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and those of a “foreign policy.” This, sir, is an assumption which I take the liberty most directly to deny. Mr. Speaker certainly intended nothing invidious or derogatory to any part of the House by this mode of denominating friends and enemies. But there is power in names, and this manner of distinguishing those who favor and those who oppose particular measures, may lead to inferences to which no member of the House can submit. It may imply that there is a more exclusive and peculiar regard to American interests in one class of opinions than in another. Such an implication is to be resisted and repelled. Every member has a right to the presumption, that he pursues what he believes to be the interest of his ccuntry, with as sincere a zeal as any other member. I claim this in my own case; and, while I shall not, for any purpose of description, or convenient arrangement, use terms which may imply any disespect to other men's opinions, much less any imputations of other men's motives, it is my duty to take care that the use of such terms by others be not, against the will of those who adopt them, made to produce a false impression. Indeed, sir, it is a little astonishing, if it seemed convenient to Mr. Speaker, for the purposes of distinction, to make use of the terms “American policy,” and “foreign policy," that he should not have applied them in a manner precisely the reverse of that in which he has in fact used them. If names are thought necessary, it would be well enough, one would think, that the name should be, in some measure, descriptive of the thing; and since Mr. Speaker denominates the policy which he recommends “a new policy in this country;" since he speaks of the present measure as a new era in our legislation; since he professes to invite us to depart from our accustomed course, to instruct ourselves by the wisdom of others, and to adopt the policy of the most distinguished foreign s!ales, one is a little curious to know with what propriety of speech this imitation of other nations is denominated an “American policy," while, on the contrary, a preference for our own established system, as it now actually exists, and always has existed, is called a “foreiga p licy." This l'avorite American policy is what America has never tied, and this odious foreign policy is what, as we are tId, foreign states have never pursued. Sir, that is the truest American policy which shall most usefully employ American capital, and American labor, and best sustain the whole population. With me it is a fundamnental axiom, it is interwoven with all my opinions, that the great interests of the country are united and inseparable; that agriculture, commerce, and manufactures, will prosper together, or languish together; and that all legislation is dangerous which proposes to benefit one of these without looking to consequences which may fall on the others.

Passing from this, sir, I am bound to say that Mr. Speaker began his able and impressive speech at the proper point of inquiry; I mean the present state and condition of the country; although I am so unfortunate, or rather although I am so happy, as to differ from him very widely in regard to that condition. I dissent entirely from the justice of that picture of distress which he has drawn. I have not seen the reality, and know not where it exists. Within my observation there is no cause for so gloomy and terrifying a representation. To respect to the New England states, with the condition of which I am, of course, most acquainted, the present appears to me a period of very general prosperity. Not, indeed, a time for great profits and sudden acquisition; not a day of extraordinary activity and successful speculation. There is, no doubt, a considerable depression of prices, and, in some degree, a stagnation of business. But the case presented by Mr. Speaker was not one of depression, but of distress; of universal, pervading, intense distress, limited to no class, and to no place. We are represented as on the very verge and brink of national ruin. So far from acquiescing in these opinions, I believe there has been no period in which the general prosperity was better secured, or rested on a more solid foundation. As applicable to the Eastern states, I put this remark to their Representatives, and ask them if it is not true. When has there been a time in which the means of living have been more accessible and more abundant? when has labor been rewarded, I do not say with a larger, but with a more certain success? Profits, indeed, are low; in some pursuits of life, which it is not proposed to benefit, but to burden, by this Bill, very low. But still I am unacquainted with any proofs of extraordinary distress. What, indeed, are the general indications of the state of the country? There is no famine nor pestilence in the land, nor war, nor desolation. There is no writbing under the burden of taxation. The means of subsistence are abundant; and at the very moment when the miserable condition of the country is asserted, it is admitted that the wages of labor are high, in comparison with those of any other country. A country, then, enjoying a profound pưace, a perfect civil liberty, with the means of subsistence cheap and abundant, with the reward of labor sure, and its wages higher than anywhere else, cannot be represented in gloom, melancholy, and distress, but by the effort of extraordinary powers of tragedy.

