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population who have moved inland prefer fresh meat and fresh…water
fish to salted； they require no train oil； or at least but a small
quantity。 How is the coasting trade along the Atlantic sea…board to
thrive？ As the largest portion of the coast states are peopled by
cultivators of land who produce for themselves all the provisions；
building materials； fuel； &c。 which they require； there is nothing
along the coast to sustain a transport trade。 How are foreign trade
and shipping to distant places to increase？ The country has nothing
to offer but what less cultivated nations possess in
superabundance； and those manufacturing nations to which it sends
its produce encourage their own shipping。 How can a naval power
arise when fisheries； the coasting trade； ocean navigation； and
foreign trade decay？ How are the Atlantic states to protect them
selves against foreign attacks without a naval power？ How is
agriculture even to thrive in these states； when by means of
canals； railways； &c。 the produce of the much more fertile and
cheaper tracts of land in the west which require no manure； can be
carried to the east much more cheaply than it could be there
produced upon soil exhausted long ago？ How under such circumstances
can civilisation thrive and population increase in the eastern
states； when it is clear that under free trade with England all
increase of population and of agricultural capital must flow to the
west？ The present state of Virginia gives but a faint idea of the
condition into which the Atlantic states would be thrown by the
absence of manufactures in the east； for Virginia； like all the
southern states on the Atlantic coast； at present takes a
profitable share in providing the Atlantic states with agricultural
produce。
All these things bear quite a different complexion； owing to
the existence of a flourishing manufacturing power in the Atlantic
states。 Now population； capital； technical skill and intellectual
power； flow into them from all European countries； now the demand
for the manufactured products of the Atlantic states increases
simultaneously with their consumption of the raw materials supplied
by the west。 Now the population of these states； their wealth； and
the number and extent of their towns increase in equal proportion
with the cultivation of the western virgin lands； now； on account
of the larger population； and the consequently increased demand for
meat； butter； cheese； milk； garden produce； oleaginous seeds；
fruit； &c。； their own agriculture is increasing； now the sea
fisheries are flourishing in consequence of the larger demand for
salted fish and train oil； now quantities of provisions； building
materials； coal； &c。 are being conveyed along the coast to furnish
the wants of the manufacturing population； now the manufacturing
population produce a large quantity of commodities for export to
all the nations of the earth； from whence result profitable return
freights； now the nation's naval power increases by means of the
coasting trade； the fisheries； and navigation to distant lands； and
with it the guarantee of national independence and influence over
other nations； particularly over those of South America； now
science and art； civilisation and literature； are improving in the
eastern states； whence they are being diffused amongst the western
states。
These were the circumstances which induced the United States to
lay restrictions upon the importation of foreign manufactured
goods； and to protect their native manufactures。 With what amount
of success this has been done； we have shown in the preceding
pages。 That without such a policy a manufacturing power could never
have been maintained successfully in the Atlantic states； we may
learn from their own experience and from the industrial history of
other nations。
The frequently recurring commercial crises in America have been
very often attributed to these restrictions on importation of
foreign goods； but without reasonable grounds。 The earlier as well
as the later experience of North America shows； on the contrary；
that such crises have never been more frequent and destructive than
when commercial intercourse with England was least subject to
restrictions。 Commercial crises amongst agricultural nations； who
procure their supplies of manufactured goods from foreign markets；
arise from the disproportion between imports and exports。
Manufacturing nations richer in capital than agricultural states；
and ever anxious to increase the quantity of their exports； deliver
their goods on credit and encourage consumption。 In fact； they make
advances upon the coming harvest。 But if the harvest turn out so
poor that its value falls greatly below that of the goods
previously consumed； or if the harvest prove so rich that the
supply of produce meets with no adequate demand and falls in price；
while at the same time the markets still continue to be overstocked
with foreign goods then a commercial crisis will occur by reason
of the disproportion existing between the means of payment and the
quantity of goods previously consumed； as also by reason of the
disproportion between supply and demand in the markets for produce
and manufactured goods。 The operations of foreign and native banks
may increase and promote such a crisis； but they cannot create it。
In a future chapter we shall endeavour more closely to elucidatc
this subject。
NOTES：
1。 Statistical Table of Massachusetts for the Year ending April 1；
1837； by J。 P。 Bigelow； Secretary of the Commonwealth （Boston；
1838）。 No American state but Massachusetts possesses similar
statistical abstracts。 We owe those here referred to； to Governor
Everett； distinguished alike as a scholar； an author； and a
statesman。
2。 The American papers of July 1839 report that in the
manufacturing town of Lowell alone there are over a hundred
workwomen who have each over a thousand dollars deposited to their
credit in the savings bank。
Chapter 10
The Teachings of History
Everywhere and at all times has the well…being of the nation
been in equal proportion to the intelligence； morality； and
industry of its citizens； according to these； wealth has accrued or
been diminished； but industry and thrift； invention and enterprise；
on the part of individuals； have never as yet accomplished aught of
importance where they were not sustained by municipal liberty； by
suitable public institutions and laws； by the State administration
and foreign policy； but abo