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dissent from the obitudieca of their own predeces. When the cause, not of the maufacturers alone, sors.

as was erroneously supposed, but of the whole na. The conclusion to which the court arrived was, tion, which was deeply involved in the question, was that a discharge obtained under our state laws, would powerfully pleaded before congress, the southern operate us a bar 10 a claim upon a contract made in this planters were admonished to secure themselves a stale, subsequently to the passage of the law, inasmuch, grand home market, independent of the caprice of 03 it must be supposed to have been made in reference foreign nations. They were prophetically warned to such law, and the possibility of a discharge of the of the ruinous consequences that must inevitably deb: without a full payment of the money to have been follow from the adoption of the contrary systein. at the time within the contemplation of the creditor. Trusting to a continuance of the very favorable mar.

The opinion of the court was given at much kets they then enjoyed, in which they could anticiJength, and will soon be published. The above pate no change, the petitions and memorials were sketch does not aim at giving the exact phraseology rejected. But the delusion is past and gone. The of the court, but the general outline is believed to age of sober reflection has arrived. And we trust be correct.

it is impossible for those whose rotes prevented such adequate protection to the cotton manufac

tures as would have secured an unfailing and in| National Interests.

creasing home market, to look back on those votes Address of the Philadelphia society for the promotion of

without the most heartfelt regret at the course they domestic industry, to the citizens of the Urated States.

pursued, not merely as it has affected their own inte

terests, but for the deleterious effects it has produc.. No. V.

ed, and is likely to continue to produce, on the wel. CONCLUDED.

fare of the nation. IV. VACANT LANDS.

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. I 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 gra-, which imposes a duty of 851. per cent. on them. vity advise the sufferers “to go back," and cultivate Had they-barely prohibited the low-priced articles, the soil in the wilderness, where there is ample and laid an adequate protecting duty on all other field for their industry. This is prescribed as a descriptions, cotton wool would probally have never sovereign and infallible remedy for all their evils. fallen below that price. So large, and so constantly

So much importance is attached to this idea, and increasing, a portion of it would be consumed in Its use is so general, we had almost said, so univer- this country, that it could not be materially affected sal, that it requires to be dilated on at some length, by the fluctuation of foreign markets. It now sells We shall consider it under two points of view at eighteen or twenty cents: and it is not easy to cal.

I. Are manufacturers, in general, capable of cul. culate how long it will remain at that rate. The va. tivating vacant lands?

lue 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 expi. fied that the mass of persons engaged in manufac. I ate their rejection of the earnest prayers of their tures are wholly unfit for agricultural employments; fellow citizens, who, as we have stated, were actualmore particularly clearing and cultivating those ly, as is now in full proof, ple:eding the cause of the vacant lands to which they are directed to resort, whole nation, and at least as much that of the cotton as a terrestrial paradise. A man who has spent the planters as of any other portion of our citizens.. prime of his life in making watches, cabinet ware,] The depreciation of the price of the two other hats or shoes, or weaving cloth, would be nearly as great staples of the country, tobacco and flour, is at much out of his element at agricultural labor, as a least as ruinous as that of cotton. farmer would be in a watchmaker's or latter's work. The reduction of the value of estates is not conshop.

fined to those of the otton planters, Real estate II. Suppose the thousands of manufacturers now generally, throughout the union, has suffered a vast out of employment, and those who are likely, from depreciation. In many places it has fallen onethe present stagnation of manufactures, trade and fourth--in others one-third, and in some even onecommerce, to be discharged, were to apply them- half. selves to agriculture, is there any chance of a mar. We do not pretend that the low tariff proccelled ket for the surplus of their productions

solely from the southern planters. ''This would be This is a vital question, and demands the most se contrary to the historical fact. Members from every rious and sober consideration,

1 state in the union, except three, voted for the exIts decision must affect the character of the past isting rates. But of all the members from the five political economy of our government, and clearly de- southern states, Maryland, Virginia, North Carolina, monstrate the future course pointed out to this ris. South Carolina and Georgia, only five voted against ing empire by sound political wisdom.

the reduction of the duty on cotton goods to tiven. In consequence of having an over proportion of ty-five per cent.* our population engaged in agricultural pursuits, theforeign markets are almost constantly glutted with "In order to present a correct view of this inte. our staple articles, which are frequently purchased resting subject, we annex the yeas and nays on a at a distance of three thousand miles at a far lower motion made by Mr. Forsyth, on the second of April, rate than in our scaport towns, And hence the 1816, to amend the report of the committee on the most ruinous losses are sustained by our merchants, bill to regulate the duties on imports, by striking of whom a large proportion are almost every year out thirty per cent. on cotton goods, proposed by thai blotted froin the map of the commercial world. committee, and substituting twenty-five :

In order to test more fully the correctness of the 1 of the United States. And hence the general de. prevailing idea we here combat, we will suppose it pression, the stagnation of business, the drain of carried generally into operation, and that a large the circulating medium, and the consequent depreproportion of the persons at present employed in ciation of their bank paper. 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 supply. factured goods from abroad, would both have been ing themselves with nearly every thing they require, greatly increased. Of course the prices of the for- a very large proportion of their clothing and otherarmer 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 globe!... " of policy would have produced.