Even if, in judging of this question, we were to regard only those pronfs to which we have been referred, we shall probably come to a conclusion somewhat different from that which has been drawn. Our exports, for example, although certainly less than in some years, were not, last year, so much below an average, formed upon the exports of a series of years, and putting those exports at a fixed value, as might be supposed. The exports of agricultural products, of animals, of the products of the forest, of the sea, together with gunpowder, spirits, and sundry unenumerated articles, amounted, in the several years, to the following sums, viz. . In 1790

- $ 27,716,152 1804

33,842,316 1807

- 38,465,854 Coming up, now, to our own times, and taking the exports of the years 1821, 1822, and 1823, of the same articles and products, at the same prices, they stand thus: In 1821

$ 45,643,175 1822

48,782.295 1823

· 55,863,491 Mr. Speaker has taken the very extraordinary year of 1803, and, adding to the exportation of that year, what he thinks ought to have

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been a just augmentation, in proportion to the increase of our populo lation, he swells the result to a magnitude, which, when coins ared with our actual exports, would exhibit a great deficiency. But is there any justice in this mode of calculation? In the first place, as before observed, the year 1803 was a year of extraordinary exportation. By reference to the accounts, that of the article of flour, for example, there was an export that year of 1,300,000 barrels, but the very next year it fell to 800,000, and the next year to 700,000. In the next place, there never was any reason to expect that the increase of our exports of agricultural products, would krep pace with the increase of our population. That would be against all experience. It is, indeed, most desi able, that there should be an augmented de. mand for the products of ag iculture; but, nevertheless, the official returns of our exports do not show that absolute want of all foreign market, which has been so strongly stated.

But there are other means by which to judge of the general condition of the people. The quantity of the means of subsistence consumed; or, to make use of a h-aseology better suited to the condition of our own people, the quantity of the camforts of life enjnyrd, is one of those incan3. It so happens, indeed, that it is not so easy in this country, as elsewhere, to ascertain facts, of this sort, with accuracy. Where most of the articles of subsistence, and most of the comforts of life are taxed, there is, of course, great facility in ascertaining, from official statements, the amount of consumption. But, in this country, most fortunately, the government neither knows, nor is concerned to know, the annual consumption; and estimates can only be formed in another mode, and in reference only to a lew articles. Of these articles, tea is one. Its use is not quite a luxury, and yet is something above the absolute necessaries of life. Its consumption, therefore, will be diminished in times of adversity, and augmented in times of prosperity. By deducting the annual export fruin the annual import, and taking a number of years together, we may arrive at a probable estimate of consumption. The average of eleven years, from 1790, to 1800, inclusive, will be found to be two milli ns and a half of pounds. From 1801 to 1812, inclusive, three millions seven hundred thousand; and the average of the last three years, to wit: 1821, 1822, and 1823, five millions and a half. Having made a just allowance for the increase of our nuinbers, we shall still find, I think, from these statements, that there is no distress which has limited our means of subsistence and enjoyment.

In forming an opinion of the degree of general prosperity, we may regard, likewise, the progress of internal improvements—the investment of capital in roads, bridges, and canals. All these prove a balance of income over expenditure; they are evidence that there is a surplus of profits, which the present generation is use'ully vesting for the benefit of the next. It cannot be denied that, in this pa ticular, the progress of the country is steady and rapid.

We may look, too, to the expenses of education. Are our Crlo leges deserted? Do fathers find themselves less able than usual to educate their children? It will be found, I imagine, that the amount paid for the purpose of education, is constantly increasing, and that the schools and colleges were never more full than at the present moment. I may add that the endowment of public charities, the contributions to objects of general benevolence, whether foreign or domestic, the munificence of individuals towards whatever promises to benefit the comm'inity, are all so many proofs of national prosperity. And, finally, there is no defalcation of revenue, no pressure of taxation.

The general result, therefore, of a fair examination of the present condition of things, seems to me to be, that there is a considerable depression of prices, and curtailment of proft: and, in some parts of the country, it must be admitted, there is a great degree of pecuniary embarrassment, arising fiom the difficulty of paying debts which were contracted wbcn prices were high. With these qualitications, the general state of the country may be said to be prosperous; and these are not sufficient to give to the whole face of affairs any appearance of general distress.

