No. 216.] 575 



future conlradiction, the justice and the policy of hereafter Jemand- 

 ing, at least, Equality as the basis of Trade. Integrity will blush 

 for the past. It can no longer be mistaken in the wisdom of meas- 

 ures of defence. The effect of an unequal trade, and with a con- 

 tinued balance against the United States — formerly matter of argu- 

 ment, and actively disputed by agents — is now demonstration, since 

 the open trade between the United States and Great Britain, occa- 

 sioned by the destitution in Europe. The tables are turned.. This 

 is abundant evidence of the correctness of the principles of the- 

 American Institute, and which it has advocated for the last twenty 

 years. 



Another year of famine would shake Great Britain to her centre. 

 It must be remembered that when the armies of France with Napo- 

 leon at their he.d, went forth, trampling down the Governments of 

 the Continent, and wandering in their ravages from Egypt and the 

 Red Sea, even to the Frozen Ocean, England, from her insular sit- 

 uation and her naval power, stood the only place of safety. The 

 wealth of the continent was sent to her for safe keeping. She re- 

 ceived it in deposit, and becorae the Banker of Europe. She sub- 

 sidized the Continental Powers with her " Government Bills.'^ 

 These sums have been expended in schemes to establish her colos- 

 sal power and her commercial supremacy. They exist now only in 

 the enormous amount of her debt. That National Debt is stated to 

 be 800 millions of pounds sterling — equal to 4000 millions of dol- 

 lars ; a sum beyond all hope of payment till the besom of destruc- 

 tion shall wipe away the account. The few millions of specie she 

 has in deposit, is too small a foundation for such an edifice. The 

 Bonds of her indebtedness were called ^^ Securities-,''^ and then being 



From 1815 to 1819 inclusive — Balance of trade in favor of England £27,827,415 

 " 1826 to 1830 do. do. 6,639,901 



" 1842 to 1846 Balance of trade against England 35 677,941 



The comment of the Quarterly Review is : 

 " Well ! we have made the largest imports ever known, and what has been the result ? 

 It is, alas ! that our Exports are diminished, and less profitable; — that with oar 

 greatest customer [U. S,]instead of a great balance in our favor, there is, in the five 

 years of the experiment, a fearful balance of £35,000,000 against us — that a consider- 

 able portion of our manufacturers, merchants, bankers, and brokers, are ruined — that 

 the wealthiest firms are breaking and oldest houses tumbling down in all directions — 

 that great manufactories are closed and closing — that the terrified operatives them- 

 selves are imploring their masters to work short time — that is, to allow them to work 

 for short wages rather than starve altogether V 



