My second position is grounded upon the competition, that prevails at this moment among the maritime manufacturing nations of Europe, France and England particularly. The nation that undersells its rival in foreign markets will sap the foundation of her wealth and power. The nation that can maintain its manufactures, and navigate its vessels at the cheapest rate, will undoubtedly enjoy this advantage, all things else being equal. It is obvious, that the price of labor is regulated by that of provisions, that manufacturers never earn more than a bare subsistence. If so, where provisions are cheap, manufactures can be carried on to most advantage. Of this, the East Indies are a striking proof. In proportion, too, to the price of provisions and the price of labor, which depends upon it, must be the expense of building and navigating ships. Both these advantages, where there is a concurrence, are therefore clearly in favor of the nation, that can reduce the price of provisions within her own kingdom. But it may be said, that this reduction of the price of provisions, which seems so desirable in one view, may be found injurious in another; and that it is at least as expedient to encourage agriculture as manufactures. I agree in the principle, though not in the application. Going back to my first position, that the man who labors gets a bare subsistence, for the moment he does more, the number of laborers in that kind (provided his employment does not require uncommon skill) increases, and his labor is not more profitable, than that of the other laborers of the country. It will follow then, that so far as he consumes what he raises, the price will be entirely out of the question. If a bushel of grain a day is necessary for the support of his family, he will equally raise and equally consume that grain, whether it sells for a penny or a pound. But as there are other articles necessary for the use of his family, that he must purchase, this purchase can only be made by the excess of what he raises beyond his own consumption. If he purchases the manufactures of the country, and they rise in proportion to the value of provisions, it must be a matter of indifference to the husbandman, whether the price of the latter is high or low, since the same quantity will be necessary to purchase what his necessities demand in either case; unless indeed his provisions are carried to foreign markets, and the manufactures he wants imported, in which case the price of his grain will become an object of moment, and operate as an encouragement to agriculture. But it would also in the same proportion operate as a check on the manufactures, population, and navigation of the country. On the first, for reasons which have been already explained; on the second, because manufactures require more hands than agriculture; and on the third, because the expense of labor, which increases with the diminution of population, and the price of victualling the vessels employed in the