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this twofold reduction has been, to decrease the the augmented value of their property, and the value of all property, whether on the land or on renewal of their business, ample means to extrithe ocean, and which I suppose to be about fifty cate themselves from all their difficulties. The per centum. And the still further effect has greatest want of civilized society is, a market been, to diminish the amount of our circulating for the sale and exchange of the surplus of the medium, in a proportion not less, by its trans- produce of the labor of its members. This mission abroad, or its withdrawal by the banking market may exist at home or abroad, or both; institutions, from a necessity which they could but it must exist somewhere, if society prospers; not control. The quantity of money, in what- and, wherever it does exist, it should be comever form it may be, which a nation wants, is petent to the absorption of the entire surplus of in proportion to the total mass of its wealth, production. It is most desirable that there and to the activity of that wealth. A nation should be both a home and a foreign market. that has but little wealth, has but a limited want But, with respect to their relative superiority, I of money. In stating the fact, therefore, that cannot entertain a doubt. The home market the total wealth of the country has diminished, is first in order, and paramount in importance. within a few years, in a ratio of about fifty per The object of the bill under consideration, is, to centum, we shall, 'at once, fully comprehend create this home market, and to lay the foundathe inevitable reduction which must have en- tions of a genuine American policy. It is sued, in the total quantity of the circulating opposed; and it is incumbent upon the partisans medium of the country. A nation is most of the foreign policy (terms which I shall use prosperous when there is a gradual and un- without any invidious intent) to dexonstrate tempting addition to the aggregate of its circu- that the foreign market is an adequate vent for lating medium. It is in a condition the most the surplus produce of our labor. But is it so? adverse, when there is a rapid diininution in First, foreign nations cannot, if they would, the quantity of the circulating medium, and a take our surplus produce. If the source of consequent depression in the value of property. supply, no matter of what, increases in a greater In the former case, the wealth of individuals ratio than the demand for that supply, a glut of insensibly increases, and income keeps ahead of the market is inevitable, even if we suppose expenditure. But in the latter instance, debts both to remain perfectly unobstructed. The have been contracted, engagements made, and duplication of our population takes place in habits of expense established, in reference to the terms of about twenty-five years. The term existing state of wealth and of its representative. will be more and more extended as our numbers When these come to be greatly reduced, indi- multiply. But it will be a sufficient approxividuals find their debts still existing, their mation to assume this ratio for the present. engagements unexecuted, and their habits in- We increase, therefore, in population, at the rate veterate. They see themselves in the possession of about four per centum per annum. Supposof the same property, on which, in good faith, ing the increase of our production to be in the they had bound themselves. But that property, same ratio, we should, every succeeding year, without their fault, possesses no longer the same have of surplus produce, four per centum more value; and hence discontent, impoverishment, than that of the preceding year, without taking and ruin, arise. Let us suppose, Mr. Chairman, into the account the differences of seasons which that Europe was again the theatre of such a neutralize each other. If, therefore, we are to general war as recently raged throughout all her rely upon the foreign market exclusively, foreign dominions—such a state of the war as existed in consumption ought to be shown to be increasing her greatest exertions and in our greatest pros in the same ratio of four per centum per annum, perity; instantly there would arise a greedy if it be an adequate vent for our surplus produce. demand for the surplus produce of our industry, But, as I have supposed the measure of our for our commerce, for our navigation. The increasing production to be furnished by that languor which now prevails in our cities, and in of our increasing population, so the measure of our seaports

, would give way to an animated their power of consumption must be deterinined activity. Our roads and rivers would be crowd by that of the increase of their population. ed with the produce of the interior. Every Now, the total foreign population, who consume where we should witness excited industry. The our surplus produce, upon an average, do not precious metals would reflow from abroad upon double their aggregate number in a shorter term us. Banks, which have maintained their credit