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 four 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 similarcharges; eight barrels of Aour; they had a market for their what a state of dependence and poverty this policy four at home, and could purchase a coat for three is calculated to produce! Yet it is to a certain ex- or four barrels of four, 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 legisYEAS.--(Fortwenty-five per cent.) lature of the United States -- and what a strong sen. Nero Hampshire. Delaware. Smith

tence of condemnation it pronounces on Adam Atherton Clayton.


North Carolina.

Smith's theory!
Maryland. Clarke


This stands on nearly the same ground of error as

Goldsborough Forney

the preceding objections. During that period, the Massachusetts. Hanson


wages of labor were high--the expenses of transporBradbury Herbert King

tation of the raw materials, as well as the manufac. Nelson Pinkney


tured articles, very exorbitant-and those raw ma-

terials were sold at very high rates. All these cirHuggles Wright.

South Carolina. Taggart


cumstances combined to enhance the price of goods Ward.


of every description. Moreover, the heavy dis.

bursements for the purchase of millseats and erectLangdon Basset

Middi ton

ing 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 occurSturgess. Johuson Hall

rences of such a period. New York. Kerr


But suppose all the charges of this class were ju-

dicially proved; with what propriety, we boldly, but Lovett Mcoy


respectfully ask, could a planter who raised cotton Root. Nlson

Hardin Pennsylvania. Noyes


for 10 a 15 cents, and sold it at 30, and who would Burnside . Pleasants


without scruple have sold it at 75 or 100--or a mer. Hiestur Kandulph


chant who buys flour at ten dollars, carries it to the Sheffey

West Indies, where the people are in a state of starWhiteside. NAYS.

vation, and there, taking advantage of their distress,

sells at 30, 40, or 50 dollars-with what propriety, Massachusetts. Schenk


we say, can they reproach the manufacturer for hav.

ing sold cloth which cost him eight or nine dollars, Hulbert Wendover Wilson.

at twelve or thirteen? The application of the para. Paris Want


ble of the beam and the mote, was not confined to

the commencement of the Christian era. Its lesConviecticutta Yates.


New Jersey.
South Carolina,

sons are as necessary now as they were 1800 years

ago. Rhode Islands Balernan


On this point we once more refer to the luminous


maxim of Alexander Hamilton, contained in our Vermont. Pennsylvania Clendenin

third number, which is beyond the power of refutaChipman. Crawford Creighton.

tion, and which points ont the proper course to be New York, Darlington


Ipursued, with the hand of a master."



*«lhough it were true, that the immediate and

certain effect of regulations controlling the competrochero1 Lyle


tition of foreign with domestic fabrics, was an inGold Maclay


Hymulds.-60 I crease of price, it is universally true, that the contra:


. This maxim has received the strongest corroboty 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 ever 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 cotters 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-iness, 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 purined.

chased! Whatever plea there might be for this sysBut facts speak louder than words. For years tem in countries whose immoderate debts and enor. the 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 dimination of revenue resulting from the imers and planters bave 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 be paid off in a greater or less period of time! It sextortionatemanufacturers of cotton and woolen is, in a word, a question whether the nation shall fabrics, victims of a pernicious policy, have been pay off the debt, for instance, in ten or twenty years. ruined, and a large portion of the remainder are and during that period feel all the distress, embarbarely able to struggle along in hopes of a change rassment and poverty which have never failed and in the policy of the country,

never can fail to result from the neglect of protect. VI. LOSS OF REVENUE.

ing 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 an 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!

