1 ioned feelings of '76, would soon do wonders; if, to follow the example of New York) other states, and the government of the United States should become sensible, that to loan monies in aid of useful manufactures, and par. ticularly to joint stock associations, would be to act in conformity with the spirit of the constitution, by PROVIDING FOR THE GENERAL WELFARE. If the general government would subscribe any sum not exceeding one third of the capital to any and every well organized institution for such purposes, and pay there for in United States' stock, bearing a fair interest, but redeemable only in the public land offices; by such a plan, without the smallest burthen on the people, a threefold benefit would accrue : First, to the general treasury, in dividends on the manufactory stock; secondly, to the whole country, by the addition to an active capital now much wanted for these and other purposes; and thirdly, these United States stock certificates would enable the ready purchasers of Public Lands to be punctual in their future payments in a paper easy in transfer and safe from any such robberies as that at Cincinnati of the last year. Perhaps the importance of the subject may authorise the following reretition. First, it is a well authenticated fact that an average of at least ten per centum is gained on the stock now employed in the cotton line in Europe; where, for prime hands, at least 40 to 45 cents are paid; to which we might add the saving, or all the difference in the first cost of the raw ma terial at 20 to 24 cents a pound; then add the 25 per centum for duty, freight, insurance, and all other charges; and the calculator will find that at least double wages can be paid, and yet a greater profit would accrue to the American joint stockholders than can be made by banking, or perhaps by any other sure and steady employment for the same capital, or twenty-two millions of dollars; which may hereafter be increased with the increasing population and the consequent demands of our citizens for the infinite variety of cotton articles now in use, and daily extending, as well from the caprice of fashion as for comfortable and necessary clothing. It is indeed pleasing, in these times, to observe symptoms of returning patriotism. If all legislators were as fully aware of the modes by which the artful and ambitious seduce the affections of a people from correct principles, they would not be so negligent as they too often are, and thus favor conspiracies against our envied republic. PENNSYLVANIA has recently lent money to extend her roads: NEW YORK has been as liberal in aid of her new manufactures; and she has also done what the short-sighted may regard with indifferent feelings: But nevertheless, it will prove true, that by her late respectful tribute to all those citizens of the United States, who died a lingering and painful death while in close confinement for their fidelity to our common country, she has added her strongest link to the bright chain of THE UNION, and raised to her own fame a monument that shall point to Heaven till the end of time. No legislative acts have contributed more to the growth of Patriotism and to the preservation of Liberty than those in honor of the virtuous DEAD. S. B. |