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metals　which　his　raw　materials　have　cost　him。　Whoever　has　bought　at



high　prices　landed　property　and　has　left　a　portion　of　the　purchase



money　as　a　mortgage　debt　upon　it；　loses　his　ability　of　payment　and



his　property；　because；　under　diminished　prices；　probably　the　value



of　the　entire　property　will　scarcely　equal　the　amount　of　the



mortgage。　Whoever　has　taken　leases　of　property　under　a　state　of



high　prices；　finds　himself　ruined　by　the　decrease　in　prices；　or　at



least　unable　to　fulfil　the　covenants　of　his　leases。　The　greater　the



rising　and　falling　of　prices；　and　the　more　frequently　that



fluctuations　occur；　the　more　ruinous　is　their　effect　on　the



economical　conditions　of　the　nation　and　especially　on　credit。　But



nowhere　are　these　disadvantageous　effects　of　the　unusual　influx　or



efflux　of　precious　metals　seen　in　a　more　glaring　light　than　in



those　countries　which　are　entirely　dependent　on　foreign　nations　in



respect　of　their　manufacturing　requirements　and　the　sale　of　their



own　products；　and　whose　commercial　transactions　are　chiefly　based



on　paper　circulation。



　　　　It　is　acknowledged　that　the　quantity　of　bank　notes　which　a



country　is　able　to　put　into　and　to　maintain　in　circulation；　is



dependent　on　the　largeness　of　the　amount　of　metallic　money　which　it



possesses。　Every　bank　will　endeavour　to　extend　or　limit　its　paper



circulation　and　its　business　in　proportion　to　the　amount　of



precious　metals　lying　in　its　vaults。　If　the　increase　in　its　own



money　capital　or　in　deposits　is　large；　it　will　give　more　credit；



and　through　this　credit；　increase　the　credit　given　by　its　debtors；



and　by　so　doing　raise　the　amount　of　consumption　and　prices；



especially　those　of　landed　property。　If；　on　the　contrary；　an　efflux



of　precious　metals　is　perceptible；　such　a　bank　will　limit　its



credit；　and　thereby　occasion　restriction　of　credit　and　consumption



by　its　debtors；　and　by　the　debtors　of　its　debtors；　and　so　on　to



those　who　by　credit　are　engaged　in　bringing　into　consumption　the



imported　manufactured　goods。　In　such　countries；　therefore；　the



whole　system　of　credit；　the　market　for　goods　and　products；　and



especially　the　money　value　of　all　landed　property；　is　thrown　into



confusion　by　any　unusual　drain　of　metallic　money。



　　　　The　cause　of　the　latest　as　well　as　of　former　American



commercial　crises；　has　been　alleged　to　exist　in　the　American



banking　and　paper　system。　The　truth　is　that　the　banks　have　helped



to　bring　about　these　crises　in　the　manner　above　named；　but　the　main



cause　of　their　occurrence　is　that　since　the　introduction　of　the　'



