668 



FARMERS' REGISTER 



[No. 9 



haberdashery ware, and a vast many other things." 

 The loss of a portion of our foreign imports is 

 thus sufficiently accounted lor, in the substitution 

 of a nearer and more convenient source of sup- 

 ply. Such a diversion of our trade is no proper 

 subject of regret. On the contrary, it lurnishes, 

 both to the manufacturing and to tlie staple states, 

 occasion lor mutual rejoicing. It is, therefore, in 

 no spirit of complaint, that we refer to it as one 

 of the causes of the diminution of our Ibreign im- 

 ports : but merely to show that it has not been 

 overlooked by the committee, and that due allow- 

 ance has been made for its operation, in produc- 

 ing the decline of our Ibreign trade. Did we re- 

 ceive from the northern states only such merchan- 

 dise as is the product of their own industry, we 

 should be constrained to admit that (he evils 

 which we complain of are unreal and shadowy; 

 and that the decrease of our foreign imports was 

 but the evidence of the superior advantages of the 

 domestic trade. But when it is recollected that 

 the large importations made into their ports, are 

 designed to supply not merely their own consump- 

 tion, but that of the southern people also, it can 

 scarcely be contended, that the present condition 

 of our commerce arises only from the cause al- 

 luded to. 



As to the causes which have had the most 

 powerful operation in producing the injurious re- 

 sults which the committee have noticed, much 

 difi'erence of opinion exists. The funding system, 

 the Bank of the United States, the tariff, have 

 been attacked and defended, in turn, by their respec- 

 tive opponents, and advocates, as the agents of 

 mischief, or the fruitflil source of good. Unfortu- 

 nately, these measures (the last two, at least,) 

 are too nearly connected with the party prefer- 

 ences of the present day, to receive that dispas- 

 sionate examination which would be necessary to 

 determine how far their agency had operated, for 

 good or for evil, upon the interests of southern 

 commerce. It is the less needful indeed to enter 

 upon such an inquiry, as its successful result, 

 however it might gratify an enlightened curiosity, 

 could lead to few consequences of a practical na- 

 ture. The bank no longer exists, and the protec- 

 tive policy is believed to have been abandoned. 

 Whatever may have been their effects, they have 

 now ceased to operate ; or if they are still felt, 

 they can be neither checked nor promoted, by 

 a solution of the question, whether the decline of 

 our foreign trade was in any wise attributable to 

 them. 



There is, however, one cause of this decline, 

 which the committee cannot omit to notice, be- 

 hoving that a knowledge of its operation may be 

 useful, in itself suggesting its appropriate remedy. 

 They allude to the withdrawal of British capital 

 invested in commerce in this and the other south- 

 ern states, anterior to the revolution. The busi- 

 ness of the colonies was conducted, for the most 

 part, by the agents of British capitalists ; and even 

 the resident merchants were chiefly foreigners, 

 whose means were supplied from the mother 

 country. The etiect of the revolution upon such 

 a state of things, may be easily conceived. iVIost 

 of the agents were recalled — many of the resi- 

 dent merchants, having no permanent attachment 

 to the soil, and either feeling no sympathy with 

 our grievances, or taking part against us, returned 

 to their transatlantic homes, while the number oi 



those that ren)ained was gradually reduced by 

 death and retirement from business. The with- 

 drawal of so large a portion of our commercial 

 capital, could not but exercise a prejudicial influ- 

 ence upon our ibreign trade. It is true that the 

 same result was experienced in the northern 

 states ; but, as will be presently seen, in a much 

 less degree. The principal exports of the colo- 

 nies had been supplied by us, and to us came the 

 far greater portion of the articles that were neces- 

 sary to purchase them. The merchandise that 

 was thus sent to us being owned by British mer- 

 chants, and transported in ships belonging to 

 British capitalists, and for the most part manned 

 by British seamen, there could be no motive in 

 policy or reason, tor sending them to any other 

 ports than those where their Ir-eights could be 

 most conveniently received or discharged. 



It was necessary that the vacuum produced by 

 this withdrawal should be supplied, in the com- 

 petition that ensued for carrying on the trade, thus 

 thrown open, the greater advantage would be se- 

 cured by those whose condition better fitted them 

 lor conducting it. We were in some respects 

 more illy prepared, than the noi them States, for 

 engrossing the profits of this trade. Anomalous 

 as it may seem, our very wealth was, to this ex- 

 tent, a source of disadvantage. As has been al- 

 ready shown, the products of our soil were nmch 

 larger in proportion to our population, than those 

 of the northern states. The rewards of agricultu- 

 ral labor were, of course, richer with us than with 

 them ; as it is obvious that where a large produc- 

 tion is to be divided among a small number, the 

 average distributive share will be greater, than 

 where the reverse is the case. It would follow 

 that their labor would be diverted before outs 

 from the cultivation of the soil to the pursuits of 

 commerce and manufactures. They would be in- 

 duced to embark in these new employments by 

 the hope of any compensation greater than that 

 which rewarded their agricultural industry ; while 

 roe could not aflbrd to abandon the pursuits of til- 

 lage for any recompense short of thai which hus- 

 bandry would yield. 



Having thus a larger portion of their capital 

 invested in the pursuits of commerce, thej' were 

 enabled to compete with us successfLilly, fbr that 

 trade which was properly our own. Had they 

 established their residence among us, and im- 

 ported directly into our own ports the merchan- 

 dise which was purchased with the products which 

 they carried away, commercial prosperity would 

 have been in no wise impaired. And indeed they 

 would have been themselves impelled by consider- 

 ations of personal advantage, to conduct this trade 

 upon the principles of the direct intercourse, had 

 not their largest interests continued to be identified 

 with those of" another people. 



The impulse given to northern enterprise by 

 the causes jubt mentioned, was doubtless aided by 

 others arising subsequently, and in some cases ori- 

 ginating in the legislation of congress ; but the 

 committee regard those which they have just 

 commented upon as first in importance, as in time. 

 The exposition of their nature and of the mode 

 of their opeiation, seems to indicate the means of 

 relief. It is to draw back to us, as far as practi- 

 cable, that foreign capital, the employment of 

 which once vi^as, and would again be, productive 

 of internal advantage to the capitalist and to our- 



