11 



bis industry and bis enterprize remain, to form an integral 

 part of the capital stock of the district where it was accu- 

 mulated. The volatility of a trading capital may be liken- 

 ed to the element upon which it is generally earned. Un- 

 stable as the ocean, it flows and it ebbs with every tide — 

 while the stock earned by improvements upon the land is 

 as permanent as the soil from whence it is derived, fixed 

 as our native hills, and as durable as the masses of granite 

 upon which they rest. 



The ordinary events of war, of peace, of changes in the 

 policy of governments, most generally affect the sources 

 of commercial profit, and often leaves them completely 

 dried up ; but that wealth that results from fertilizing the 

 national domain, cannot be materially affected, only by 

 those lasting depredations that devastate whole provinces. 

 As a practical illustration of these principles, revert for a 

 moment to the map of the world ; and first, behold Egypt, 

 that celebrated granary of the East, from times of patri- 

 archal antiquity, when the Husbandmen of Canaan went 

 down to buy corn. Who does not recognize the period to 

 which we allude, that recollects the twelve brethren at 

 the Egyptian court ? No one can forget the narrative 

 that is associated with his earliest recollections, and which 

 he finds as instructive to him as a parent as it was inte- 

 resting to him as a child. Egypt, through the long line 

 of her Pharaohs and her Ptolemies, the succession of her 

 Mamelukes^ her Beys and her Pachas, for a period of more 

 than forty centuries, by Agriculture alone, has been ena- 

 bled to furnish bread to her neighbours ; and, it is said, 

 is now about entering into competition with this distant 

 region in supplying the European market with our most 

 important staple, the article of Cotton. And thus, not- 

 withstanding the exactions and oppressions of the worst 

 government, is blessed with resources as redundant as her 

 Nile, and as imperishable as her pyramids. 



Look now at Spain, fallen, degraded Spain ! once the 

 possessor of both the Indies, and the controller of theii 