, than that of about one hundred years. Our would revive their business; and new banks powers of production increases then, in a ratio would be established to take the place of those four times greater than their powers of consumpwhich have sunk beneath the general pressure. tion. And hence their utter inability to receive For it is a mistake to suppose that they have from us our surplus produce. produced our present adversity; they may have But, secondly, if they could, they will not. somewhat aggrazated it, but they were the The policy of all Europe is adverse to the recepeffect and the evidence of our prosperity. Pri- tion of our agricultural produce, so far as it ces would again get up; the former value of comes into collision with its own; and under property would be restored. And those embar- that limitation we are absolutely forbid to enter rassed persons who have not been already over- their ports, except under circumstances which whelmed by the times, would suddenly find, in deprive them of all value as a steady market

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The policy of all Europe rejects those great the amount of the exports of the same produce, staples of our country which consist of objects in the year ending on the thirtieth of September of human subsistence. The policy of all Europe last, ought to have been eighty-five millions four refuses to receive from us any thing but those hundred and twenty thousand eight hundred raw materials of smaller value, essential to their and sixty-one. It was, in fact, only forty-seven manufactures, to which they can give a higher millions one hundred and fifty-five thousand value, with the exception of tobacco and rice, four hundred and eight. Taking the average of which they cannot produce. Even Great Brit- five years, from 1803 to 1807, inclusive, the ain, to which we are its best customer, and amount of native produce exported, was fortyfrom which we receive nearly one half in value three millions two hundred and two thousand of our whole imports, will not take from us seven hundred and fifty-one for each of those articles of subsistence produced in our country years. Estimating what it ought to have been, cheaper than can be produced in Great Britain. during the last year, applying the principle sugIn adopting this exclusive policy, the States of gested to that amount, there should have been Europe do not inquire what is best for us, but exported seventy-seven millions seven hundred what suits themselves respectively; they do not and sixty-six thousand seven hundred and fiftytake jurisdiction of the question of our interests, one, instead of forty-seven millions one hundred but limit the object of their legislation to that and fifty-five thousand four hundred and eight. of the conservation of their own peculiar inter- If these comparative amounts of the aggregate ests, leaving us free to prosecute ours as we actual exports, and what they ought to have please. They do not guide themselves by that been, be discouraging, we shall find, on descendromantic philanthropy, which we see displayed ing into particulars, still less cause of satisfaction. here, and which invokes us to continue to pur- The export of tobacco in 1791, was one hundred chase the produce of foreign industry, without and twelve thousand four hundred and twentyregard to the state of prosperity of our own, eight hogsheads. That was the year of the that foreigners may be pleased to purchase the largest exportation of that article; but it is the few remaining articles of ours, which their only instance in which I have selected the maxirestricted policy has not yet absolutely excluded mum of exportation. The amount of what we from their consumption. What sort of a figure ought to have exported last year, estimated would a member of the British Parliament have according to the scale of increase which I have made, what sort of a reception would his oppo- used, is two hundred and sixty-six thousand sition have obtained, if he had remonstrated three hundred and thirty-two hogsheads. The against the passage of the corn-law, by which actual export was ninety-nine thousand and British consumption is limited to the bread-stuffs nine hogsheads. We exported, in 1803, the of British production, to the entire exclusion of quantity of one million three hundred and eleven American, and stated, that America could not thousand eight hundred and fifty-three barrels and would not buy British nanafactures, if of flour; and ought to have exported last year, Britain did not buy American flour?

