included the whole amount of foreign raw silk imported, the average of which, in the years from 1826 to 1830, exceeded 38 millions, and was probably, in 1834, above 40 millions; as also cotton and various other raw materials. The total value of such raw materials cannot be less than 70 millions, which would leave the consumption of foreign merchandise at 454 millions of francs, equal to 90 millions of dollars, or 18 millions of pounds sterling.† * Bowring's Second Report, p. 15. + We think there can be no question of the propriety of thus striking off from the amount of consumption, the raw materials imported to be re-exported in a different form. The product of the shoemaker consists, not in the value of the leather, but in the work that he has bestowed upon it, to fit it for consumption. In like manner the products of France consist in the labour bestowed upon the cotton and silk, and not in the value of raw material imported for the purpose of being re-exported. We have deducted the whole amount of raw silk imported, and offer the following statement, to prove the correctness of so doing, and with a view to contrast the powers of consumption of the people of the United States, who do not produce silk, with those of France, who do produce it. Dr. Bowring, in his Second Report, says, "It is generally estimated that the present value of the silk manufacture of France is one hundred and forty millions of francs," (page 3,) and that "four fifths of the silk manufacture are exported." (page 19.) Accordingly, the official statement of the exports of silk goods, furnished to him by the French government, gives the exports to all the world, at 112,580,695 francs.-page 54. This leaves, for the consumption of France, Francs. 28,000,000 1,138,940 29,138,940 Making the total consumption of France $5,463,450, or about eleven hundred thousand pounds sterling. Taking the population at thirty-two millions, the amount per head would be seventeen cents. The average amount of silks imported into the United States, in the years from 1829 to 1832, both inclusive, after deducting those which were re-exported, was At that time the duty on importation was twenty per cent. To this must be added the various charges attendant upon importation, making in the whole thirty-three and a third per cent., Total average expenditure for silks, $7,175,189 2,391,729 $ 9,566,918 During this period, the population of the United States averaged thirteen millions, which would give for each individual a consumption of seventy-four cents. Subsequently to this period, the amount was greatly increased, but we have preferred to confine ourselves to years in which there was no symptom of overtrading. Paris is the resort of strangers from all quarters of the world, and a very important portion of the home consumption must be attributed to them, constituting a deduction from that of the people of France. It would not be unreasonable to suppose that one million of dollars, above estimated for home consumption, is thus disposed of to foreigners. If so, that of the French people would be reduced to fourteen cents per head, or less than one fifth of that of the United States. The population being 33 millions, the consumption, per head, would be $270, or about 11s. sterling. The average ports of GREAT BRITAIN and IRELAND was, of the real or declared value of the domestic ex The exports for the year 1834 were, therefore, less, by above two millions of pounds sterling, than the average of the years from 1815 to 1819. In the above is, however, included the amount of raw materials manufactured for re-exportation, and which constitute no part of the production of Great Britain. In the year 1833, the export of cotton was above 200 millions of pounds, and averaging it at 7d. per pound, the value was not less than £6,000,000 The foreign wool exported amounted to not less than 2,000,000 Silk and other raw materials, say only 2,000,000 £10,000,000 Deducting this sum, the export of domestic products would amount to 29 millions of pounds, or 140 millions of dollars, and the population being about 25 millions, the amount, per head, would be about 23s. 2d. $556. As the real value of imports into Great Britain and Ireland is not given, it is impossible to tell what has been the change in the amount of trade. The official values, which are an index to the quantity of merchandise imported, give the following amounts, after deducting the foreign goods re-exported. 1825 to 1829, average, £ 33,215,207, $159,432,992, *Porter's Tables, Part IV. p. 11. + Ibid. Part III. p. 92. Ibid. Part IV. p. 11. The average of the last three years is nearly 36 millions, but we must deduct the amount of raw materials exported, say 10 millions, leaving 26 millions of pounds, or 125 millions of dollars, for consumption, which, divided among 25 millions, would give 20s. 8d. = $4 96, per head. The value of the domestic exports of the UNITED STATES Was as follows:* From 1801 to 1804, average $ 39,039,159. The ensuing ten years embraced years of embargo, non-intercourse, and other interruptions of trade, and as no inference could be drawn from them, they are omitted. From 1815 to 1819, average, $ 60,780,214, Thus, for a series of years, there is a regular increase, and the amount of domestic exports of 1835 is 142 per cent. greater than the average from 1801 to 1804, while that of Great Britain, in 1833, exceeds by only two per cent. the average of that period. The one increased fourteen millions of dollars, while the other increased nearly fifty-nine millions. The population of Great Britain was, in 1801, That of Ireland was estimated, in 1805, at 10,471,778 5,937,356 16,409,134 16,255,605 7,839,514 24,095,119 7,685,985 The exports of 16 millions and a half of people, including