210 on the cotton manufactures. Oct. §. 
imaginary stock furnifhed by the private banks, a- 
mounted to much more than thatsum ; then consider 
how much safer it would be for the nation to be 
trading on real than imaginary stock. | 
$$$ 
ON THE PROGRESS AND EXTENT 
OF THE COTTCN MANUFACTURES OF BRITAIN. 
Wirnour entering minutely into an investigation 
of all the arguments above, far lefs into a discufsion 
of the practicability of the plan of the bank proposed, 
there seeins to beno room for doubting, that the general 
principle afsumed by. this writer, is well founded, 
viz. that our manufactures were pufhed to an extras 
vagant pitch in point of extent, and that owing to 
this circumstance alone, sooner or later, a stagnation 
in respect to sales must have been experienced, which 
could not fail to produce effects somewhat similar 
to those which have been lately experienced. And 
though certain circumstances might have tended to 
retard or to accelerate this catastrophe, yet in the 
train we were in, this was certainly unavoidable ; 
and if so perhaps the sooner the check was experi~ 
enced, the lefs severely it will be felt in the end. 
The opinion here given, is grounded on the follow- 
ing authentic document. 
The select committee of the house of commons ap- 
pointed to take into consideration the state of the ex- 
port trade from great Britain to the East Indies, 