But we feel persuaded, that even confining our It is lamentable to think that in the enlightened views to the mere secondary object of reye iue, and nineteenth century, it should be necessary to com- utterly disregarding all higher concerns, the low bat such a prejudice!

tariff has been impolitic, which will appear manifest Let us calmly examine this objection, and see on from the following consideration. 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 adrnitted 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 wbose paramount duty it is to er of paying taxes. protect the interests and to promote the prosperi- The utter impolicy of depending almost wholly ay is the ultimate effect with every successful manufac-l on the impost for a revenue, was so striking during ture. When a domestic manufacture has attained the last war, and reduced the country to such a de. to perfection, and has engaged in the prosecution of plorable state in point of resources anal 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 system. It brought the which attend the importation of foreign commodi. United States to the verge of destruction. On 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 thie nation ought to have been called intime, than was the foreign article for which it is alto immediate operation, the grand source of reve. substitute. 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. I 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. D. 212. I 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 re. so frequently overstocked, has hitherto scarcely quire. England, the most commercial nation in the touched the farmers or planters. They have alınost | world, derivce only one fifth part of her revenues universally sold their produce at high rates. The from custoins. In 1793, ber revenue was above ruin, as already stated, has fallen on the merchants. sixty-three million

archants, 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 *Colquhoun on power and resources of Great Bri system

tain, p. 258, .





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The customs of the United States for the years since the war, and would now exhibit a most envias 1807 and 1808, were above thirty-two millions; ble spectacle of prosperity. It rends the heart of whereas, in 1814, they were not six millions; thus every citizen possessed of public spirit to behold this source of revenue, like a false friend, deserted the melancholy and appalling contrast that at prethe nation completely in the hour of need; and like sent pervades the nation. a deceitful friend, whose falsehood is fully proved, The United States possess a capacity of raising, ought never to be implicitly reliedon again.. and water power and mechanical skill to manufacVII. ENCOURAGEMENT OF SMUGGLING.

ture cotton, to an extent commensurate with the deThe refusal of adequate duties for the protection mand probably of the whole world. And it can of the manufactures of the United States has been hardly be doubted that by adequate encouragement, defended, anong other reasons, by the apprehen- in a few years this nation might have fully supplied sion of affording encouragement to smuggling. itself with cotton and woolen manufactures to the This plea will not stand scrutiny. It is a remarka- utmost extent ofits wants; and yet, wonderful to tell, ble fact, that the duties are higher on a variety of two-thirds of our cotton fabrics are brought from articles, not at present, nor likely to be, raised or three to ten thousand miles distance and seven, manufactured in this country, than on those which eighths of our woolens, three thousand! interfere with or destroy our national industry. We wish it to be clearly and distinctly understood,

In order to enable you, fallow citizens, to form a that though these addresses appear to advocate excorrect idea on this subject, and to appreciate the clusively the interests of the manufacturers, yet it is incorrectness of the plea, we annex a table of duties in appearance only. Our views embrace the inte. on sundry articles of both descriptions.

rests of the whole nation, on the most extended

scale. We storn all partial views: and aro convinc

Specitic Rite of d'ty

ed that if every manufacturer in the United States
duty per cent.

was in a prosperous situation, still sound policy reCents. Cents.

quires a radical revision of the tariff, in order to ar{Imperial tea, per lb. 165 a 67 50 80 rest the impoverishing drain of specie, resulting Hyson do. do. . 38 40 28

from an unfavorable balance of trade, and from the Souchong do. do... 20° a 351 2.

125 pernicious intercourse with India. The motive to Madeira wine, per gal.

our addresses is a clear and decided conviction that | lol1 . . . . . . |260

this nation can never be great, happy, or respectaSherry do. do. . 100 a 112 60

ble, while “it buys more than it sells," as it has done Cinnamon, per lb. . 40

ever since the war; while its treasures are lavished ICloves do. ... 45 a 50 150 a 52 at a distance of ten thousand miles to purchase fa. Cotton fabrics of every

brics, with which it could abundantly supply itself; description. ..

while it exports raw materials at thirty cents 2 Woolen inanufactures

pound, and receives the articles manufactured of fon all articles manu.

them from one dollar to six or eight;* and while we factured of brass, i

suffer our machinery to go to ruin, consign our masteel, pewter, lead, i

nufacturers to poverty, and furnish employment to or tin, brass wire, cutlery, pins, nee

*Two pieces of cambric, each containing twelve dles, buttons, earth.

yards, weighed, the one two pounds one-eighthen ware, pottery,

the other, two pounds one-fourth. The first is sold porcelain,china,&c.

at one dollar, and the other at sixty-two and a half&c.

cents per yard And there are much finer and high

er priced cambrics than either-some at one hunIt 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. Ifven or eight-an advance of from six hundred to the apprehension of encouraging smuggling had in- about eighteen hundred per cent. Huenced the rates of daties on cottons and woolens, We submit to the calm consideration of the rea. and 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 percent. amounted to fifteen millions of dollars. Suppose on cimamon, and fifty per cent. on cloves? The that we received only fifteen millions of this manus wart of sufficient protection of the national indus- factured into muslins and cambrics, at an average try, which is so conspicuous throughout the tarift, value of thirty-threecents 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 fürever. The utterly inadequate duty on dollars, amounting to double the value of the whole woolen goods sealed the condemnation and destruc- raw material cxported, exclusive of the remaining tion of more than half the merino sheep, which cost thirty-five millions of pounds of cotton. What an such iminense sums to our citizens, and which were appalling view of the policy of a nation which has beyond price, and ought to have been cherished as had the experience of all the world to guide its casthe appic of the eye."

