No. 149.] ^ 



equal trnde, for the fabrics of another. A pound of cotton, worth 

 perhaps ten cents, may be taken and manufactured by foreign 

 labor, and arrain returned in the form of line laces, of the value 

 of one thousand dollars. Iron is capable of the greatest elabora- 

 tion, and of the highest value, from labor, of any other article ; 

 the mechanical skill and labor expended upon it totally over- 

 shadow the original price of the raw material. Take a quantity 

 of cast iron, worth £1 sterling, and attach its money value whea 

 converted into finished articles : — Bar iron, worth <£l sterling, ia 

 worth, when worked into horse shoes, £2. 10s; knives, (table) 

 £36; needles, £71 ; pen knife blades, £657; polished buttons 

 and buckles, £807; balance springs, of watches, £50,0U0, 

 (|245,500,); Cast iron worth £1 sterling, is worth when co^ 

 verted into ordinary machinery, £4 ; large ornamental w^ork, 

 £45 ; buckles and Berlin work, £600 ; neck chains, &;c., £1 ,386 j 

 shirt buttons, £5,986, ($29,031). These facts demonstrate the 

 wide ditference in the value, between the raw material and the 

 manufactured articles. The cause and the effect of the balances 

 of trade against us are thus made apparent, Alark the difference ! 

 If the same fabric is produced at home, you have no debt, and 

 our labor is employed ; if obtained by excess of foreign importa- 

 tion, the balance of the debt is to be paid in coin, and our labor 

 is unoccupied. Tliis country v\'as colonized and settled with a 

 view to sucii a free trade. The war of Independence averted its 

 doom ; while the theory of British free trade, yet held by the 

 Planting States, lias induced opposition to manufactures and 

 internal improvements, and has occasioned a steady annual 

 balance of trade against our country ; and creates an increase of 

 our national debt, of from thirty to fifty millions a year, accord- 

 ing to the amount of Imports. There must be couiiicrvuiling regu- 

 lations, until a fair and equal trade can be obtained, and our 

 manufactures permanently established. England, before her 

 manufactures were well established, made it a criminal offence, 

 by lier laws, to export the raw material. Fines, forfeitures of 

 estate, imprisojiment, whipping, standing in the pillory, cutting 

 off tlie right hand to be nailed u^) in the market place; and in 

 case of a second offence, to be hung and drawn and quartered,j 

 were then the mild penalties for the ^rotecticn of English free 

 trade. May we not learn from her example, and copy her laws, 