compromise；　bill　the　value　of　the　English　manufactured　goods　has



far　surpassed　the　value　of　the　exported　American　products；　and　that



thereby　the　United　States　have　become　indebted　to　the　English　to



the　amount　of　several　hundreds　of　millions　for　which　they　could　not



pay　in　products。　The　proof　that　these　crises　are　occasioned　by



disproportionate　importation　is；　that　they　have　always　taken　place



whenever　（in　consequence　of　peace　having　set　in　or　of　a　reduction



being　made　in　the　American　customs　duties）　importation　of



manufactured　goods　into　the　United　States　has　been　unusually　large；



and　that　they　have　never　occurred　as　long　as　the　imports　of　goods



have　been　prevented　by　customs　duties　on　imports　from　exceeding　the



value　of　the　exports　of　produce。



　　　　The　blame　for　these　crises　has　further　been　laid　on　the　large



capital　which　has　been　expended　in　the　United　States　in　the



construction　of　canals　and　railways；　and　which　has　mostly　been



procured　from　England　by　means　of　loans。　The　truth　is　that　these　in



loans　have　merely　assisted　in　delaying　the　crises　for　several



years；　and　increasing　it　when　it　arose；　but　these　very　loans



themselves　have　evidently　been　incurred　through　the　inequality



which　had　arisen　between　the　imports　and　exports；　and　but　for　that



inequality　would　not　have　been　made　and　could　not　have　been　made。



　　　　While　North　America　became　indebted　to　the　English　for　large



sums　through　the　large　importation　of　manufactured　goods　which



could　not　be　paid　for　in　produce；　but　only　in　the　precious　metals；



the　English　were　enabled；　and　in　consequence　of　the　unequal　rates



of　exchange　and　interest　found　it　to　their　advantage；　to　have　this



balance　paid　for　in　American　railway；　canal　and　bank　stocks；　or　in



American　State　paper。



　　　　The　more　the　import　of　manufactured　goods　into　America



surpassed　her　exports　in　produce；　and　the　greater　that　the　demand



for　such　paper　in　England　became；　the　more　were　the　North　Americans



incited　to　embark　in　public　enterprises；　and　the　more　that　capital



was　invested　in　such　enterprises　in　North　America；　the　greater　was



the　demand　for　English　manufactured　goods；　and　at　the　same　time　the



disproportion　between　the　American　imports　and　exports。



　　　　If　on　the　one　hand　the　importation　of　English　manufactured



goods　into　North　America　was　promoted　by　the　credit　given　by　the



American　banks；　the　Bank　of　England　on　the　other　side　through　the



credit　facilities　which　it　gave　and　by　its　low　rates　of　discount



operated　in　the　same　direction。　It　has　been　proved　by　an　official



account　of　the　English　Committee　on　Trade　and　Manufactures；　that



the　Bank　of　England　lessened　（in　consequence　of　these　discounts）



the　cash　in　its　possession　from　eight　million　pounds　to　two



millions。　It　thereby　on　the　one　hand　weakened　the　effect　of　the



American　protective　system　to　the　advantage　of　the　English



competition　with　the　American　manufactories；　on　the　other　hand　it



thus　offered　facilities　for；　and　stimulated；　the　placing　of



American　stocks　and　State　paper　in　England。　For　as　long　as　money



could　be　got　in　England　at　three　per　cent。　the　American　contractors



and　loan　procurers　who　offered　six　per　cent　interest　had　no　lack　of



buyers　of　their　paper　in　England。



　　　　These　conditions　of　exchange　afforded　the　appearance　of　much



prosperity；　although　under　them　the　American　manufactories　were



being　gradually　crushed。　For　the　American　agriculturists　sold　a



great　part　of　that　surplus　produce　which　under　free　trade　they



would　have　sold　to　England；　or　which　under　a　moderate　system　of



protection　of　their　own　manufactories　they　would　have　sold　to　the



working　men　employed　therein；　to　those　workmen　who　were　employed　in



public　works　and　who　were　paid　with　English　capital。　Such　an



unnatural　state　of　things　could　not；　however；　last　long　in　the　face



of　opposing　and　divided　national　interests；　and　the　break　up　of　it



was　the　more　disadvantageous　to　North　America　the　longer　it　was



repressed。　As　a　creditor　can　keep　the　debtor　on　his　legs　for　a　long



time　by　renewals　of　credit；　but　the　bankruptcy　of　the　debtor　must



become　so　much　the　greater　the　longer　he　is　enabled　to　prolong　a



course　of　ruinous　trading　by　means　of　continually　augmented　credit



from　the　creditor；　so　was　it　also　in　this　case。



　　　　The　cause　of　the　bankruptcy　in　America　was　the　unusual　export



of　bullion　which　took　place　from　England　to　foreign　countries　in



consequence　of　insufficient　crops　and　in　consequence　of　the



Continental　protective　systems。　We　say　in　consequence　of　the



Continental　protective　systems；　because　the　English　　if　the



European　Continental　markets　had　remained　open　to　them　　would



have　covered　their　extraordinary　importations　of　corn　from　the



Continent　chiefly　by　means　of　extraordinary　export　of　English



manufactured　goods　to　the　Continent；　and　because　the　English



bullion　　even　had　it　flown　over　for　a　time　to　the　continent　



would　again　have　found　its　way　back　to　England　in　a　short　time　in



consequence　of　the　augmented　export　of　manufactured　goods。　In　such



a　case　the　Continental　manufactories　would　undoubtedly　have　fallen



a　sacrifice　to　the　English…American　commercial　operations。



　　　　As　matters　stood；　however；　the　Bank　of　England　could　only　help



itself　by　limiting　its　credit　and　increasing　its　rate　of　discount。



In　consequence　of　this　measure　not　only　the　demand　for　more



American　stocks　and　State　paper　fell　off　in　England；　but　also　such



paper　as　was　already　in　circulation　now　forced　itself　more　on　the



market。　The　United　States　were　thereby　not　merely　deprived　of　the



means　of　covering　their　current　deficit　by　the　further　sale　of



paper；　but　payment　of　the　whole　debt　they　had　contracted　in　the



course　of　many　years　with　England　by　means　of　their　sales　of　stocks



and　State　paper　became　liable　to　be　demanded　in　money。　It　now



appeared　that　the　cash　circulation　in　America　really　belonged　to



the　English。　It　appeared　yet　further