to his merits as a statesman, and thus highly appreciate this particular fruit of his labours, were, and continue to be, the decided opponents of his political principles It is bigotry alone, that denies or would obscure merit in those, beyond the pale of its own belief, in church or state. To this feeling, we wish to have no claim, and while we confess a contrariety of sentiment on some essential points, we would not withhold our acknowledgment of the brilliancy of the genius, the extent and solid nature of the acquirements, and the strength of intellect, that distinguished Alexander Hamilton.

In the present situation of the country, when it cannot be concealed, that its progress has received a sudden check, and society labours under the shock of a rapid recoil, the discussions of political parties sink into minor importance, in comparison with the great principles of the prosperity and happiness of the people and of the nation. These are the principles that should rise paramount in the view, occupy the thoughts, and animate the feelings of every citizen of the great American republic. Divesting yourselves, therefore, of party feelings, prejudices and partialities; casting aside, as derogatory to the character of American citizens, the petty jealousies of sectional interests, take into candid consideration that system of policy, which, in the early establishment of our government, was deemed best to comport with our interests as an independent people. If its principles should appear to you just, and the reasoning by which it is sustained, consonant to truth; if you should be satisfied, it is the best adapted to our present and probable future circumstances, you will not hesi tate to trust to it, for the advancement of individual and national prosperity.

An inquiry naturally arises into the causes, which led the government, after having matured this system, and contemplated its adoption, to lay it aside. They are developed in our commercial history, and will be found to strengthen the principles and views on which it was erected, and for which we contend.

The peace concluded in 1783, continued undisturbed; Europe offered but partial markets to our productions, while it closed its commerce to our marine. The annual value of our foreign exports, was less in amount than the annual value of our consumption of foreign commodities, and we possessed no collateral sources of wealth to com

pensate the deficiency. The government had assumed a large debt, which subjected it to a heavy annual interest; other expenses were accumulating, the increase of which' might be confidently anticipated; and the prospects of revenue from foreign commerce, or an impoverished people, were but gloomy. In these circumstances, the attention of our statesmen must have been directed to internal resources. Yet from this quarter could be derived little to inspire their hopes. Commerce brought no money into the country; circulation was limited and slow; the industry or labour power of the country was but partially exerted; and consequently much wealth lost, that might have been created. Without a circulating medium, and full employment for industry, revenue must have been oppressive to the people, of difficult collection to the government, and uncertain in its proceeds.

The difficulties of the colonial governments, and the evils endured by the colonists, were then fresh in remembrance, and their causes were well understood. The commerce, to which they had been limited, was that which at this time is recommended to our adoption. Confined almost exclusively to the tillage of the soil, they exchanged their raw productions for the manufactured articles of the mother country. This kind of barter, or "mutual exchange," to which the colonies were forced by the colonial system of England, kept them poor to favour industry at home. This commerce, to which the jealous policy of Great Britain limited her colonial possessions in America, it was acknowledged both in and out of parliament, in the colonies and in England, and cannot now be denied, was intended solely to render them subservient to her interests, to which theirs were unhesitatingly sacrificed. Their progress on in wealth and power, was looked upon with a distrustful eye. In order to its retardation, to keep them poor and dependent, they were forbidden to manufacture, and compelled to supply their wants from England. Even the earl of Chatham, who is considered to have been the friend of America, as he was the advocate of her rights, was still so much an Englishman in this respect, he was unwilling that a single hob-nail should be manufactured in America.

The cultivation of the soil to its greatest extent, excited no apprehensions that it would enable the colonies to become independent. England well knew, that in the mutual exchange of raw products for manufactured goods, all the

advantage was on her side, the loss on that of the colonies. She, therefore, restricted them to the cultivation of the soil, except permitting a few handicrafts of first necessity, and the fisheries to the New England colonies, which raised no production she required.

This system kept the colonies in a wretched condition. They were totally destitute of the precious metals, either to constitute or regulate a currency. Every hard dollar that found its way into them, was immediately exported to England in payment of debts. "Those that are acquainted with America, know as I do," said capt. Luttrel in a debate in parliament," that from Rhode Island, northwards, they have no money; that their trade is generally carried on by barter, from the most opulent merchant to the most necessitous husbandman. Sir, before your fleet and armies visited their coasts, you might almost as soon have raised the dead, as one hundred pounds in specie from any individual, in those provinces."*

In order to procure some kind of currency to make those mutual exchanges, which the wants of civilized life render indispensable, and which cannot with convenience be effected by barter, the colonists were forced into various expedients. They altered the standard of money; they issued paper money of different kinds; they constituted it a legal tender. But all was ineffectual. While they had to hire workmen in England to perform their labour, they could not retain their gold and silver, which was sent to pay wages abroad. Altering the standard did not affect the value of gold and silver, which could not be restrained by an arbitrary limitation: and their paper money having no guarantee for its safety, constantly depreciated.