two millions three hundred and sixty-one thouBoth the inability and the policy of foreign sand three hundred and thirty-three barrels. powers, then, forbid us to rely upon the foreign We, in fact, exported only seven hundred and market, as being an adequate vent for the sur- fifty-six thousand seven hundred and two barplus produce of American labor. Now let us rels. Of that quantity, we sent to South Amersee if this general reasoning is not fortified and ica one hundred and fifty thousand barrels, confirmed by the actual experience of this according to a statement furnished me by the country. If the foreign market may be safely diligence of a friend near me (Mr. Poinsett), to relied upon, as furnishing an adequate demand whose valuable mass of accurate information, in for our surplus produce, then the official docu- regard to that interesting quarter of the world, ments will show a progressive increase, from I have had occasion frequently to apply. But year to year, in the exports of our native pro- that demand is temporary, growing out of the duce, in a proportion equal to that which I have existing state of war. Whenever peace is resuggested. It, on the contrary, we shall find stored to it, and I now hope that the day is not from them that, for a long term of past years, distant when its independence will be generally some of our most valuable staples have retro- acknowledged, there cannot be a doubt that it graded, some remained stationary, and others will supply its own consumption. In all parts advanced but little, if any, in amount, with the of it, the soil, either from climate or from elevaexception of cotton, the deductions of reason tion, is well adapted to the culture of wheat; and the lessons of experience will alike coin- and nowhere can better wheat be produced, than mand us to withdraw our confidence in the in some portions of Mexico and Chili. Still the competency of the foreign market. The total market of South America is one which, on amount of all our exports of domestic produce other accounts, deserves the greatest considerafor the year, beginning in 1795, and ending on tion. And I congratulate you, the committee, the thirtieth of September, 1796, was forty mil. and the country, on the recent adoption of a lions seven hundred and sixty-four thousand more auspicious policy toward it. and ninety-seven. Estimating the increase ac- We exported, in 1803, Indian corn to the cording to the ratio of the increase of our popu- amount of two millions seventy-four thousand lation, that is, at four per centum per annum, six hundred and eight bushels. The quantity should have been, in 1823, three millions seven ours. We may even anticipate that she will hundred and thirty-four thousand two hundred more and more enter into competition with us and eighty-eight Þushels. The actual quantity in the supply of the West India market. That exported, was seven hundred and forty-nine of South America, for articles of subsistence, thousand and thirty-four bushels, or about one will probably soon vanish. The value of our fifth of what it should have been, and a little exports, for the future, may remain at about more than one-third of what it was more than what it was last year. But, if we do not create twenty years ago. We ought not, then, to be some new market; if we persevere in the exsurprised at the extreme depression of the price isting pursuits of agriculture, the inevitable of that article, of which I have heard my hon-consequence must be, to augment greatly the orable friend (Mr. Bassett) complain, nor of the quantity of our produce, and to lessen its value distress of the corn-growing districts adjacent in the foreign market. Can there be a doubt to the Chesapeake Bay. We exported seventy- on this point? Take the article of cotton, for seven thousand nine hundred and thirty-four example, which is almost the only article that barrels of beef in 1803, and last year but sixty- now remunerates labor and capital. A certain deone thousand four hundred and eighteen, instead scription of labor is powerfully attracted toward of one hundred and forty thousand two hundred the cotton-growing country. The cultivation and seventy-four barrels. In the same year will be greatly extended, the aggregate amount (1803) we exported ninety-six thousand six annually produced, will be vast.y augmented. hundred and two barrels of pork, and last year The price will fall. The more unfavorable soils fifty-five thousand five hundred and twenty-nine, will then be gradually abandoned. And I have instead of one hundred and seventy-three thou- no doubt that, in a few years, it will cease to sand eight hundred and eighty-two barrels. be profitably produced, any where north of the Rice has not advanced, by any means, in the thirty-fourth degree of latitude. But, in the proportion, which it ought to have done. All mean time, large numbers of the cotton-growthe small articles, such as cheese, butter, can- ers will suffer the greatest distress. And while dles, and so forth, too minute to detail, but this distress is brought upon our own country, important in their aggregate, have also materi- foreign industry will be stimulated by the very ally diminished. Cotton alone has advanced. cause which occasions our distress. For, by But, while the quantity of it is augmented, its surcharging the markets abroad, the price of actual value is considerably diminished. The the raw material being reduced, the manufactotal quantity last year, exceeded that of the turer will be able to supply cotton fabrics preceding year, by nearly thirty millions of cheaper; and the consumption, in his own pounds. And yet the total value of the year of country, and in foreign nations, other than ours smaller exportation, exceeded that of the last (where the value of the import must be limited year by upward of three and a half millions of to the value of the export, which I have supdollars. If this article, the capacity of our posed to remain the same), being proportionably country to produce which was scarcely known extended, there will be, consequently, an inin 1790, were subtracted from the mass of our creased demand for the produce of his industry. exports, the value of the residue would only be Our agriculture is our greatest interest. It a little upward of twenty-seven millions during ought ever to be predominant. All others the last year. The distribution of the articles should bend to it. And, in considering what is of our exports throughout the United States, for its advantage, we should contemplate it in cannot fail to fix the attention of the committee. all its varieties, of planting, farming, and grazOf the forty-seven millions one hundred and ing. Can we do nothing to invigorate it; nothfifty-five thousand four hundred and eight, to ing to correct the errors of the past, and to which they amounted last year, three articles brighten the still more unpromising prospects alone (cotton, rice, and tobacco) composed to which lie before us? We have seen, I think, gether twenty-eight millions five hundred and the causes of the distresses of the country. forty-nine thousand one hundred and seventy- We have seen, that an exclusive dependence

