the timber of the United States from her markets, and prohibits Americans from trading with her West India colonies. Since these restrictions have taken place, great quantities of British manufactures have been imported into America, and the course {242} of exchange has shown, that a large money balance has arisen in favour of Britain. Some persons interested in the traffic, infer the prosperity of the United States from their being able to pay a balance of trade. Though general doctrines of this kind are sanctioned by several great economists, on the broad principle that an exportation of money indicates a corresponding importation of property, or in other words, an accumulation of wealth; before adopting an assumption of this kind in any particular case, it may be safe to inquire whether the import consist of articles, which are permanently beneficial, or of luxuries either of the more perishable kinds, or of those more conducive to ornament than utility. With regard to the late imports of the United States, it is thought sufficient to notice that they have not furnished the ability to continue them in their usual amount.
Farther, nothing can be more plain than the necessity of abridging the quantity of paper money in circulation; and when this is done to a sufficient extent, foreigners will find it impossible to procure dollars here on terms so easy as formerly. Were money rendered so scarce, that it would command three or four times the quantity of the necessaries of life that it does now, foreign labour would be excluded, and the American labourer, with a third or a fourth part of his present nominal wages, would find the only changes in his condition to be a greater demand for his work, and an immediate enlargement of his resources. The farmer would eventually find the means of increasing
