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The bold application of this first princi Let us now suppose that an old and exple of agricultural economy to the entire perienced agriculturist, understanding the economy of a nation, was first made, if we maxim, that the products of the land, mistake not, by Carey, in his Treatise en should be consumed upon the land, was titled, Past, Present, and Future. To il- about establishing his son, or some person lustrate its value and extent of application, over whom he had guardianship, upon a a few striking examples may be adduced. new farm in his own vicinity, and observ

The shreds and tatters of worn out gar- ing the unthrifty habits of the young farmments, of cotton and of linen, laid up by er, and especially noticing this neglect in thrifty housewives, and exchanged for tin- him, that he allowed the refuse of his land ware and pedlars' articles, together with to waste upon the land ; and instead of consuch as rags, are picked up in the streets, verting this into useful compost for the fatand amid the filth of cities, when collected tening of his acres, laid out the little ready into bales and sold to the manufacturer of money he possessed, in the purchase of paper,

have an annual value of about straw and manure from the neighboring $5,000,000.

Five millions of property farmers. Let us suppose, we say, that the are thus annually created by the saving up elder and wiser father or guardian should of shreds and tatters, an example of econ absolutely forbid this proceeding; or, for omy which resembles the saving up of litter every shilling thus foolishly expended by by a thrifty agriculturist, who gathers to his ward, should deduct a six-pence from gether the manure, weeds, and refuse straw his income, in order to compel him by of his farm, and lays it in a heap, for the mere necessity, into a more judicious appreparation of compost, with which to fat- plication of his means, and a better course ten his acres.

of industry; this procedure of the old man Let us suppose that the farmer, instead in the treatment of the younger and more of an economical saving of this otherwise ignorant person, would resemble very worthless material, sold off his hay, his strongly the conduct of a Whig majority, milk, and his cattle, to purchase manure compelling a rout of thriftless free-traders, for his farm. The result would be that he to allow the national industry to operate would find himself gradually impoverished for the benefit of the national wealth. by the process; and so it would be with The analogy however is defective, and this nation, were they to allow the shreds in several points. The Whig majority on and tatters of their garments to perish un the one side, represents a thrifty old farmregarded in the earth ; and, in place of er, endeavoring to bring his ward to reason; converting them into paper, were to pur and the rout of free-traders on the other chase that useful and elegant result of in- side, represents some scheming store-keepdustry and economy from other nations, er or barterer in the village, who finds more saving and economical than them

means to procure large quantities of maselves.

nure, and wishes to convert it into ready By a tariff upon paper


which money, at the expense of his inexperienced yields but a very small return to the reve neighbor. nue, five millions of actual, tangible proper But even then the analogy is not perty, has been annually created out of nothing. 'fect; and to make it so, we must suppose

that the young farmer employs laborers new territories, and established new farms upon his farm rather than work himself; and plantations, from which a deluge of that he prefers the easy life of what is cheap production has been poured down called a gentleman farmer, and that he upon the markets of the Atlantic States. finds, on calculating the wages of his labor Had it not been for a certain modicum ers employed in collecting litter and ma of protection, wrested by main force from nure, and making compost, that they seem the rich landholders and proprietaries, the to cost him as much in making, as he would condition of these states would have been lay out in purchasing manure. He therefore truly deplorable; they would have supportwishes to dismiss some of his laborers, and ed, at this time, a pauper population sparsely turn their wages to the purchase of mate- inhabiting an ill cultivated and ungrateful rial for the fattening of his land. These soil. Such is indeed the present condition laborers, thrown out of employment, es of a very large part of those states. tablish farms on each side of him ; and The policy and economy of New Engbeing willing to do their own work, with land has saved, however, at least herself their own hands, and by industry and in- from degradation. That policy has been genuity to make the compost which their to consume the products of the country, more luxurious neighbor buys, while he is within the limits of the country, by a paying money they are making it, and as thrifty industry which converts the coarsest he grows poorer, they are growing richer, and commonest materials, even ice and and underselling him in the market. Thus granite, into a source of wealth—a pertiit is with the free-trader; finding it cheaper nacious industry, which gathers up the to buy the manufactured articles of foreign shreds and fragments of every art and countries, he allows the refuse and raw trade, and converts them into riches-a material of his own to rot upon the land, jealous industry, which refuses to let any or to be sold for unremunerative prices to material, given by nature, escape from its foreigners : he is perhaps a rich man, and hands until the last degree of value has the owner of large estates, a gentleman been imparted to it by lahor—an industry, farmer ; he refuses to allow the necessary saving of time; which brings the anvil protection which gives employment to the near to the spade and pick axe, and the poor about him; they consequently move loom near to the plough ; which builds the off upon new lands, and working them with furnace near the mine, the forge near the their own hands, are soon able to undersell furnace ; which places the factory amid and to ruin the once wealthy proprietor of farms, in order that the two may cheaply the old lands; and this is the history of feed and clothe each other. It is this inagriculture in the Atlantic States