Now these articles are chiefly produced upon the foreign market must lead to still seat the South. And if we estimate that portion verer distress, to impoverishment, to ruin. We of our population who are actually engaged in must then change somewhat our course. We their culture, it would probably not exceed two must give a new direction to some portion of millions. Thus, then, less than one-fifth of the our industry. We must speedily adopt a genwhole population of the United States produced uine American policy. Still cherishing the upward of one-half, nearly two-thirds, of the foreign market, let us create also a home marentire value of the exports of the last year, ket, to give further scope to the consumption

Is this foreign market, so incompetent at pre- of the produce of American industry. Let us sent, and which, limited as its demands are, counteract the policy of foreigners, and withoperates so unequally apon the productive labor draw the support which we now give to their of our country, likely to improve in future? industry, and stimulate that of our own counIf I am correct in the views which I have pre- try. It should be a prominent object with wise sented to the committee, it must become worse legislators, to multiply the vocations and extend and worse. What can improve it? Europe the business of society, as far as it can be done, will not abandon her own agriculture to foster | by the protection of our interests at home,

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against the injurious effects of foreign legisla- vent for the surplus produce of the labor of all tion. Suppose we were a nation of fishermen, other interests. It is in vain to tantalize us or of skippers, to the exclusion of every other with the greater cheapness of foreign fabrics. occupation, and the legislature had the power There must be an ability to purchase, if an artito introduce the pursuits of agriculture and cle be obtained, whatever may be the price, manufactures, would not our happiness be pro- high or low, at which it is sold. And a cheap moted by an exertion of its authority? All the article is as much beyond the grasp of him who existing employments of society—the learned has no means to buy, as a high one. Even if it professions-commerce-agriculture—are now were true that the American manufacturer overflowing. We stand in each other's way. would supply consumption at dearer rates, it is Hence the want of employment. Hence the better to have his fabrics than the unattainable eager pursuit after public stations, which I have foreign fabrics; because it is better to be ill before glanced at. I have been again and again supplied than not supplied at all. A coarse shocked, during this session, by instances of coat, which will communicate warınth and solicitation for places, before the vacancies ex- cover nakedness, is better than no coat. The isted. The pulse of incumbents, who happen superiority of the home market results, first, to be taken ill, is not marked with more anxiety from its steadiness and comparative certainty by the attending physicians, than by those who at all times; secondly, from the creation of redesire to succeed them, though with very op- ciprocal interest; thirdly, from its greater seposite feelings. Our old friend, the faithful curity; and lastly, from an ultimate and not Bentinel

