III. A clear gain to the nation, by the labour of each person thus employed, of 120 dollars.

The following table of the value of the national manufactures for the year 1810, will enable you, fellow citizens, to form a correct idea of the importance of the subject. It is an estimate deduced by Tench Coxe, Esq. from the mar'shals' returns, taken with the census of that year. It is probable that during the progress of the war, they were increased to above $300,000,000.

The repetition of objections to which we have already fully replied, obliges us, fellow citizens, to resume topics which we had supposed exhausted.

Among these, the most prevalent and popular is the extortion said to have been practised by the manufacturers

during the war. This theme is hacknied from New-Hampshire to Georgia, not merely by men of little minds and narrow views, with whom such an objection would be perfectly in character; but men of higher spheres of life, and superior order of mind and endowments, allow themselves to be led astray by it.

Even admitting it to have existed to the extent assumed, the inference drawn from it, to prevent adequate protection to manufactures would not apply at present; as, according to the irrefragable maxim of Alexander Hamilton, founded on fact and reason, 'the internal competition which takes place soon does away every thing like monopoly, and reduces by degrees the price to the minimum of a reasonable profit on the capital employed.'

But we will suppose for a moment that the allegations are all just-and that the manufacturers of broad cloth sold, as we have already stated, at 13 or 14 dollars per yard, what cost them only 8 or 9. With what propriety, we repeat, can the importer who at the same period, sold his goods at 50 or 100 per cent. beyond the old prices-the planter who raised cotton at 10 or 12 cents, and sold at 30, and would at 40, 50, or 100-the merchant who bought flour at 10 dollars and sold at 20 to 40-reproach the manufacturer for what they practised themselves?

We pass over the inconsistency of such conduct, which is too palpable and gross to require comment: and we trust that the miserable spirit that would prefer the consumption of fabrics manufactured in Hindostan, because sold a few cents cheaper per yard, (and thus exhaust the wealth of the country to support a distant nation, while our fellow citizens, who invested millions of money in manufacturing establishments, are bankrupted and beggared, and the workmen thrown for support on the overseers of the poor) will never influence the councils of a great nation.

But the enormous expenses of those establishments, in which investments were made to the amount of 20, 30, 40, 50 or 60,000 dollars, for buildings and machinery, would require and fully justify extraordinary prices in the commencement. To bring this home to the cotton plantersand to enable them to conceive the force of the argument, we will suppose for a moment, that during the war they had for the first time to commence their plantations-and to purchase slaves at 4 or 500 dollars each-and plantations for 5 to 10,000 dollars. Could they, in the incipient

state of their operations, afford to sell their cotton for 18 to 20 cents per b? Certainly not.

This case perfectly

analogous, and ought to set this misera

for ever.

objection at rest

NO. XII.

Philadelphia, June 24, 1819.

We have presented for your consideration, the essence of the able and luminous report of Alexander Hamilton, then secretary of the treasury, on inanufactures. The principles contained in that admirable state paper, are the principles of political economy, that have been practised by those statesmen, whom the concurrent testimony of ages, have pronounced the most wise; and have constituted the policy of every nation, that has advanced in civilization; in which the principles of free government have been developed; or which has grown in wealth and power.

Did it comport with the design of these essays, it would be no difficult task to establish, by historical references, the facts; that the amelioration of society; the evolution of those just rights, which are the inheritance of every individual; and the weight and influence of the people in their government, had their origin in the establishment of manufacturing industry. With its progression, have they progressed; and by the diffusion of wealth through every class of the community, which is its necessary.concomitant, have been diffused civilization and knowledge: The principles by which these important results have been effected, we shall shortly elucidate. But other considerations first invite attention.

We

The arguments, by which Mr. Hamilton has sustained the principles he advocated, are lucid and conclusive. believe them to be irrefutable. At least, we have not as yet met with any opposing writers, who have shaken one of the positions he advanced. Those diversified combinations, which grow out of, and affect all human transactions, did not escape his penetration. They are too commonly overlooked by theorists, who intent on general principles, disregard the minuter circumstances, that arise out of their

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very action, and frequently render them impracticable in operation, however just they may appear in themselves.

In no science, are the general maxims of mere theorists more delusive, and more to be distrusted, than in political economy. This branch of knowledge is yet in its infancy. It is composed of relations so commingled and commixed together, that like a skein of tangled thread, they require to be traced out with great patience, perseverance, and close attention. Its principles are not yet established. Those which have been considered as the most fixed, have been overthrown; those which have been taught as self-evident, are questioned; and the whole are the subject of ardent discussion. In this state of the science, general maxims can serve no other purpose, than to give flippancy on an abstruse subject, and to overleap difficulties, that cannot be removed.

While the elements of political economy are thus undetermined, we are called upon to set at naught the harmonising examples of the most prosperous states; the accumulated experience of centuries; and to confide the character, the resources, the power of this nation; the wealth and happiness of this people; the safety perhaps of the government itself, to the operation of abstract principles, which have not yet been confirmed by practice, nor even settled by authority.

In human affairs, abstract principles, though they may captivate the fancy by their simplicity, are often defeated by those subordinate accidents, which they must necessarily exclude. The principles of Political Justice,' of the English, and the perfectibility of human nature' of the French Philosophers, as well as unlimited freedom of moral action, in the abstract, may be true. But overlooking the very constitution of human nature, the discordancy of its sentiments, the complexedness of its affinities, the variety of its affections, the perverseness of the human heart, and obliquity of human intellect, they can only be regarded as the visions of benevolent enthusiasts.

The abstract principles of political economy, are of similar character. Resulting from general reasoning, which seldom descends to minute particulars, they bear all the evidences of correct deductions, until brought into practice. Their inefficiency is then disclosed, and their partial nature made manifest. The involutions and compound nature of human interest, we are convinced, set distinctive limitations

at defiance. They often open suddenly into new channels that have not been traced, or flow through others, so obscure, that they have escaped our notice. Our generalities are defeated by unanticipated combinations, which give results never calculated; and re-actions are produced, that work effects never suspected.

In a science thus uncertain, and in things thus complicated and indistinct, it is the part of prudence to tread the paths of sober experience; to trust those guides, whose long practice has imparted substantial knowledge, and whose knowledge is verified by their success. To reject the long acquired wisdom of ages, and the well-earned experience. of mankind, from confidence in superior wisdom, may justly subject us to the imputation of self-sufficiency, and hazard the dearest interests of our country.

It is against such visionary projects, that we have raised our hands; it is to warn you from the closet speculations of theorists, to invite you to common sense practice, founded on the nature of things, that we have intruded with the best intentions on your notice. We have presented to you in succession, the systems of various powers in Europe, for the advancement of their welfare; and have shown some errors of policy, bearing a strong similarity to principles generally entertained in the United States, which proved fatal to those by whom they were adopted. We have, finally, presented you with a system, that has been proposed by one of our most enlightened statesmen, as best adapted to promote the wealth and power, by exciting and fostering the industry of this country, in the circumstances of a general and continued peace in Europe. This system was prepared with an experience of the operation of the peace policy of Europe on our affairs, subsequent to the peace of 1783, and after mature reflection on the commercial relations between this country and foreign powers. Its principles, founded on well substantiated facts, are drawn from the examples of the most prosperous and most powerful nations; and its materials derived from the abundant sources of European commercial legislation. These are circumstances which entitle it to great weight, and to be received with the most marked and serious attention.

Let it not be presumed, that we are influenced by any feelings of political partiality, in favour of Mr. Hamilton. Most of those, who thus tender the tribute of their applause