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appeared　that　the　cash　circulation　in　America　really　belonged　to



the　English。　It　appeared　yet　further　that　the　English　could　dispose



of　that　ready　money　on　whose　possession　the　whole　bank　and　paper



system　of　the　United　States　was　based；　according　to　their　own



inclination。　If；　however；　they　disposed　of　it；　the　American　bank



and　paper　system　would　tumble　down　like　a　house　built　of　cards；　and



with　it　the　foundation　would　fall　whereon　rested　the　prices　of



landed　property；　consequently　the　economical　means　of　existence　of



a　great　number　of　private　persons。



　　　　The　American　banks　tried　to　avoid　their　fall　by　suspending



specie　payments；　and　indeed　this　was　the　only　means　of　at　least



modifying　it；　on　the　one　hand　they　tried　by　this　means　to　gain　time



so　as　to　decrease　the　debt　of　the　United　States　through　the　yield



of　the　new　cotton　crops　and　to　pay　it　off　by　degrees　in　this



manner；　on　the　other　hand　they　hoped　by　means　of　the　reduction　of



credit　occasioned　by　the　suspension　to　lessen　the　imports　of



English　manufactured　goods　and　to　equalise　them　in　future　with



their　own　country's　exports。



　　　　How　far　the　exportation　of　cotton　can　afford　the　means　of



balancing　the　importation　of　manufactured　goods　is；　however；　very



doubtful。　For　more　than　twenty　years　the　production　of　this　article



has　constantly　outstripped　the　consumption；　so　that　with　the



increased　production　the　prices　have　fallen　more　and　more。　Hence　it



happens　that；　on　the　one　hand；　the　cotton　manufacturers　are　exposed



to　severe　competition　with　linen　manufactures；　perfected　as　these



are　by　greatly　improved　machinery；　while　the　cotton　planters；　on



the　other　hand；　are　exposed　to　it　from　the　planters　of　Texas；



Egypt；　Brazil；　and　the　East　Indies。



　　　　It　must；　in　any　case；　be　borne　in　mind　that　the　exports　of



cotton　of　North　America　benefit　those　States　to　the　least　extent



which　consume　most　of　the　English　manufactured　goods。



　　　　In　these　States；　namely；　those　which　derive　from　the



cultivation　of　corn　and　from　cattle…breeding　the　chief　means　of



procuring　manufactured　goods；　a　crisis　of　another　kind　now



manifests　itself。　In　consequence　of　the　large　importation　of



English　manufactured　goods　the　American　manufactures　were



depressed。　All　increase　in　population　and　capital　was　thereby



forced　to　the　new　settlements　in　the　west。　Every　new　settlement



increases　at　the　commencement　the　demand　for　agricultural　products；



but　yields　after　the　lapse　of　a　few　years　considerable　surplus　of



them。　This　has　already　taken　place　in　those　settlements。　The



Western　States　will　therefore　pour；　in　the　course　of　the　next　few



years；　into　the　Eastern　States　considerable　surplus　produce；　by　the



newly　constructed　canals　and　railways；　while　in　the　Eastern　States；



in　consequence　of　their　manufactories　being　depressed　by　foreign



competition；　the　number　of　consumers　has　decreased　and　must



continually　decrease。　From　this；　depreciation　in　the　value　of



produce　and　of　land　must　necessarily　result；　and　if　the　Union　does



not　soon　prepare　to　stop　up　the　sources　from　which　the



above…described　money　crises　emanate；　a　general　bankruptcy　of　the



agriculturists　in　the　corn…producing　States　is　unavoidable。



　　　　The　commercial　conditions　between　England　and　North　America



which　we　have　above　explained；　therefore　teach：



　　　　（1）　That　a　nation　which　is　far　behind　the　English　in　capital



and　manufacturing　power　cannot　permit　the　English　to　obtain　a



predominating　competition　on　its　manufacturing　market　without



becoming　permanently　indebted　to　them；　without　being　rendered



dependent　on　their　money　institutions；　and　drawn　into　the　whirlpool



of　their　agricultural；　industrial；　and　commercial　crises。



　　　　（2）　That　the　English　national　bank　is　able　by　its　operations　to



depress　the　prices　of　English　manufactured　goods　in　the　American



markets　which　are　placed　under　its　influence　　to　the　advantage　of



the　English　and　to　the　disadvantage　of　the　American　manufactories。



　　　　（3）　That　the　English　national　bank　could　effect　by　its



operations　the　consumption　by　the　North　Americans；　for　a　series　of



years；　of　a　much　larger　value　of　imported　goods　than　they　would　be



able　to　repay　by　their　exportation　of　products；　and　that　the