, who has stood so long at our door, and distant augmentation of consumption (and conthe gallantry of whose patriotism deserves to sequently of comfort), from increased quantity be noticed, because it was displayed when that and reduced prices. But this hoine market, virtue was most rare and most wanted, on a highly desirable as it is, can only be created memorable occasion in this unfortunate city, and cherished by the protection of our own became indisposed some weeks ago. The first legislation against the inevitable prostration of intelligence which I had of his dangerous ill. our industry, which must ensue from the action ness, was by an application for his unvacated of foreign policy and legislation. The effect place. I hastened to assure myself of the ex- and the value of this domestic care of our own tent of his danger, and was happy to find that interests will be obvious from a few facts and the eagerness of succession outstripped the pro- considerations. Let us suppose that half a milgress of disease. By creating a new and exten- lion of persons are now employed abroad in fabrisive business, then, we would not only give cating, for our consumption, those articles, of employment to those who want it, and augment which by the operation of this bill, a supply is inthe sum of national wealth, by all that this tended to be provided within ourselves. That new business would create, but we should me- half a million of persons are, in effect, subsisted liorate the condition of those who are now by us; but their actual means of subsistence are engaged in existing employments. In Europe, drawn from foreign agriculture. If we could particularly Great Britain, their large standing transport them to this country, and incorporate armies, large navies, large even on their peace them in the mass of our own population, there arrangement, their established church, afford to would instantly arise a demand for an amount their population employments, which, in that of provisions equal to that which would be rerespect, the happier constitution of our govern- quisite for their subsistence throughout the ment does not tolerate but in a very limited whole year. That demand, in the article of degree. The peace establishments of our army flour alone, would not be less than the quantity and our navy are extremely small, and I hope of about nine hundred thousand barrels, besides ever will be. We have no established church, a proportionate quantity of beef, and pork, and and I trust never shall have. In proportion as other articles of subsistence. But nine hundred the enterprise of our citizens in public employ: thousand barrels of flour exceeds the entire ments is circumscribed, should we excite and quantity exported last year, by nearly one huninvigorate it in private pursuits.

dred and fifty thousand barrels. What activity The creation of a home market is not only would not this give, what cheerfulness would necessary to procure for our agriculture a just it not communicate, to our now dispirited farmreward for its labors, but it is indispensable to ing interest! But if, instead of these five hunobtain a supply for our necessary wants. If we dred thousand artisans emigrating from abroad, cannot sell, we cannot buy. That portion of we give, by this bill, employment to an equal our population (and we have seen that it is not number of our own citizens, now engaged in less than four fifths.), which makes comparatively unprofitable agriculture, or idle from the want nothing that foreigners will buy, has nothing of business, the beneficial effect upon the proto make purchases with from foreigners. It is ductions of our farming labor would be nearly in vain that we are told of the amount of our doubled. The quantity would be diminished by exports supplied by the planting interest. They a subtraction of the produce from the labor of may enable the planting interest to supply all all those who should be diverted from its purits wants; but they bring no ability to the in- suits to manufacturing industry, and the value terests not planting; unless, which cannot be of the residue would be enhanced, both by that pretended, the planting interest was an adequate I diminution and the creation of the home mar

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ket, to the extent supposed. And the honora- | several years ago, estimated the total amount ble gentleman from Virginia may repress any of the artificial or machine labor of the nation, apprehensions which he entertains, that the to be equal to that of one hundred millions of plow will be abandoned, and our fields remain able-bodied laborers. Subsequent estimates of unsown. For, under all the modifications of her artificial labor, at the present day, carry it social industry, if you will secure to it a just to the enormous height of two hundred millions. reward, the greater attractions of agriculture But the population of the three kingdoms is will give to it that proud_ superiority which it twenty-one millions five hundred thousand. has always maintained. If we suppose no ac- Supposing, that to furnish able-bodied labor to tual abandonment of farming, but, what is most the amount of four millions, the natural lalikely, a gradual and imperceptible employment bor will be but two per centum of the artificial of population in the business of manufacturing, labor. In the production of wealth she opeinstead of being compelled to resort to agricul- rates, therefore, by a power (including the whole ture, the salutary effect would be nearly the population) of two hundred and twenty-one

