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the　amount　of　several　hundreds　of　millions　for　which　they　could　not



pay　in　products。　The　proof　that　these　crises　are　occasioned　by



disproportionate　importation　is；　that　they　have　always　taken　place



whenever　（in　consequence　of　peace　having　set　in　or　of　a　reduction



being　made　in　the　American　customs　duties）　importation　of



manufactured　goods　into　the　United　States　has　been　unusually　large；



and　that　they　have　never　occurred　as　long　as　the　imports　of　goods



have　been　prevented　by　customs　duties　on　imports　from　exceeding　the



value　of　the　exports　of　produce。



　　　　The　blame　for　these　crises　has　further　been　laid　on　the　large



capital　which　has　been　expended　in　the　United　States　in　the



construction　of　canals　and　railways；　and　which　has　mostly　been



procured　from　England　by　means　of　loans。　The　truth　is　that　these　in



loans　have　merely　assisted　in　delaying　the　crises　for　several



years；　and　increasing　it　when　it　arose；　but　these　very　loans



themselves　have　evidently　been　incurred　through　the　inequality



which　had　arisen　between　the　imports　and　exports；　and　but　for　that



inequality　would　not　have　been　made　and　could　not　have　been　made。



　　　　While　North　America　became　indebted　to　the　English　for　large



sums　through　the　large　importation　of　manufactured　goods　which



could　not　be　paid　for　in　produce；　but　only　in　the　precious　metals；



the　English　were　enabled；　and　in　consequence　of　the　unequal　rates



of　exchange　and　interest　found　it　to　their　advantage；　to　have　this



balance　paid　for　in　American　railway；　canal　and　bank　stocks；　or　in



American　State　paper。



　　　　The　more　the　import　of　manufactured　goods　into　America



surpassed　her　exports　in　produce；　and　the　greater　that　the　demand



for　such　paper　in　England　became；　the　more　were　the　North　Americans



incited　to　embark　in　public　enterprises；　and　the　more　that　capital



was　invested　in　such　enterprises　in　North　America；　the　greater　was



the　demand　for　English　manufactured　goods；　and　at　the　same　time　the



disproportion　between　the　American　imports　and　exports。



　　　　If　on　the　one　hand　the　importation　of　English　manufactured



goods　into　North　America　was　promoted　by　the　credit　given　by　the



American　banks；　the　Bank　of　England　on　the　other　side　through　the



credit　facilities　which　it　gave　and　by　its　low　rates　of　discount



operated　in　the　same　direction。　It　has　been　proved　by　an　official



account　of　the　English　Committee　on　Trade　and　Manufactures；　that



the　Bank　of　England　lessened　（in　consequence　of　these　discounts）



the　cash　in　its　possession　from　eight　million　pounds　to　two



millions。　It　thereby　on　the　one　hand　weakened　the　effect　of　the



American　protective　system　to　the　advantage　of　the　English



competition　with　the　American　manufactories；　on　the　other　hand　it



thus　offered　facilities　for；　and　stimulated；　the　placing　of



American　stocks　and　State　paper　in　England。　For　as　long　as　money



could　be　got　in　England　at　three　per　cent。　the　American　contractors



and　loan　procurers　who　offered　six　per　cent　interest　had　no　lack　of



buyers　of　their　paper　in　England。



　　　　These　conditions　of　exchange　afforded　the　appearance　of　much



prosperity；　although　under　them　the　American　manufactories　were



being　gradually　crushed。　For　the　American　agriculturists　sold　a



great　part　of　that　surplus　produce　which　under　free　trade　they



would　have　sold　to　England；　or　which　under　a　moderate　system　of



protection　of　their　own　manufactories　they　would　have　sold　to　the



working　men　employed　therein；　to　those　workmen　who　were　employed　in



public　works　and　who　were　paid　with　English　capital。　Such　an



unnatural　state　of　things　could　not；　however；　last　long　in　the　face



of　opposing　and　divided　national　interests；　and　the　break　up　of　it



was　the　more　disadvantageous　to　North　America　the　longer　it　was



repressed。　As　a　creditor　can　keep　the　debtor　on　his　legs　for　a　long



time　by　renewals　of　credit；　but　the　bankruptcy　of　the　debtor　must



become　so　much　the　greater　the　longer　he　is　enabled　to　prolong　a



course　of　ruinous　trading　by　means　of　continually　augmented　credit



from　the　creditor；　so　was　it　also　in　this　case。



　　　　The　cause　of　the　bankruptcy　in　America　was　the　unusual　export



of　bullion　which　took　place　from　England　to　foreign　countries　in



consequence　of　insufficient　crops　and　in　consequence　of　the



Continental　protective　systems。　We　say　in　consequence　of　the



Continental　protective　systems；　because　the　English　　if　the



European　Continental　markets　had　remained　open　to　them　　would



have　covered　their　extraordinary　importations　of　corn　from　the



Continent　chiefly　by　means　of　extraordinary　export　of　English



manufactured　goods　to　the　Continent；　and　because　the　English



bullion　　even　had　it　flown　over　for　a　time　to　the　continent　



would　again　have　found　its　way　back　to　England　in　a　short　time　in



consequence　of　the　augmented　export　of　manufactured　goods。　In　such



a　case　the　Continental　manufactories　would　undoubtedly　have　fallen



a　sacrifice　to　the　English…American　commercial　operations。



　　　　As　matters　stood；　however；　the　Bank　of　England　could　only　help



itself　by　limiting　its　credit　and　increasing　its　rate　of　discount。



In　consequence　of　this　measure　not　only　the　demand　for　more



American　stocks　and　State　paper　fell　off　in　England；　but　also　such



paper　as　was　already　in　circulation　now　forced　itself　more　on　the



market。　The　United　States　were　thereby　not　merely　deprived　of　the



means　of　covering　their　current　deficit　by　the　further　sale　of



paper；　but　payment　of　the　whole　debt　they　had　contracted　in　the



course　of　many　years　with　England　by　means　of　their　sales　of　stocks



and　State　paper　became　liable　to　be　demanded　in　money。　It　now



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　h