History of the United States of America, Volume 5 (of 9) : $b During the first administration of James MadisonAdams, Henry
History
History of the United States of America, Volume 5 (of 9) : $b During the first administration of James Madison
Adams, Henry
United States -- History -- 1801-1809; United States -- History -- 1809-1817
freedom deserved cultivation to the full as much as that of respect for
bad law. The Non-intercourse Act was not only a bad law,--the result of
admitted legislative imbecility,--but it had few or no defenders even
among those who obeyed it.
Ingenuity could hardly have invented a system less advantageous for
the government and people who maintained it. The government lost its
revenue, the shipping lost much of its freight, the people paid double
prices on imports and received half-prices for their produce; industry
was checked, speculation and fraud were stimulated, while certain
portions of the country were grievously wronged. Especially in the
Southern States all articles produced for exchange were depressed to
the lowest possible value, while all articles imported for consumption
were raised to extravagant rates. Elisha Potter, a Congressman from
Rhode Island, complained with reason that the system made the rich more
rich and the poor more poor.[128] In a crowded or in a highly organized
society such a system would probably have created a revolution; but
America had not yet reached such a stage of growth or decay, and the
worst effect of her legislation was to impoverish the government which
adopted and the class of planters who chiefly sustained it.
Gallatin best knew how much the Non-intercourse Act or any other system
of commercial restriction weakened the Treasury. He knew that neither
the President nor Congress offered the germ of a better plan. He faced
an indefinite future of weakness and waste, with a prospect of war at
the end; but this was not the worst. His enemies who were disposed to
destroy, were skilful enough to invent the means of destruction. They
might deprive him of the United States Bank, his only efficient ally;
they might reject every plan, and let the Treasury slowly sink into
ruin; they might force the country into a war for no other object than
to gratify their personal jealousies. Gallatin believed them capable of
all this, and Madison seemed to share the belief. The Treasury which
had till that time sustained the Republican party through all its
troubles, stood on the verge of disaster.
Public-domain text, read in full here on John Shaqi.
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