Is any part of our common country millions five hundred thousand; or, in other likely to be injured by a transfer of the theatre words, by a power eleven times greater than of fabrication, for our own consumption, from the total of her natural power. If we suppose Europe to America? All that those parts, if the machine-labor of the United States to be any there be, which will not, and cannot en- equal to that of ten millions of able-bodied men, gage in manufactures, should require, is, that the United States will operate, in the creation their consumption should be well supplied; and of wealth, by a power (including all their popif the objects of that consumption are produced ulation) of twenty millions. In the creation of in other parts of the Union, that can manufac- wealth, therefore, the power of Great Britain, ture, far from having on that account any just compared to that of the United States, is as cause of complaint, their patriotism will and eleven to one. That these views are not imagought to inculcate a cheerful acquiescence in inary, will be, I think, evinced by contrasting what essentially contributes, and is indispensa- the wealth, the revenue, the power, of the two bly necessary, to the prosperity of the coinmon countries. Upon what other hypothesis can we family.

explain those almost incredible exertions which The great desideratum in political economy Britain made during the late wars of Europe ? is the same as in private pursuits ; that is, what Look at her immense subsidies! Behold her is the best application of the aggregate industry standing, unaided and alone, and breasting the of a nation, that can be made honestly to pro- storm of Napoleon's colossal power, when all duce the largest sum of national wealth? Labor continental Europe owned and yielded to its is the source of all wealth; but it is not natural irresistible sway; and finally, contemplate her labor only. And the fundamental error of the vigorous prosecution of the war, with and withgentleman from Virginia, and of the school to out allies, to its splendid termination on the which he belongs, in deducing, from our sparse ever-memorable field of Waterloo! The British population, our unfitness for the introduction works which the gentleman from Virginia has of the arts, consists in their not sufficiently quoted, portray a state of the most wonderful weighing the importance of the power of ma- prosperity, in regard to wealth and resources, chinery. In former times, when but little com- that ever was before contemplated. Let us parative use was made of machinery, manual look a little into the semi-official pamphlet, sabor, and the price of wages, were circum- written with great force, clearness, and ability, stances of the greatest consideration. But it is and the valuable work of Lowe, to both of far otherwise in these latter times. Such are which that gentleman has referred. The revethe improvements and the perfection of ma- nue of the United Kingdom amounted, during chinery, that, in analyzing the compound value the latter years of the war, to seventy millions of many fabrics, the element of natural labor of pounds sterling; and one year it rose to the is so inconsiderable as almost to escape detec- astonishing height of ninety millions sterling, tion. This truth is demonstrated by many facts. equal to four hundred millions of dollars. This Formerly, Asia, in consequence of the density was actual revenue, made up of real contribuof the population, and the consequent lowness tions, from the purses of the people. After the of wages, laid Europe under tribute for many close of the war, ministers slowly and relucof her fabrics. Now Europe reacts upon Asia, tantly reduced the military and naval establishand Great Britain, in particular, throws back ments, and accommodated them to a state of upon her countless millions of people the rich peace. The pride of power, every where the treasures produced by artificial labor, to a vast same, always unwillingly surrenders any of amount, infinitely cheaper than they can be those circumstances, which display its pomp and manufactured by the natural exertions of that exhibit its greatness. Cotemporaneous with portion of the globe. But Britain is herself the this reduction, Britain was enabled to lighten most striking illustration of the immense power some of the heaviest burdens of taxation, and of machinery. Upon what other principle can particularly that most onerous of all, the income you account for the enormous wealth which she tax. In this lowered state, the revenue of peace, has accumulated, and which she annually pro- gradually rising from the momentary depression duces ? A statistical writer of that country, I incident to a transition from war, attained, in

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