dustry which has saved New England from Denied that necessary protection which the consequences of a ruined agriculture, they required for their industry, by the the worst consequences that can befal a richer and more influential persons who nation. over-topped them, they moved off into



The profits of industry begin with gath- first labors serve only to supply the immeering, reaping, mining, fishing, hunting, diate wants of the laborers and their fam&c. Previous to the gathering of any pro- ilies, there is no profit, but it almost alduct, a certain amount of labor is required ways happens that the labor of one man, to be expended, either in preparing the applied to one object, will procure more earth for the reception of seed, or, as in than is necessary for his immediate subfishing, in a preparation of nets, tackle, sistence and that of his family. The sur&c., or in mining, by making excavations plus, exchanged for the surplus of other in the earth. If the products of these producers, constitutes profit or gain : but



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a surplus unexchangeable, lying on the the circuit of the world, and it may be a hands of the laborer, is not, in any sense, stone's throw. If the distance be a short profit or gain. It is, moreover, necessary one, the farmer himself becomes the conthat the process of exchange should veyer of his products, and whatever small not be too difficult; that is to say that profit is in that way to be gained, falls into there should be a market within reach, or his purse; but the profit of transportation there will be no profit.

being in proportion to the distance, the danIf the market is remote and uncertain, gers and the difficulties to be overcome on the the surplus will not yield as large and cer way, it will be the earnest desire of the miner, tain a profit, as when the market is near at the farmer and the planter, to have the hand and sure ; and thus will rise a second furnace and the factory as near to them as profit, or rather share of profit, to be reap- possible, in order to save to themselves, ed by a second class of laborers, whose the second profits of industry, the profits business it is to convey these surpluses of transportation; or of trade and comfrom point to point, and to make the

of communication certain and When the iron is brought to the forge easy between the producer and the mar- and the rolling mill, and passes through ket. The business of exchanging and the various processes of steel making, and conveying the surpluses of the first class of is then converted into instruments of utililaborers, constitutes trade and commerce ty-into ploughs, knives, scythes, &c., a commerce between nations, managed by third profit accrues, the profit of manuship owners, commission merchants, im- facture. porters and exporters, and secondarily, by The processes for converting a lump of railroad companies, and all other capital ore into a scythe or a razor, are very nuists engaged in facilitating and cheapening merous. Let us suppose that for this purthe means of inter-communication. pose, a lump of ore, mined in Pennsylva

Now, as it is evident, that this second nia, is carried to New Jersey, and there class of laborers produce nothing, there converted into cast iron ; that thence must ensue, in order to their support, a it is taken to some foreign country, to Engdivision of profit, or rather of the surplus land, perhaps, and the cast iron converted products, between themselves and the ori- into steel ; let the steel, in bars, be taken ginal producers ; and, other things being to Damascus, and there converted into equal, the original producer is a loser by sword blades; let the sword blades be takthe exact amount of their gain.

