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country presents the means of effecting this object, without the risk of materially deranging the state and condition of property, or of society. [See Appendix D.]

Under the advantage of these explanations, the trade of the British Isles, the British trade with the dependencies of the Empire, and the Foreign trade, will be considered in connexion, with a view to show the means of establishing each according to its order and bearing upon the interests of the community.

The productions of the earth are the bases of all trade, and the source of the wealth of nations.

The British trade, in common with the trade of all other nations, rests upon this foundation;—but the skill and industry of the British people in the prosecution of the useful arts, combined with the great means actually developed in the distant dependencies of the British Empire, enable them, not only to trade very actively within themselves, in the British Isles, and with these dependencies, but also with Foreign nations, in the products of art, as well as of

nature.

It is sufficiently clear that exchanges of property, within the limits of the British Isles, comprehend in their nature and character, all the advantages, in respect of the national wealth and power, to be derived from trade: that the trade of the British Isles with the dependencies of the Empire, combines similar advantages in a very considerable degree: and it is also clear that the exchanges of property between the British Empire and Foreign countries, conduce to the national wealth and power, but in a less degree, and subject, in the instance of each Foreign country, to different and varying considerations.

By what means then can each of these important and intimately connected interests be advanced in its proper degree and proportion?

The whole of the agricultural and spontaneous productions of the British Empire, in the various parts of the globe, may properly be designated British productions, which again may be reduced to two parts or divisions; namely,

The Agricultural and spontaneous productions of the British Isles ;

The Agricultural and spontaneous productions of the British dependencies.

The first are the foundation and chief internal sources, the second are the chief external sources, of the national wealth and power.

The national wealth and power are weakened and repressed in these principal sources;

By fiscal institutions which exceed in their purpose the current annual expenses of the State.

By institutions or laws which prevent the direct conveyance of these agricultural and spontaneous productions, from the country of production, to the country of consumption.

The fiscal institutions of the United Kingdom very considerably exceed in their character and extent, the provision necessary for the current annual expenses of the State; and, by the great amount required to sustain the system of public annuities, particularly by the action and re-action of price upon price, or the excessive costs of production incident to the system of public annuities, bear down and baffle the utmost efforts of industry, ingenuity and skill, in the cultivation of the British Isles ;-sufficient price cannot be recovered at market to compensate labor, and to maintain the condition of the landlord and tenant. The excessive costs of production have actually cast the United Kingdom, in respect of its agriculture, into a state of severe depression, uneasiness, and distress.

The same cause affects the agricultural interests of the British dependencies, which may be considered under four divisions ;namely,

The Western Tropical dependencies—the West-India Islands and Settlements.

The Eastern Tropical dependencies-in Asia, and in the Indian seas. [See Appendix E.]

The Northern dependencies-Canada, Nova Scotia, and New Brunswick.

The Southern dependencies-the Cape of Good Hope and New Holland, including Van Diemen's Land.

The agricultural interests of the Western Tropical dependencies are affected by the high fiscal institutions, or high revenue system of the United Kingdom, not by preventing the more extensive cultivation of those countries, because the law which prevents the further importation of African laborers, prescribes the limit to their cultivation; but by lowering the profits and checking the prosperity of the planter.

The means by which the high revenue system of the United Kingdom produces these effects, appear to be ;

First. By repressing and lowering the extent and condition of the population of the British Isles, the chief market for the produce of the Western Tropical plantations.

Second. By the high duty on sugar and other productions of these dependencies, which cannot fail to check consumption.

Third. By the additional cost, incidental to the high revenue system, of the extensive annual supplies derived by these dependencies from the British Isles.

Fourth. By the additional expense of conveying the produce to market.

The high revenue system of the United Kingdom does not equally affect the agriculture of the British Tropical Eastern dependencies.

The cost of the Eastern Tropical productions does not materially depend upon British supplies; the demand for the British Eastern productions is more general than for the British Western productions; and the British market being secured, chiefly, to the Western planter, the Eastern planter is not affected by the numbers and condition of the British people, in the same degree as the Western planter. The high revenue system of the United Kingdom does, however, affect the agriculture of the British Eastern dependen

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By repressing and lowering the extent and condition of the population of the British Isles, and consequently preventing consumption of Tropical productions grown or found in the Eastern dependencies, and either not grown or found, or not in sufficient extent and variety, in the Western colonies.

By the increased charges and expenses of navigation.

By the increased charges on goods passing through the United Kingdom to Foreign countries.

The high revenue system affects the agricultural and native interests of Canada, Nova Scotia, and New Brunswick ;

By repressing and lowering the extent and condition of the population of the British Isles.

By the additional cost of the extensive supplies derived by these countries from Great Britain.

By the additional expense of navigation, and charges in British ports.

