a proper change. He would here behold something more tangible and permanent than a mere fleeting shadow; something more real in the people's possession than a mere remembrance of that kind of capital which he denominates "capital of current income," and which his present doctrine would persuade us, hath passed away and left no trace!

He would find, whatever may be the case as to numbers of individuals, or their condition, that, with regard to the government and the nation at large, they have neither "slumbered during the harvest," nor been "improvident spendthrifts" in the day of prosperity.

At every point towards which his observation might be directed, he would see evidences of “accumulated capital," and that accumulation moreover in active and spirited operation for greater and continued accumulations; for the attainment of which, perhaps, also, he would perceive that there exists, in the nature and circumstances of this country, combined with those of the times we live in, and under the blessing of Providence, such a field for successful exertion; such a scope for the exercise of intelligent industry, as we are not presented with a parallel to, in the rising circumstances of other nations, either by contemporary observation or from the records of history.

If the said writer, by his observations here on the spot, found the United States still to have the characteristics of a youthful nation, he would also find us,

not still in a state of helpless infancy. The whole of that stage of existence has effectually passed away; but it has so passed as to be now succeeded by a youth of vigour; unimpaired, and competent, in itself, to great purposes. In a word, I am well assured the respectable writer would have it made manifest to his observation, that the United States has within herself a very large fund of accumulated wealth or capital;that, along with good governmental regulation for the freedom and protection of her enterprises, she possesses also science to direct, and industry to execute whatever is desirable in her operations to progressive wealth; and therefore, that we do not fall within that class of young countries, which must, by the vicissitudes of a foreign commerce happening to withdraw an annual income once enjoyed, necessarily be reduced to poverty.

But, there is another proposition which stands opposed to the said writer's doctrine as to young countries; the evidence whereof will, I believe, be quite equal to that of the above. It is this; that in a country like the United States, fruitful beyond calculation in various raw productions, as well for manufacture as serving for sustenance; these productions having no limitation in quantity but by the quantity of land which it may please the cultivator to throw into cultivation; with a population extremely limited in comparison with the resources of the soil; at the same time possessing capital sufficient to give scope to all the industry of that population, so as to develope

gradually the resources of the land, and, in bringing these into activity, to multiply periodically both national capital and the quantity of raw materials, in a ratio at least equivalent to the progressive course of the population;-in such a country, I say, so circumstanced, it appears extremely probable, if not amounting quite to demonstration, that any temporary deprivation of an accustomed foreign commerce, or any sudden depreciation in the pecuniary value of produce in the markets, will not, either of them or both, cause so heavy or general a distress to the body of the people, as in the event of a like disappointment, or in other words, the loss of "income" for the time, must be felt in the older country, although this latter should be replenished and overflowing with capital, or, in other words, be “rich,” but at the same time, should possess a great and overflowing population compared with the internal resources of her own soil: For, in the latter case, by the very circumstance of a great population, it naturally follows that all the departiments of industry are thereby constantly supplied and kept full, or nearly so; and that therefore, in case of disappointment diminishing the proportion of demand in any one branch, there can be but little room for the industry corresponding to it to resort to another branch. in such a way as, that the whole mass of industry may, at all times. find employment. It seems quite clear, that the fluctuations of trade, from any sudden unfavourable revolution in things abroad, affecting any particular department of industry en

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gaged therein, will fall the heavier, inasmuch as a remedy is not so immediately within reach as it is inthe former supposed case; where the mass of employment bears a greater proportion to that of labour, and where new enterprise, which the circumstances of the country every day give rise to, is continually creating additions to the general mass of employment. In one case, the national industry is dependent, for full employment, partly on events abroad; whilst in the other case, the nation possesses within herself, by means of the advancing state of her improvements, resources for the full employment of her limited pulation. If, in consequence of the diminution, or the cessation of an accustomed foreign trade, or a fall in value of the country's productions at foreign markets, or of both together, a check be given to these particular pursuits of the capitalist, or we will say, to his pursuits generally, upon the same scale as before; if, by reason of this check, a depression even does take place in the general value of labour, it will yet be found that the fall has not been more violent or disastrous than a fall from very high to less high wages; and, under the circumstances supposed, the languor of a late active course of business can by no means reduce this value disproportionately to the necessaries of living, or below the rate of affording a comfortable subsistence to the aggregate industry of the country. Moreover, capital being actually in existence, whilst every day some new object may be presented to the attention of capitalists, for its em

ployment, it is obvious that any sudden depression in the value of labour from high to moderate wages, arising from foreign causes, can be only of temporary duration. Wages must have a constant tendency to be on a scale considerably above procuring the bare necessaries of life, so long as the state of the population bears such a relation to the internal resources of the country as, on every occasion of a fresh or sudden demand for labour, a scanty supply of it can only be had, and so long as there are capitalists who every day may chance to be tempted to bring a part of those resources into activity which previously had lain dormant. The great law of "supply and demand" is well enough known to operate on the price, or wages of labour, as it does on the price of every commodity whatsoever.

I will endeavour, in a few words, to recapitulate, or attempt to vary the point of view, briefly as I can. As this country, by its vast extent and fertility, has, and will have for many years to come, a capability of periodical production in useful articles, great in proportion to its population and to the quantity of industry this population can supply; as also, there are in the country both capital and intelligence, to explore and bring its resources forward; it follows that, so long as the articles produced are in demand, either for consumption at home or at markets abroad, and whether they consist almost wholly in raw produce or have in greater or less proportion undergone a process of manufacture; so long will the labour of the