en to Marseilles, and sold at wholesale. The object of the producer will there- From Marseilles let them be taken to Lonfore be to become, as far as possible, him- don again, and sold to an American merself the conveyer of his own surpluses, in chant ; let the American merchant bring order that the entire profit may come to the sword blades to New York, where they himself and his family. The farmer who shall be furnished with scabbards and sends vegetables to market, sends his son mounted in a style to please an American with them instead of any hired person, in fancy; let them then, or let one of them, order that the profit of transportation may be sold by a pedler at an enormous price come to himself and family.

to the original producer of the lump of If we now think upon our people as one ore in Pennsylvania, and let the cunning family—and is it not just and patriotic salesman, a free trader, describe in glowto think so ?–We very naturally desire ing language to the astonished miner, the that the carriage, the trade and commerce numerous transformations, the many and of our surpluses, may fall into the hands of perilous voyages, and the strange countries our own friends and fellow citizens, in or- and strange hands through which his lump der that the nation, as one family, may of ore had passed before it came to him, a reap both the first and second profits of la- glittering Damascus blade ; what visions of bor; the profits of production and the pro- commercial prosperity, and of the glory fits of transportation.

and enterprise of his nation would float beFrom the mine to the furnace, from the fore the imagination of the miner! with - stack and the press house, to the factory, what confidence would he not at the next may be a long distance; it may be half election, vote for the free trade candidate!

The miner, a man of some consequence

ed the bounties of the soil to their very in his country, is a militia captain of horse last account, and striking out of their list guards, and has paid sixty dollars for a sa of expenses the accumulated losses of bre; the profits on the ore from which that transportation and commerce, would not sabre was made, were precisely two shil- | that community, concentrating its energies lings to himself, and three to the man who and its intelligence, reap for itself, after a carried it to the forge; a small additional time, a profit fully equivalent, far more profit was reaped from it by the exporting than equivalent to the labor expended ? merchant; it was conveyed away in a for Other things being equal, such would eign vessel, worth perhaps eight shillings undoubtedly be the fact: but now what is at the moment of its leaving the country; the condition of that village ? Without the remaining fifty nine dollars were capital, they cannot build the mills and fixed upon it by the navigators and furnaces : the foreign capitalist has the the workmen of foreign countries.

mills and furnaces already built, and the In that particular instance, although we village must content itself with a single cannot say with perfect truth, that the profit, and that a contingent profit, nameproduction of the original lump of ore in- ly, the first profit on the production of food, stead of profiting the miner two shillings transported across the ocean to feed the actually cost him fifty-nine dollars and six laborers who work in the mills and factoshillings, yet we can say that had the ore ries of the foreign capitalist—the English been converted into iron, the iron into capitalist, who has built the furnace near steel, and the steel into sword blades, by the mine and the coal field; who has but practised artisans working under the di- a little way to send his iron to be convertrection of the miner himself, the profits of ed into steel ; whose brother, perhaps conall these processes, would have fallen in very verts the steel into ploughshares and scythé large proportion to himself and his work- blades; whose cousin perhaps, transports men, avoiding too, the costs of transpor- these ploughshares and scythe blades across tation of the heavy material, by five long the water, to be sold there to the first voyages from place to place, describing producer of the food; whose nephew, a great circles of the sphere. upon the sur- wealthy agriculturist, is able, in England face of the rounded globe.

