country will be rendered capable of supporting a greater population than it can under the present system, thereby removing much of the inconvenience that attends their present settlements; {246} better opportunities for mental improvement, and the means of more prompt national defence, will be acquired; foreign commerce and foreign relations will be abridged, so that the hazard of hostilities with other countries may be greatly lessened. A small shipping trade evidently requires less naval protection than an extensive foreign commerce, and the retrenchment may perhaps admit of some relaxation in the present construction of ships of war. The reverses so frequently injurious to the manufacturers of Britain are less to be dreaded in the United States. While their manufactures do not exceed their own wants, it will always be practicable to prevent the home market from being overstocked, and while the vacant back woods are held in reserve, a manufacturing population need not be reduced to pauperism by the want of a foreign market for their fabrics.
The erection of manufacturing establishments was recommended some time ago by intelligent citizens, who foresaw that the money capital of the country could not long supply the great efflux of specie. Now, a change of policy becomes a matter of necessity. It is chiefly to be regretted several State legislatures are too active in forcing the circulation of degraded money;—a procedure which, in the meantime, retards the natural subsidence of the convulsion, and keeps property out of the hands of its real owners. However far they may succeed in procuring indemnity for past peculations, their efforts must be impotent in opposition to the future interests of mankind. The paper currency that they strive to support falls in spite of their utmost exertions. I now find that my expense of living or
