No. 216.] 497 



In the fiscal year ending on the 30th of June, 1846, we imported, 

 chifley for domestic consumption, of 



-Cloths and cassimers to the amount of (omitting frac- 

 tions,) $4,192,000 



Worsted stuff goods, - 2,638,000 



Dyed, printed and plain cottons, 10,350,000 



Linen, - - - 4,492,000 



Earthenware, paying ad. val. duties, 2,262,060 



Plain, white and other manufactures of silk, paying ad. 



val. duties, 8,445,000 



Brandy, 839,000 



Brown sugar, 5,948,000 



Pig and bar iron and steel, 4,000,000 



Manufactures of iron, paying ad. val. duties, - 3,933 



These importations, and many others of smaller amount, were not 

 made for the encouragement of American, but of foreign industry. 

 Yet we have become so accustomed to such importations that they 

 excite but little interest. I will not dwell upon this endless subject. 

 Happily there is not at present any unusual pressure upon our do- 

 mestic industry from foreign competition. Notwithstanding the tariff 

 of 1846, and the expensive war in which we are engaged, the 

 whole business of the country is unusually prosperous. The late 

 unprecedented famine in Europe has created a demand for the pro- 

 ducts of our agriculture to an extent never before known. Great 

 Britain, drained of her specie, sent to this country in exchange for 

 food to save her people from perishing with hunger, has been so 

 -crippled in her manufacturing industry that she has not been able to 

 glut our market with her goods; and the rage for building railroads 

 in Europe, as well as in the United States, has created a demand 

 for iron exceeding the immediate power of supply, there or here. 

 These are the causes of the prosperous condition of American in- 

 dustry. 



But how long can this prosperous state of things last? There 

 no longer famine among the nations of Europe. Their harvests have 

 been abundant. They will cease to send us specie in exchange for 

 an increased quantity of our agricultural produce, except cotton, 

 rice and tobacco. On the contrary, we must send them specie in 

 •exchange for their manufactures, which, from a new impulse given to 

 their industry, will be produced in excess. This revolution has al- 

 ready commenced, although not seriously felt as yet. If upon our 



[Am. Inst.] GG 



