from the Algerines has been estimated in this house at five per centum on the vessel and cargo, but the whole encouragement to our own shipping in our existing laws, consists in the one tenth additional duty on goods imported in foreign vessels. Whenever there shall be an European peace, which cannot be far distant, the whole difference between the two sums will be a direct encouragement on British ships, and will probably be equal to two freights. Do gentlemen rely on the precarious prospect of building frigates, and the more precarious service to be rendered by them when built, so much as to neglect any other regulations for the safety of our shipping, when they are so much in their power?

Having shown, that the actual state of our commerce is by no means the most beneficial, as far as navigation is concerned, I will proceed to consider the benefits derived from the consumption of those European manufactures, which form the principal part of the stores of America: and here it may safely be said, that national policy by no means justifies the almost exclusive preference, given to those of Great Britain. It is not always true, that the commodity which is bought for least money is the best bargain; for the means of payment form an important consideration in all traffic, and accommodations in it, may more than counterbalance an inequality of price. If one man will receive an article in exchange, which you can sell to no other, it will certainly be a saving to deal with him, at a high advance on his property. If there are countries which would become great consumers of American produce, on the terms of reciprocal consumption, and we find a difficulty, as is often the case, in vending that produce, is it not of great national importance to excite those acts, which are to become the foundation of the connexion, even if in the first instance, it is to be attended with inconvenience and loss? France may be made a connexion of this sort; she is at this time, almost, if not quite on a footing

with Great Britain in the consumption of American products, and every hand which shall receive employment from us, will add to her wants. We are told, that it is of no less importance to us to find a country which can supply us advantageously, than one which will consume our productions, and that, as commerce is no longer carried on by barter, it is no less beneficial to sell in one country and buy in another, than if we could complete the exchange in the same country. This might be true, if your production was limited, and the demand for it certain; but with a greatly improving agriculture, and some risk in our markets, the object is important. Great Britain being the factory of those things, which would make her most dependent on the agricultural interest, and her national wealth being probably at the greatest height, there is no expectation that her consumption will increase. On the other hand, as labor is now to receive its direction in France to the manufacturing arts, so far as concerns America you will take from the agricultural strength a large class of people, and by that means create a dependence on you, at least to the amount of their own consumption, and the wealth you will diffuse, will give ability to thousands who are now too poor to bid for your commodities. Nor is it probable that you will purchase this important benefit, on very disadvantageous terms; for it is agreed on all hands, that many important arts are well understood there, and that labor, which forms the principal part of the cost of most articles, is considerably cheaper in France, than in England.

Another very important operation of a discrimination in favor of France, will be, that by encouraging liberal industry, you may put an end to some practices, which, in the existing state of consumption, greatly depreciate our commodities; I mean the public provision made in granaries, and the supply from them in times of scarcity, which destroy the competition that raises every thing to its just value. Different conse

quences have been foretold, as likely to result from those measures, to which I shall give a short examination. We are told, that the preference, long since given by our laws, has been equal to a prohibition of British vessels, and that to the extent to which it has gone, the best effects have been produced. To secure this operation from a recent attack, and at the same time to extend it to some branches of trade, to which its principle would equally extend, is the object of the marine resolutions. We have no reason to apprehend bad effects from an action, which has hitherto had good consequences. As to the increased duties on manufactures, I think the prospect in no way threatening, for if there should be found no country to supply our wants on better terms, the diminution of consumption will be only in proportion to the duty. This can be by no means alarming, considered as the worst consequence of the measure to men, with whom the impost is the favorite mode of collecting the revenue, at a time when the public wants are equal to any possible produce. If there shall be found a competitor with Great Britain for our consumption, the great object will be attained, as it must be accompanied by a corresponding consumption of American productions. But we are told, that there will be a conflict of commercial regulations between this country and Great Britain, and that the consequence will be the loss of the market she affords us. The probable consequences of such a conflict, will best determine whether it is to be expected; as it will commence on her part as well as ours, with a view to consequences. The danger, which she can alone apprehend, is the loss of the market for her manufactures, and to obviate this, it would be ab-. surd to widen the breach between us, as that would tend, in a direct proportion, to the establishment of unfriendly habits, and manufactures, either here or in other countries, which would rival her own. If, however, the ultimate advantage would justify such measures, the immediate distress of her people would forbid it.

The American trade must be the means of distributing bread to several hundred thousand persons, whose occupation would be wholly ended with the trade, and the government is by no means in a situation to bear their discontent.

Their navigation and manufactures draw many important ingredients from America, which would be lost to them. The creditors of the people of America to an immense amount, would be deprived of the remittances which depend on a friendly intercourse. On the whole, it would add to the disorders of the government among those, who perhaps have heretofore contributed to its support, without gratifying any thing but an arrogant resentment. But we are told, that our own citizens would be equal sufferers, and are more to be injured by being stopped in a career of rapid improvement: it will be hard to anticipate any real misfortune to America, in such a contest, unless the temporary loss of indulgences, which are by no means necessary, can be so called. The consumption of Great Britain is, according to the most friendly calculation, not more than one third of our purchases from her, and therefore the national wealth, independent of the gratification of our appetites, will receive an immense addition, and a vast fund will be procured to make lasting and valuable improvements, which would be degraded by comparison with the gewgaws of a day. It is to be remarked, that the diminution of our exports would be divided among large classes of people, and in all cases rather form a deduction from the annual income, than a total loss: this will result from the various objects of American industry and the division of the markets of its produce. This forms an important difference between America and Great Britain, in an estimate of the effects of a rupture between the two countries. In my opinion, the habits of the southern states are such as to require the control, which is said to be the consequence of these measures. Under the facility offered by the modes of trade before spoken of, and the credit which is said to

be so beneficial, they have not only involved themselves in debt, but have contracted habits, which, with the power of gratification, must always keep them so. We did hope that the administration of justice would have corrected the evil, but we now find that it cannot be corrected but by entire changes. It is founded in the policy of the merchant himself, and this circumstance is enough to present to the minds of the committee a long train of dependent mischiefs; it is a fact, supported by the best evidence, that our merchants who get their goods from the manufacturer, pay as much for them as the shopkeeper, who buys at Baltimore or Philadelphia. This is one of the consequences of the want of credit, which always will follow a reliance on collection from farmers; and there can be no doubt, that the merchant is indemnified for his disgrace, as well as his advance. The result of the whole train of indulgence is, that our goods are bought at an advance from a half to one fourth of what they could be afforded for in cash sales; nor does the mischief stop here; it brings a subjection which materially affects the sale of our produce. I believe myself, that the war with Great Britain did not bring half the mischief on us that their credit has, and very much suspect that a credit for consumption will always be found equally mischievous. It by no means resembles money loans, as is insinuated by the gentleman from South Carolina, by freeing a man's own resources for any other use. It is certain, that there is no other safe regulation of a farmer's expenses, than his income and experience every day proves-that when so regulated they always fall short of the income, and that when they depend on credit they always exceed it, and thereby subject future revenue. Lessening the importation of foreign manufactures will increase our household fabrics, which experience has proved to be highly profitable, as the labor is done by a part of the community of little power in any other application. Regular efforts in this way have been, in my country, certainly productive of independence.

I