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appeared that the cash circulation in America really belonged to
the English。 It appeared yet further that the English could dispose
of that ready money on whose possession the whole bank and paper
system of the United States was based； according to their own
inclination。 If； however； they disposed of it； the American bank
and paper system would tumble down like a house built of cards； and
with it the foundation would fall whereon rested the prices of
landed property； consequently the economical means of existence of
a great number of private persons。
The American banks tried to avoid their fall by suspending
specie payments； and indeed this was the only means of at least
modifying it； on the one hand they tried by this means to gain time
so as to decrease the debt of the United States through the yield
of the new cotton crops and to pay it off by degrees in this
manner； on the other hand they hoped by means of the reduction of
credit occasioned by the suspension to lessen the imports of
English manufactured goods and to equalise them in future with
their own country's exports。
How far the exportation of cotton can afford the means of
balancing the importation of manufactured goods is； however； very
doubtful。 For more than twenty years the production of this article
has constantly outstripped the consumption； so that with the
increased production the prices have fallen more and more。 Hence it
happens that； on the one hand； the cotton manufacturers are exposed
to severe competition with linen manufactures； perfected as these
are by greatly improved machinery； while the cotton planters； on
the other hand； are exposed to it from the planters of Texas；
Egypt； Brazil； and the East Indies。
It must； in any case； be borne in mind that the exports of
cotton of North America benefit those States to the least extent
which consume most of the English manufactured goods。
In these States； namely； those which derive from the
cultivation of corn and from cattle…breeding the chief means of
procuring manufactured goods； a crisis of another kind now
manifests itself。 In consequence of the large importation of
English manufactured goods the American manufactures were
depressed。 All increase in population and capital was thereby
forced to the new settlements in the west。 Every new settlement
increases at the commencement the demand for agricultural products；
but yields after the lapse of a few years considerable surplus of
them。 This has already taken place in those settlements。 The
Western States will therefore pour； in the course of the next few
years； into the Eastern States considerable surplus produce； by the
newly constructed canals and railways； while in the Eastern States；
in consequence of their manufactories being depressed by foreign
competition； the number of consumers has decreased and must
continually decrease。 From this； depreciation in the value of
produce and of land must necessarily result； and if the Union does
not soon prepare to stop up the sources from which the
above…described money crises emanate； a general bankruptcy of the
agriculturists in the corn…producing States is unavoidable。
The commercial conditions between England and North America
which we have above explained； therefore teach：
（1） That a nation which is far behind the English in capital
and manufacturing power cannot permit the English to obtain a
predominating competition on its manufacturing market without
becoming permanently indebted to them； without being rendered
dependent on their money institutions； and drawn into the whirlpool
of their agricultural； industrial； and commercial crises。
（2） That the English national bank is able by its operations to
depress the prices of English manufactured goods in the American
markets which are placed under its influence to the advantage of
the English and to the disadvantage of the American manufactories。
（3） That the English national bank could effect by its
operations the consumption by the North Americans； for a series of
years； of a much larger value of imported goods than they would be
able to repay by their exportation of products； and that the
Americans had to cover their deficit during several years by the
exportation of stocks and State paper。
（4） That under such circumstances the Americans carried on
their internal interchange and their bank and paper…money system
with ready money； which the English bank was able to draw to itself
for the most part by its own operations whenever it felt inclined
so to do。
（5） That the fluctuations in the money market under all
circumstances act on the economy of the nations in a highly
disadvantageous manner； especially in countries where an extensive
bank and paper…money system is based on the possession of certain
quantities of the precious metals。
（6） That the fluctuations in the money market and the crises
which result therefrom can only be prevented； and that a solid
banking system can only be founded and maintained； if the imports
of the country are placed on a footing of equality to the exports。
（7） That this equality can less easily be maintained in
proportion as foreign manufactured goods can successfully compete
in the home manufacturing markets； and in proportion as the
exportation of native agricultural products is limited by foreign
commercial restrictions； finally； that this equality can less
easily be disturbed in proportion as the nation is independent of
foreign nations for its supply of manufactured goods； and for the
disposal of its own produce。
These doctrines are also confirmed by the experience of Russia。
We may remember to what convulsions public credit in the Russian
Empire was subjected as long as the market there was open to the
overwhelming consignments of English manufactured goods； and that
since the introduction of the tariff of 1821 no similar convulsion
has occurred in Russia。
The popular theory has evidently fallen into the opposite
extreme to the errors of the so…called mercantile system。 It would
be of course false if we maintained that the wealth of nations
consisted merely in precious metals； that a nation can only become
wealthy if it exports more goods than it imports； and if hence the
balance is discharged by the importation of precious metals。 But it
is also erroneous if the popular theory maintains； under the
existing conditions of the world； that it does not signify how much
or how little precious metals circulate in a nation； that the fear
of possessing too little of the precious metals is a frivolous one；
that we ought rather to further their exportation than favour their
importation； &c。 &c。 This manner of reasoning would only be correct
in case we could consider all nations and countries as united under
one and the same system of law； if no commercial restrictions of
any kind against the exportation of our products existed in those
nations for whose manufactured goods we can only repay with the
productions of our agriculture； if the changes wrought by war and
peace caused no fluctuations in production and consumption； in
prices； and on the money market； if the great credit institutions
do not seek to extend their influence over other nations for the
special interest of the nation to which they belong。 But as long as
separate national interests exist； a wise State policy will advise
every great nation to guard itself by its commercial system against
extraordinary money fluctuations and revolutions in prices which
overturn its whole internal economy； and it will attain this
purpose only by placing its internal manufacturing production in a
position of proper equality with its internal agricultural
production and its imports with its exports。
The prevailing theory has evidently not sufficiently
discriminated between the mere possession of the precious metals
and the power of disposition of the precious metals in
international interchange。 Even in private exchange； the necessity
of this distinction is clearly evident。 No one wishes to keep money
by him； everyone tries to remove it from the house as soon as
possible； but everybody at the same time seeks to be able to
dispose at any time of the sums which he requires。 The indifference
in regard to the actual possession of ready money is manifested
everywhere in proportion to wealth。 The richer the individual is