reer! Is it wonderful, after reflecting on this and so Had the cotton and woolen inanufactures been many analogous features of our intercourse with protected by the lowest rates of duties on the seven foreign countries, that with advantages equal at first articles, in the above list, the United States least to those of any nation of ancient or modern would probably have saved 100,000,000 of dollars times, we should be surrounded by embarrassments

and difficulties, and that bankruptcy should stare us " It the places of exportation, respectively. Jin the face!


the machinery and manufacturers of other countries. N. B. In the list of articles prohibited in Russia;

We shall conclude this address with a new view as stated in our last number, we have_Cottons, of this subject which will appear paradoxical, but tissued, painted, printed or grey.The words in which, nevertheless, we hope will not be rejected the original are“Cotonades, tissues, avec or ou without duc consideration.

argent, peintes, imprimees ou perses." Perse, in We are strongly inclined to believe, that such ad. | Boyer's Dictionary, is rendered bluish grey, which ditional protection to the national industry, as would latter signification we adopted. But we have just have considerably diminished our. importations, seen a translation of the Russian tariff, in which the would not only have rescued this country from its line is expressed ---Cotton goods, wrought of cotton present distress and embarrassment, and ingared it intermixed with gold or silver, also dyed, printed, à high degree of happiness and prosperity, but, ex-or chintz.” It is therefore probable that we erred in traordinary as it may appear, would have provedad. our translation: vantageous even to Great Britain. . The value of a market, it cannot be denied, de

No. VI. pends 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 tirat the calamitous industry, and the impoverishment of the country, situation of our agriculture, manufactures, trade have chiefy arisen from the want of adequate pro- and commerce-the umfavorable 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 esercise 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 thdir fel. pot 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 tarift, 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, To the president of the United Stales. trade and commerce is generally very profound, is Sin-The subscribers with all due respect, subtoo obvious to require enforcement. Yet we are mit to your most serious consideration, the following persuaded that she has in the case of this country i reasons on which they venture to suggest the provery much mistaken her true interest.

priety of convening an extra session of congess. hat the United States were her best customer, Our agricultural productions, the great staples of is bevond doubt-and had the trade with us been our country, on which we relied to pay for our enorconducted with care and caution, she would have mous importations, and which, even at their highest: derived vastly more benefit than she has done, or is rates, would have been inadequate for that purpose, ever likely to do.

are either excluded from foreign markets, or reOurimporters order full as many goods as suit the duced in price from 25 to 40 per cent, without any consumption of the country, and in general rather probability of a favorable change. a superabundance. Had the supplies for this mai'. Our markets are deluged with merchandise from ket been confined to goods thus ordered, the im- foreign nations, vhile 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 ir: 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 aban.loj-here, and sacrificed at vendue, at very reduced pri-ed, whereby their proprietors, who placed reliance ces. The market is thus immoderately glutted, the on the protection of government, are ruined. prices of goods greatly reduced, the fair trader! Our commerce is almost equally prostrate, and deeply injured, and sometimes absolutely ruined, the capital of the country engaged in that useful by those who receive his orders.

branch, reduced since the war at least one third, Thus, independent of the heavy loss sustained by probably one half. the sacrifice of the goods sept 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 ruinoas. prospects in business are destroyed by this over- ly against us, whereby, after having remitted an ima trading.

mense amount of our government and bauk stockin It is therefore not improbable that the British payment which subjects the nation to a heavy an. merchants would receive nearly as large returns fornual permanent tax-we have been, and are alarm. two-thirds, perhaps for one half of the goods they ingly drained of our circulating medium, in consc. export to this country as they do for the whole. By quence of which our monied institutions are impo. the policy at present pursued, they absolutely ruin verished and crippled in their operations; agricultheir most valuable customers, and destroy their best ture, manufactures, trade and commerce paralized; market: and, the recent accounts from England and all classes of our citizens more or less injuriously prove that many of them ruin themselves. Thenu-aflected in their pursuits. merous bankruptcies in that country, it appears, are | Real estate has depreciated throughout the union greatly owing to the failure of remittances from from fifteen to thirty-five percent; and in many cases hence.

from fifty to sixty.

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