, painted, printed or grey." The words in the original are "Cotonades, tissues, avec or ou argent, peintes, imprimees ou perses.' 33 Perse, in Boyer's Dictionary, is rendered bluish grey, which latter signification we adopted. But we have just seen a translation of the Russian tariff, in which the line is expressed-"Cotton goods, wrought of cotton intermixed with gold or silver, also dyed, printed, or chintz." It is therefore probable that we erred in our translation. No. VI. The value of a market, it cannot be denied, depends not on the quantity of goods sold, but on the Philadelphia, May 15, 1819. quantity paid for. And as there appears no reason The society for the promotion of national industo doubt that the present paralysis of the national try, impressed with a belief that the calamitous industry, and the impoverishment of the country, situation of our agriculture, manufactures, trade have chiefly arisen from the want of adequate pro-and commerce-the unfavorable balance of trade tection to our manufactures, by which many of them the exhausting drain of specie and the reduchave received a severe, and some a deadly stroke; tion of the prices of real estate, and of the grand and, moreover, as this impoverishment has reduced staples of our country, require the exercise of the many of our importers to bankruptcy, and incapaci- wisdom of the legislature of the United States to tated a considerable proportion of the remainder apply an early and efficient remedy, hope it will from discharging their engagements at present; not be regarded as an undue interference, that they whereby the merchants of Great Britain experience venture to submit to the consideration of their felnot only very great temporary disappointments and low citizens throughout the union, the following difficulties, but will ultimately suffer immense loss- form of a respectful application to the president, es; it conclusively follows, that our position, howe- for an early call of congress. Should the measure ver paradoxical it may appear, is perfectly tenable. be found necessary, it is of little consequence with The injurious operation of an inadequate tariff, whom it originates:-should the contrary opinion has been, moreover, greatly aided by a system pur- prevail, the motive cannot fail, with all good men, sued in Great Britain, which may deserve explana- to apologize for the suggestion. tion. That her policy on the subject of manufactures, trade and commerce is generally very profound, is too obvious to require enforcement. Yet we are persuaded that she has in the case of this country very much mistaken her true interest. That the United States were her best customer, is beyond doubt-and had the trade with us been conducted with care and caution, she would have derived vastly more benefit than she has done, or is ever likely to do. To the president of the United States. SIR-The subscribers with all due respect, submit to your most serious consideration, the following reasons on which they venture to suggest the propriety of convening an extra session of congess. Our agricultural productions, the great staples of our country, on which we relied to pay for our enor mous importations, and which, even at their highest rates, would have been inadequate for that purpose, are either excluded from foreign markets, or reduced in price from 25 to 40 per cent. without any probability of a favorable change. Our importers order full as many goods as suit the consumption of the country, and in general rather a superabundance. Had the supplies for this mar- Our markets are deluged with merchandise from ket been confined to goods thus ordered, the im- foreign nations, while thousands of our citizens, porters might have prospered, and the debts been able and willing to work, and capable of furnishing paid with tolerable punctuality. But it too frequent- similar articles, are unable to procure employment, ly happens that after an order is received from this our manufacturing establishments are generally in country, and filled, two or three similar assort-a languishing condition, and many of them, in which ments are made up, shipped, consigned to an agent immense sums have been invested, wholly abandonhere, and sacrificed at vendue, at very reduced pri-ed, whereby their proprietors, who placed reliance ces. The market is thus immoderately glutted, the prices of goods greatly reduced, the fair trader deeply injured, and sometimes absolutely ruined, by those who receive his orders. on the protection of government, are ruined, Our commerce is almost equally prostrate, and the capital of the country engaged in that useful branch, reduced since the war at least one third, probably one half. Thus, independent of the heavy loss sustained by the sacrifice of the goods sent on consignment, im- The balance of trade in consequence of excessive mense losses arise from the failure of those whose importations, has been, and continues, most ruinoasprospects in business are destroyed by this over-ly against us, whereby, after having remitted an imtrading. mense amount of our government and bank stock in payment which subjects the nation to a heavy annual permanent tax-we have been, and are alarmingly drained of our circulating medium, in conse quence of which our monied institutions are impo. verished and crippled in their operations; agriculture, manufactures, trade and commerce paralized; and all classes of our citizens more or less injuriously It is therefore not improbable that the British merchants would receive nearly as large returns for two-thirds, perhaps for one half of the goods they export to this country as they do for the whole. By the policy at present pursued, they absolutely ruin their most valuable customers, and destroy their best market: and, the recent accounts from England prove that many of them ruin themselves. The nu-affected in their pursuits. merous bankruptcies in that country, it appears, are greatly owing to the failure of remittances from hence. Real estate has depreciated throughout the union from fifteen to thirty-five per cent; and in many cases from fifty to sixty. |