And so in respect to the clamour which it has been attempted to excite among importing merchants, we might appeal to the growing prosperity of that interest, as a proof that the clamour has no foundation. We however believe that the obvious cause lies, in the latter instance, upon the surface, and exists in the plan of credit duties, the wise conception of the illustrious Hamilton, by which, so long as the limit at which smuggling would be profitable, or consumption diminished, is not reached, every addition of duty increases the effective capital, and adds to the net profits of the importer. In illustration of this view of the subject, we may cite the well-established fact, that most of the great mercantile fortunes of our commercial cities, have owed their more important increase to the judicious employment of the capital, thus in effect loaned by the government without interest. To use the words of the majority of the Committee of the Senate of the United States, quoted at the head of this article: "Of all the metals, iron contributes most to the wealth, the comfort, and the improvement of society. It enters most largely into the consumption of all ranks and constitutions of men. It furnishes the mechanic with his tools, the farmer with the implements of his husbandry, the merchant with the means of fitting out his ship, and the manufacturer with the very instruments of his wealth and prosperity." The wisdom of Europe draws very different conclusions, from a similar view of the importance of iron, from those which are deduced by the majority of the Committee of the Senate. "The preparation of iron has become the most essential branch of industry, in consequence of the immediate profit it produces to the masters of forges, of the general good that society draws from it, and of the advantages it offers to governments. No other occupies so many arms, produces so active or so constant a circulation of money, or exercises so direct an influence on the riches of the state and the ease of the people. It is therefore the particular interest of every government to favour it, to sustain it by the most efficacious measures, and to carry it to the highest degree of prosperity." _Karsten_--(_Introduction_.) The measures proposed for this purpose, include bounties, the advance of capital, and the prohibition of foreign iron. Such is the uniform practice of by far the greater part of the nations of Europe. The governments receive the most advantageous returns for such protection.