foreign raw materials, were 186 millions of dollars, or $11 50, * The export from the United States of manufactured articles, is small, and the amount of foreign commodities re-exported in a manufactured state is too small to be deserving of consideration. per head, while those of 25 millions are only 190 millions, or less than eight dollars per head. The population of the United States, in 1800, was 5,319,762 12,788,742 The domestic exports of the first period were at the rate of $7 53 per head of the population of 1800, while those of 1833, 1834, and 1835, are at $6 50 per head of that of 1830. The prices of the produce of both the United States and Great Britain were high in the first period, (flour averaged $8 per barrel,) because of the deficient production consequent upon the war that then existed, and therefore the export, per head, is apparently greater in the first period than in the last. Had no such disturbing cause existed, there would have been a steady increase in the ratio of exports to population, but more rapid in the United States. than in Great Britain because of the more rapid improvement in the quality of labour. The export of the products of the United States is therefore almost as great, per head, as that of Great Britain and Ireland, even when that of foreign raw materials is included; but when that is excluded, it is much greater, being $6 50 per head in the one case, and $5 56 in the other. During the same period the amount of foreign merchandise consumed in the United States was as follows: 1825 to 1829, average, $ 60,922,817 No deduction is to be made from this amount, as no portion of these commodities, worthy of notice, is exported in the form of manufactures. The average of the three last years above included, is nearly 108 millions of dollars, being above $8 to each person of the population of 1830, and about $7 50 for that of 1834, which exceeded 14 millions. The consumption of foreign commodities by the people of France is about $270, per head; that of Great Britain and Ireland $4 96, (official value,) and that of the United States $7 50.* The exports of Great Britain are more in amount than the consumption of foreign commodities, while those of the United States are less so. From the former VOL. II.-22. It does not appear that any material alteration has taken place in the real value of foreign merchandise consumed in Great Britain from 1825 to 1833. The quantity of raw materials imported for the purpose of re-export in a manufactured form, has greatly increased in that time, and constitutes a large portion of the apparent increase of commodities retained for home consumption. During the eleven years, from 1825 to 1835, the consumption of the United States has more than doubled, showing an increase much more rapid than that of population. In 1835, it exceeded, by five millions of dollars that of Great Britain and Ireland, with little more than half their number of inhabitants. The United States had then nearly fifteen millions, while Great Britain and Ireland had not much less than twenty-six millions. The consumption of foreign merchandise in the United States, in 1835, was almost nine dollars per head, while that of Great Britain and Ireland, in 1833, was short of five dollars. A part of this excess was the result of over-trading; but if we go back to 1831, in which the consumption was very low, we still obtain nearly $50 per head.* there is a large emigration and export of capital, while into the latter there is a constant import of it. The amount of capital wasted on the numerous colonies of the former also increases the exports, without augmenting the imports. * With every improvement in the quality of labour there is a tendency to an increase in the quantity of commodities to be exchanged. The small farmer who raises but little more food than is required for the consumption of his family has few exchanges to make with the neighbouring shopkeeper. His neighbour who culti vates double the quantity of land has probably four times as much to exchange, and another who has four or five times as much land has ten times as much grain to carry to market. The small manufacturer, working with inferior machinery, has a much smaller quantity for exchange than his neighbour who has a large factory devoted to the production of fine muslins. Applying this to nations, or parts of nations, we find that the people of Indiana have a smaller average surplus for exchange than those of Ohio or New York, and that those of Massachusetts perform a larger amount of exchanges, per head, than any others of the Union. The quality of the labour of France, England, and India, should be higher than that of the United States, and the amount of the exchanges to be performed should be greater; but such is not the case. Although the law which we have submitted for the consideration of the reader is, as we believe, universally true, yet there are circumstances which tend to produce inequalities in the amount of exchanges, even where the quality of labour is the same, as we shall now explain. The small farmer who raises grain, consumes nearly the whole amount of his production, while his neighbour who raises hemp, tobacco, or cotton, exchanges nearly the whole quantity. The amount of the exchanges to be performed by both will increase with every inprovement in the quality of labour, but no estimate can be formed of the relative quality of the labour of the two parties by the amount of those exchanges. The people of South Carolina perform a larger amount of exchanges than those of Pennsylvania, not because their labour is more productive, but because nearly the whole of their cotton requires to be exchanged, while a large portion of the corn of the latter is consumed by those |