And although similar causes do not at present operate to much extent in regard to the Cape of Good Hope, and New Holland, the objections arising from the high revenue system are the same in kind, in respect of these colonies.

The extension of the privilege of direct communication between the British dependencies in the other parts of the World, as well as from the British Ports in Asia, would tend to the increase of demand upon the agriculture of those dependencies; but whether such an extension of privilege be in any and what degree expedient, is a question involving many and various considerations, and must be determined, in each particular instance, by a careful examination in detail, and being of inferior importance, will not now be dis

cussed.

It is sufficiently clear, then, that the interchanges of property within the British Isles, and between the several parts or members

of the British Empire, and the ease and satisfaction to arise therefrom, will be commensurate with the relief of the country from the burthen of fiscal institutions, and consequently, that the liquidation of the PUBLIC DEBT is an object of common and general interest, to the British subject. Unless that impediment be removed, the principles upon which the prosperity of the Empire must depend, cannot be successfully reduced to application.

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Great Britain never before commanded resources so vast. In her soil productive, in her minerals rich, in her ingenuity and industry, unrivalled; by her dependencies, combining the four ters of the globe in one great commercial and maritime empire; gradually moulding some of her political institutions to new and extraordinary circumstances, she is required by every sound and reasonable motive to remove the CAUSE by which, notwithstanding her riches, her ingenuity and industry, her mighty combination of means, and her political skill and sagacity, she is deeply embarrassed, and is threatened with an accumulation of distress and misery.

An examination of the principles which apply to the FOREIGN TRADE of the United Kingdom will lead, by motives not equally powerful indeed, but by powerful and pressing motives, to the conclusion that the liquidation of the public debt is an object of deep interest in that bearing and relation.

The trade of the British Empire with Foreign countries, as well as the trade within the British Empire, has its source in agriculture, and spontaneous or natural productions.

As it is the proper business of every country to develop its internal resources, whence the national wealth and power are chiefly to be derived; the importations from Foreign countries, which displace the demand for Native productions, become the subject of anxious attention;—not in any narrow or confined spirit, not for the purpose of considering how the interest of a neighbour may be subjected to selfish views; but for the fair and becoming purpose of enquiring into the cause of an effect so adverse, not only to the interest of the particular nation which may be immediately and directly affected, but adverse to the general prosperity of nations.

The greater the opulence which Great Britain, for instance, may derive from her agriculture, and her other copious sources of wealth, the greater her consumption, the greater her demand for the productions of climates and countries yielding productions, which notwithstanding the most ample development of her own resources, she would require. Even the advocates for the importation of Foreign grain might, in the event, find the most extensive and satisfactory result, from a system the most effectual to the extension of British

agriculture. The increase of population, and the improvement in the condition of the population, which would be incident to such a system, would probably, in all but very abundant seasons, render the importation of Foreign grain necessary; but whether that effect followed or not, the consumption of all materials of Foreign growth or production required for manufacture in the United Kingdom, and of Foreign luxuries not produced, or not produced in sufficient quantity within the Empire, would increase to great extent.

Such importations from a Foreign country are clear sources of benefit to the importing country, as well as to the exporting country ;

The grain, if required, because without displacing the demand for grain of native growth, it would supply the defect of crop arising from the course of seasons, or compensate for the inability of the country (if unable), in good seasons, to feed its population.

The materials for manufacture, as a medium in which to embody labor, and as affording the means of varying the excitement by which the circulation of money is quickened.

Luxuries, by prompting activity, through the desire of possession, and consequently, by again quickening circulation.

In like manner, a Foreign country, by developing its proper resources, becomes better enabled to supply and to purchase of Great Britain, and the latter country has, consequently, an interest in the prosperity of the Foreign country.

It does not however follow that it is eligible for Great Britain to trade with a Foreign country at the expense or sacrifice of her natural resources. A crisis may indeed be too readily supposed, which may render it doubtful whether such a Foreign trade be, or be not, the least in the choice of evils; but the existence of such a crisis must be admitted to be evidence of the depression of native industry, and consequently of the national wealth and power being affected at the source. Such a Foreign trade may be submitted to as a temporary expedient, but the consideration of its tendency must lead to an anxious solicitude to relieve the native industry.

Under the actual circumstances of the United Kingdom, relief of the native industry may appear to be presented in either of two opposite modes ;

By a system having for its object the advance of the price of agricultural produce to the standard of the high costs of production. By a system having for its object the reduction of the costs of production.

The first mentioned system has been tried, and has failed; the United Kingdom cannot be wholly cut off from sympathy with the markets of Foreign Nations; and as high prices, if obtained by the agriculturist, render it necessary that high prices should be obVOL. XX. NO. XXXIX.

Pam.

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