Americans　had　to　cover　their　deficit　during　several　years　by　the



exportation　of　stocks　and　State　paper。



　　　　（4）　That　under　such　circumstances　the　Americans　carried　on



their　internal　interchange　and　their　bank　and　paper…money　system



with　ready　money；　which　the　English　bank　was　able　to　draw　to　itself



for　the　most　part　by　its　own　operations　whenever　it　felt　inclined



so　to　do。



　　　　（5）　That　the　fluctuations　in　the　money　market　under　all



circumstances　act　on　the　economy　of　the　nations　in　a　highly



disadvantageous　manner；　especially　in　countries　where　an　extensive



bank　and　paper…money　system　is　based　on　the　possession　of　certain



quantities　of　the　precious　metals。



　　　　（6）　That　the　fluctuations　in　the　money　market　and　the　crises



which　result　therefrom　can　only　be　prevented；　and　that　a　solid



banking　system　can　only　be　founded　and　maintained；　if　the　imports



of　the　country　are　placed　on　a　footing　of　equality　to　the　exports。



　　　　（7）　That　this　equality　can　less　easily　be　maintained　in



proportion　as　foreign　manufactured　goods　can　successfully　compete



in　the　home　manufacturing　markets；　and　in　proportion　as　the



exportation　of　native　agricultural　products　is　limited　by　foreign



commercial　restrictions；　finally；　that　this　equality　can　less



easily　be　disturbed　in　proportion　as　the　nation　is　independent　of



foreign　nations　for　its　supply　of　manufactured　goods；　and　for　the



disposal　of　its　own　produce。



　　　　These　doctrines　are　also　confirmed　by　the　experience　of　Russia。



We　may　remember　to　what　convulsions　public　credit　in　the　Russian



Empire　was　subjected　as　long　as　the　market　there　was　open　to　the



overwhelming　consignments　of　English　manufactured　goods；　and　that



since　the　introduction　of　the　tariff　of　1821　no　similar　convulsion



has　occurred　in　Russia。



　　　　The　popular　theory　has　evidently　fallen　into　the　opposite



extreme　to　the　errors　of　the　so…called　mercantile　system。　It　would



be　of　course　false　if　we　maintained　that　the　wealth　of　nations



consisted　merely　in　precious　metals；　that　a　nation　can　only　become



wealthy　if　it　exports　more　goods　than　it　imports；　and　if　hence　the



balance　is　discharged　by　the　importation　of　precious　metals。　But　it



is　also　erroneous　if　the　popular　theory　maintains；　under　the



existing　conditions　of　the　world；　that　it　does　not　signify　how　much



or　how　little　precious　metals　circulate　in　a　nation；　that　the　fear



of　possessing　too　little　of　the　precious　metals　is　a　frivolous　one；



that　we　ought　rather　to　further　their　exportation　than　favour　their



importation；　&c。　&c。　This　manner　of　reasoning　would　only　be　correct



in　case　we　could　consider　all　nations　and　countries　as　united　under



one　and　the　same　system　of　law；　if　no　commercial　restrictions　of



any　kind　against　the　exportation　of　our　products　existed　in　those



nations　for　whose　manufactured　goods　we　can　only　repay　with　the



productions　of　our　agriculture；　if　the　changes　wrought　by　war　and



peace　caused　no　fluctuations　in　production　and　consumption；　in



prices；　and　on　the　money　market；　if　the　great　credit　institutions



do　not　seek　to　extend　their　influence　over　other　nations　for　the



special　interest　of　the　nation　to　which　they　belong。　But　as　long　as



separate　national　interests　exist；　a　wise　State　policy　will　advise



every　great　nation　to　guard　itself　by　its　commercial　system　against



extraordinary　money　fluctuations　and　revolutions　in　prices　which



overturn　its　whole　internal　economy；　and　it　will　attain　this



purpose　only　by　placing　its　internal　manufacturing　production　in　a



position　of　proper　equality　with　its　internal　agricultural



production　and　its　imports　with　its　exports。



　　　　The　prevailing　theory　has　evidently　not　sufficiently



discriminated　between　the　mere　possession　of　the　precious　metals



and　the　power　of　disposition　of　the　precious　metals　in



international　interchange。　Even　in　private　exchange；　the　necessity



of　this　distinction　is　clearly　evident。　No　one　wishes　to　keep　money



by　him；　everyone　tries　to　remove　it　from　the　house　as　soon　as



possible；　but　everybody　at　the　same　time　seeks　to　be　able　to



dispose　at　any　time　of　the　sums　which　he　requires。　The　indifference



in　regard　to　the　actual　possession　of　ready　money　is　manifested



everywhere　in　proportion　to　wealth。　The　richer　the　individual　is