itself, to keep down the price of that Let us now suppose, farther, that not food, and to enhance the value of the only the third profit, or of manufacture, scythes and ploughshares by the skilful the first profit, or of production, and the management of farms, so that, in times of second profit, or of conveyance, (trade plenty, that very first profit is reduced to and commerce,) but also the profit of nothing for him who sits in his log-house, agriculture, in the feeding of the workmen on a rough hill-side in Pennsylvania, readengaged in all these processes, and the ing the costly page of the Free Trade profit of cloth manufacture, in clothing the Union newspaper—the organ of that parsame, and the second profit of both of these, ty which has wrested from him, his neighand the third of both of these--that all bors and his children, half the profits of these nine different profits, together con- production, all the profits of transportation, centrated in the exquisitely modelled uten- all the profits of manufacture, all the prosil of steel, made serviceable for the scab- fits of mining, all the profits on the supply bard of the Turk, were together and joint- of coal, all the profits on the supply of ly retained by the industry of a single vil- cloth, and all the profits of that foreign lage in the state of Pennsylvania, and that capital which, vainly seeking investment in this too, was wholly a surplus of industry, England, would flow in upon his village, over and above the labor necessary for the were he justly protected by the laws, to maintainance of the village, would not build up there the mills and the factories, that community thrive, which, retaining to which are necessary to enable him, his itself the right of imparting all values to neighbors and his children after him, to commodities of steel, food and clothing, reap all the profits of Industry. left nothing to be done by others, but turn



Under the head of Trade, Commerce, | chaser who is to use it, and the carrier who and Transportation is included every species conveys it; whereas if there were no carof exchange of products of the surpluses of rier, the same amount of value, represented industry. Trade, as the generic term, in by the loaf, would be divided between two cludes all kind of barter and exchange persons instead of among three : thus, for in lesser as well as in larger transactions : example, the baker charges for his loaf commerce, the intercourse of trade be twelve cents, two of which are given by tween nations, or between states, or be him to the carrier for the conveyance of tween remote parts of the same nation : the bread: one half of this loss falls upon navigation, the general system of means by himself, the other half

himself, the other half upon his customer. rivers, lakes, harbors, and the

open seas, of

The actual value of the loaf, including a the transportation by water, for the purposes just profit to himself, is eleven cents, he, of commerce : transportation, on the other however, paying one cent to the carrier, hand, includes every method of convey and charging the customer one cent for ance by land and sea.

the same, is a loser to the same amount It has been sometimes claimed by politi with his customer. The loss, in this parcal economists that the conveyance of ticular instance, is divided between the goods from place to place for the purposes producer and consumer; had there been of commerce, confers a certain value upon no necessity for carriage, the baker would them; that a loaf of bread, for example, is have charged eleven cents for the loaf inworth more, delivered in the kitchen, than stead of twelve, the customer would have it is at the mouth of the bakery; but if it been saved a loss of one cent to the carrier, were true, that transportation in itself con and the baker would have been saved the sidered conferred value upon articles, an loss of one cent to the same. The addiindefinite amount of value might be com tional one cent, paid as the value of the municated to a loaf of bread by transport bread by the customer, is not a value coming it several times through the city before municated to the bread, but is simply a presenting it at the door of the kitchen. loss to the consumer, as the other cent is a

The actual value of a loaf of bread is to loss to the producer. be measured by its importance in sustain In the instance cited, the loss was ing life,-- by its quantity, quality, and dura- divided between the consumer and the bility, applied to that purpose. It is less producer : it sometimes, however, falls valuable as it is more perishable when com- wholly upon the consumer, and sometimes pared with other kinds of food equally nu- wholly on the producer, according to the tritious and less perishable. It has a value circumstances and necessities of trade; if as food merely, taken together with all we take however the entire system of comother kinds of sustenance; and a relative merce, trade, and transportation, both by value, as bread, compared with other kinds land and water, it may be said without fear of food. But the value of a commodity is of contradiction that as every man is by actually diminished, and not increased by turns a producer and consumer, losses by transportation : and the reason is, that the transportation are equally distributed over agent employed in transporting it, derives the entire community. subsistence from it. The baker would sell Whatever may be argued in favor of the bread cheaper to his customers if they all moral advantages of commerce, it is neverlived at his door. All the value lying in the theless demonstrable that the entire profits bread itself, measured by its power of sus of commerce are a division of loss between taining life, has to be divided between three producer and consumer, and that all that persons, the baker who produces it, the pur- is saved in transportation, by the improve

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