Such, it was known to our government, were the results that had been produced by a commerce, engaged in the exchange of the productions of the soil, for manufactured goods. They could not, therefore, anticipate, that a similar commerce would have other effects; and consequently, that by such a commerce, a metallic currency could be given to the people, or even a metallic basis acquired, for an adequate paper currency. There was then no other course left them to pursue, but to adopt the manufacturing policy of Europe. By supplying a portion of those wants with our own industry, for which the colonies had been compel

* Parliamentary Register.

1

led by the parent country to hire and pay for labour in Eng. land, we would diminish the amount of our imports, without diminishing the amount of our exports. Because England took from us no more of our productions, than she really wanted, and those she would take under any circumstances, while the other nations to which we traded, were never influenced by other views, than the mere supply of their wants. Thus the balance of our trade with the West Indies, which had always been paid in specie, but immediately remitted to England, would have been retained in circulation; while a portion of the balance with France and the Mediterranean, would also have found its way back to this country, instead of always being transferred to England. In this manner, and in this manner only, in a state of general peace in Europe, could a circulating medium have been procured, that could be kept pure, free from depreciation, and fluctuations.

But the rapid occurrence of events wholly unexpected, unfolded new prospects, and enabled the United States to acquire with ease and rapidity, the wealth and power necessary to give stability to their recently formed institutions. In the midst of the agitations of the French revolution, the crops failed in France and other parts of Europe. At once a market was opened to our agricultural production, stimulated to its greatest energy. The labour power of the country, was instantly employed to the full extent of its capaci ty. The war that soon ensued, and involved almost every power in Europe, constituted us at once the carriers of an immense commerce. Our sails swelled on every ocean, and our flag streamed on every shore. Every dollar of capital we possessed or could borrow, and every hand in the nation, before idle, found employment. A road was thus open to a rapid acquirement of wealth, and it was a natural policy to pursue it. The capital and industry of the country, before stagnant and depressed, rushed into the new formed channel. Manufactures under these circumstances were neglected and the project was dropped. All the benefits that were expected to arise from them, were to be obtained with certainty and expedition. by prosecuting our newly disclosed and widely extended commerce. Wealth rolled in apace, and the metallic capital alone in the space of ten or twelve years, was increased to twenty or twenty five millions of dollars. But the whole of this prosperity, depended on contingencies. A general peace in

Europe, would bring it to a close. As it was, we could not enjoy it undisturbed. The celerity of our progress awakened the jealousy of a rival. It was sought to destroy, by new principles of national law, the advantages we derived from our neutral character. The difficulties that were thus generated, terminated finally in war, which arose, let it be remarked, not from a spirit of manufactures, but from a spirit of commerce. The expenses and sacrifices necessary to its prosecution, were in fact, a tax upon the country, in favour of commerce; yet it was cheerfully borne, by the agricultural and manufacturing interests.

Out of this contest, the nation came with an accession of character; whilst the rapidity of circulation, the full employment of capital, and its retention in the country, caused individuals to feel but little comparative distress, notwithstanding its burthens. The attack directed against the physical strength of the country, only served to develop its power and resources. The war now waging against its moral strength, has paralised its energies, and laid it prostrate in the dust. It is no exaggeration to assert, that the two last years of peace, have produced more commercial embarrassment and distress, a greater destruction of capital, and increase of individual misery, than was caused by the whole war.

This apparent anomaly deserves to be examined. We believe its solution will be attained in the following considerations. The general pacification of Europe, had preceded the treaty of Ghent, and most of the powers of the eastern hemisphere, had re-assumed their usual peace policy. The object of this policy is to foster their own marine, agriculture and manufactures, to the exclusion of those of other nations. We consequently had lost the commercial relations, that had existed in a state of European warfare. In fact, we reverted back to our old commercial position, prior to the French revolution, or when colonies. Had this circumstance been understood, it would have been foreseen, that the same effects would have grown out of the same causes now as formerly. The principles, views, and reasonings, adapted to the then situation of the country, it would have been perceived, were again applicable. But the habits and modes of thinking, which had been formed during twenty years of a lucrative commerce; the complete mutations which had taken place in the commercial world, during that time, leaving few individuals