Supposing the evil, then, to be a depression of prices, and a partial pecuniary pressure, the next inquiry is into the causes of that evil; and it appears to me that there are several-and, in this respect, I think, too much has been imputed, by Mr. Speaker, to the single cause of the diminution of exports, Connected, as we are, with all the commercial nations of the world, and having observed great changes to take place elsewhere, we should consider whether the causes of those changes have not reached us, and whether we are Dot suffering by the operation of them, in common with others. Undubtedly, there has been a great fall in the price of all commodities throughout the commercial world, in consequence of the restoration of a state of peace. When the Allies entered France in 1814, prices rose astonishingly fast, and very high. Colonial produce, for instance, in the ports of this country, as well as elsewhere, sprung up suddenly from the lowest to the highest extreme. A new and vast demand was created for the commodities of trade. These were the Datural consequences of the great political changes which theu took place in Europe.

We are to consider, too, that our own war created new demand, and that a government expenditure of 25,000,000, or 30,000,000, a year, had the usual effect of enhancing prices. We are obliged to add, that the paper issues of our Banks carried the same effect still further. A depreciated currency existed in a great part of the country: depreciated to such an extent as that, at one time, exchange between the centre and the north, was as high as 20 per cent. The Bank of the l'nited States was instituted to correct this evil; but, for causes which it is not necessary now to enumerate, it did not for sme years, bring back the currency of the country to a sound state.

This depreciation of the circulating currency, was so much, of course, added to the nominal prices of commodities, and these prices thus unpaturally high, seemed, to those who looked only at the appearance, to indicate great prosperity. But such prosperity is more specious than real. It would have been better, probably, as the shock would have been lesg, if prices had fallen sooner. At length, however, they fell, and, as there is little doubt that certain events in Europe had an influence in determining the time at which this fall should take place, I will advert shortly to some of the principal of those events.

In May, 1819, the British House of Commons decided, by an unanimous vote, that the resumption of cash payments by the Bank of England, should not be deferred beyond the ensuing February. The restriction bad been continued from time to time, and from year to year, Parliament always professing to look to the restoration of a specie currency, whenever it should be found practicable. Having been, in July, 1818, continued to July, 1819, it was understood that, in the interim, the important question of the time at which cash payments should be resumed, should be finally settled. In the latter part of the year '18, the circulation of the Bank had been greatly reduced, and a severe scarcity of money was selt in the Londen market, Such was the state of things in England. On the continent, other important events took place. The French Indemnity Loan had been negotiated in the summer of 1818, and the proportion of it bel nging to Austria, Russia, and Prussia, had been sold. This created an unusual demand for gold and silver in these Eastern States of Europe. It has been stated, that the amount of the precious metals transmitted to Austria and Russia in that year, was at least twenty milli ns sterling Other large sums were sent to Prussia and to Denmark. The effect of this sudden drain of specie, selt first at Paris, was ccmmunicated to Amsterdam and Hamburg, and all other commercial places in the north of Europe.

The paper system of England had certainly communicated an artificial value to property. It had encouraged speculation, and excited overtrading. When the shock therefore came, and this violent pressure for money acted at the same moment on the continent and in England, inflated and unnatural prices could be kept up no longer. A reduction took place, which has been estimated to have been at least equal to a fall of 30, if not 40 per cent. The depression was universal; and the change was felt in the United States severely, though not equally so in every part of them. There are those, I am aware, who maintain that the events to which I have alluded did not cause the great fall of prices; but that that fall was natural and inevitable, from the previously existing state of things, the abundance of commodities, and the want of demand. But that would only prove that the effect was produced in another way, rather than by another cause. If these great and sudden calls for money did not reduce prices, but prices fell, as of themselves, to their natural state, still the result is the same; for we perceive that after these new calls for money, prices could not be kept longer at their unnatural height.

About the time of these foreign events, our own bank system under went a change; and all these causes, in my view of the subject, concurred to produce the great shock which took place in our commercial cities, and through many parts of the country. The year 1819 was a year of numerous failures, and very considerable distress, and would have furnished far better grounds than exist at present, for that gloomy representation of our condition which has been presented. M:. Speaker has alluded to the strong inclination which exists, or has existed, in various parts of the country to issue paper money, as a proof of great existing difficulties. I regard it rather as a very productive cause of those difficulties; and the committee will not fail to observe, that there is, at this moment, much the loudest complaint

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