attempt, to build up the manufactures and trade of another country, at the expense of the United States.

He then proceeded to indicate the improbability of the success of these attempts. To the argument of Madison in their favor, founded on the importance of our Commerce to Great Britain, Hamilton replied;—“It is as great an error in the councils of a country to overrate, as to underrate its importance.-The preceding argument does this, and does it in defiance of experience.-Similar arguments were used in favor of a non-importation scheme.— The same consequences were predicted, but the prediction was not fulfilled. This should be a caution against a measure of much less force-an increase of duties.-But resistance will follow-a war of arms and of commercial regulations.

"Of the first, it is said, there is no danger.-War is as often the result of resentment, as of calculation.-A direct and immediate War would not be surprising.-If not, mutual ill offices and irritation would quickly lead to it.Should England prefer commercial regulations—how will the contest stand ?-We receive one-fifth of her exports. Our exports to her constitute one-eighth of all her imports. Our trade with her bears, to her whole trade, the proportion of one-sixth.-Our trade with her, to our whole trade, is more than one-half.-Such a contest would disturb one-sixth of her trade and more than one-half of ours."

Other considerations were adduced to show the irregularity of the contest. "France could not supply the chasm it would cause.-But, it may be asked, what counteracting regulations can Great Britain adopt?—She could prohibit, or lay prohibiting duties, on her and our commodities in our bottoms.--She might grant temporarily to the Dutch or to other friendly bottoms, the privileges we

enjoy; or she might permit the importation of our commodities in some of those bottoms. Her manufactures would reach us in nearly the same quantities, but with additional charges.-Where will we find another market in lieu of hers?

"But are we to sit with folded arms? If not, what are we to do? I answer-nothing, at the present juncture, and we ought with great caution to attempt anything, till we have acquired a maturity, when we can act with greater effect, may brave the consequences of war, and have secured more adequate means of internal supply, to which we should bend our efforts as the only national and safe expedient at present to counteract the monopoly which more or less tinctures the system of all Europe.But, from this we not only turn åside with neglect, but we object away, the plainest provisions of the Constitution to disable ourselves from pursuing it.

Every year for years to come will make us a more important customer to Great Britain, and a more important furnisher of her wants.—If this does not lead to such a treaty of Commerce as we desire, the period is not far distant, when we may insist on it with better effect, and with less hazard.

"Wisdom admonishes us to be patient 'to make haste slowly.' Our progress is, and will be rapid enough, if we do not throw away our advantages.-Why should we be more susceptible than all the world? Why should this. young Country throw down the gauntlet in favor of free trade against all the world? There may be spirit in it, but there will certainly not be prudence."

CHAPTER C.

THESE Counsels, worthy of a statesman, rising above all narrow views, sunk deep into the mind of the Houseparalyzed the opposition, and decided the ultimate fate of these intemperate and inconsistent resolutions.-Madison felt their force, nor could he conceal his chagrin.—The subject, he acknowledged, was "of a commercial nature, but justice could not be done to it nor to the interests of the United States without some allusions to politics.-He was a friend to free trade, but there were exceptions to this rule. The British Navigation Act was a proof of the effect of one exception. Another exception was, where the situation of one Country was such relative to another, that by duties on the commodities of that other, it shall not only invigorate its own means of rivalship, but draw from that Country the hands employed in the production of these commodities.-Such an effect is so much clear gain, and is consistent with the general theory of national rights. To leave commerce to regulate itself, is to submit it to be regulated by other nations.-Had we commerce with only one nation, and should permit a free trade, while that nation pursued a system of monopoly would she not enjoy the carrying trade and with it the maritime strength be heaped upon a rival? In the same proportion then, with the freedom we grant the vessels of other nations, and

with the burdens they impose on ours, will be the transfer of those maritime resources.

"As to NAVIGATION, it is conceded we are not placed on the same footing by the two Nations with whom we have most intercourse. British Vessels enter our ports with the produce of all countries; our vessels can carry to their ports only their own commodities; and those only, to a part of her dominions. From her West Indies they are excluded. In seventeen hundred ninety, we employed in our trade with her forty-three thousand tons -she, in her trade with us, two hundred and forty thousand. In seventeen hundred ninety, in our trade with Spain, our tonnage was as five to one-with the Netherlands, as fifteen to one-with France, as five to one; and with Great Britain, as one to five. At present, it is with Spain, as sixteen to one-with the Netherlands, as twenty-six to one--with France, four five to one; with Great Britain, one to three.

"This ratio is the more mortifying, when the nature and amount of our Exports is considered. They are not only necessaries of life, or necessaries for manufactures, and therefore of life to the manufacturer; but their bulk gives them an advantage over those of every other country. Could we secure the transportation of our own commodities, it would greatly augment our shipping and sailorsthough we should be obliged to return empty from the markets for our exports, which would be a considerable

tax.

"Her regulations as to manufactures are not more equal-Great Britain furnishes us with nearly fourteen out of upwards of fifteen millions.-Those from France, in the same period, who consumed more of our produce, amounted only to one hundred and fifty-five thousand.— At the same time, the balance of trade was greatly in our

favor with every other nation, and greatly against us with Great Britain. In some cases, there might be advantages of intercourse that would compensate for such balance, but that could not be in the intercourse with her.

"Other nations decided a balance of trade against them as an evil-England especially being careful to prevent it. What must be the feelings of a nation with whom we have friendly relations, when she sees not only that balance against her, but that what we get from her flows into the coffers of one of her most jealous and inveterate enemies?

"Discriminations in favor of nations in treaty with us. had been made by some States before the existence of the present Government; and were sanctioned by that House when at New York.-It was the practice of Nations to make them. It was necessary to give value to treaties.To depend on one Nation for articles of necessity, was an evil of serious magnitude; as it produced an influence on their Councils, which, the more inconvenient it became by its constant growth, the more obstacles it could interpose to a necessary remedy.

"The interests of Great Britain will not suffer her to retaliate, and our intercourse with her will not be interrupted further than is required by our convenience and our interests. The effects of a Commercial warfare would be more felt by her-in her shipping business-by her merchants-above all-by her manufacturers. Three hundred thousand manufacturers would be suddenly thrown out of employment, by withdrawing our trade from her. They would consider the United States as an asylum from their wretchedness-but, whether remaining discontented at home, or seeking their fortunes abroad, the evil would be such, that she would be aware how she provoked it.