recommend the adoption of higher import duties. That these have not been resorted to, need excite no surprise, as the secretary of the treasury has shown that an increase of duties must be followed by a decrease of national revenue, {245} and as the ultimate substitute, internal taxation, would probably be unpopular, although imposed with the most sparing hand. The spontaneous decrease in the amount of money capital now going on, does not seem to be duly appreciated;—an occurrence that is evidently well calculated to give an impulse to American industry.
When the United States shall abandon the spurious money now in circulation, and proceed on a smaller but more substantial capital, a new era of national prosperity will commence. The government will be freed from the danger, or rather the certainty, of losing the revenue by a smuggled trade, and will feel less necessity for resorting to restrictive regulations. A less sum of money will be sufficient to defray the public expenses. The consequent cheapness of labour will give the agriculturist new advantages in foreign markets, and develop in a new degree the natural resources of the country. The home market, occasioned by a manufacturing population, will be secure, as being beyond the reach of foreign governments, whose caprice is hostile to the security of American trade. Whenever the country shall be able to manufacture the whole, or the greater part of its necessaries, the exports of produce must be attended with an importation of specie. The ingress of foreign capitalists may also be calculated on as one of the effects to be produced by the change of system.
The introduction of manufactures must promote internal improvements, as the making of roads and the construction of works, for facilitating inland navigation. The
