The capital vested in uncultivated lands, is a mere dormant stock which cannot be applied to such active employments as the erection of workshops, machinery, and other outlays necessary for the establishment of manufactories, unless it is replaced by other funds. Neither is it so easy to procure money as formerly by mortgaging cultivated lands, now when the prices of produce are so low. The expedients resorted to, in keeping base money in circulation, are, with respect to manufacturing interests, as impolitic as they are, in fact, unjust. Bankers, who are virtually insolvent, are to be ranked amongst the opposers of manufacturers, as it must be impossible for such men to contemplate the reduction of the quantity of money so essential to industry, without dreading the retribution that awaits them. The present condition of the United States is well suited to convince the people of the expediency of making exertions for supplying their own wants. Europe is no longer to be relied on as a market for their produce, and Great Britain in particular has in effect excluded the grain and the timber of the United States from her markets, and prohibits Americans from trading with her West India colonies. Since these restrictions have taken place, great quantities of British manufactures have been imported into America, and the course {242} of exchange has shown, that a large money balance has arisen in favour of Britain. Some persons interested in the traffic, infer the prosperity of the United States from their being able to pay a balance of trade. Though general doctrines of this kind are sanctioned by several great economists, on the broad principle that an exportation of money indicates a corresponding importation of property, or in other words, an accumulation of wealth; before adopting an assumption of this kind in any particular case, it may be safe to inquire whether the import consist of articles, which are permanently beneficial, or of luxuries either of the more perishable kinds, or of those more conducive to ornament than utility. With regard to the late imports of the United States, it is thought sufficient to notice that they have not furnished the ability to continue them in their usual amount.