Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1810-05-22
No cause indeed has perhaps more


the ABSENCE of those systems of IN
ternal restriction end monopoly which
continue to disfgure the state of soci.
iety in o:her countries. No laws ex.
ist here, directly or indirectly, confin.
ing man to 2 particular occupation or
place, or excluding ANY citizen from
any branch he may at any time think
proper to pursue. Industry is in eve
~ respect perfectly free and unfetter-
ed every species IF trade, commerce,
art, profession and manufacture being
equally opened to all, without requir.
ing any previous regular apprentices
ship, admission or license. Hence the
progress Of America has not been con.
fined to the Improvement of her apri-
culture, and to the rapid formation of
new settlements and states in the will.
derness but her citizens have extend.
cd their commerce through every part
OF the globe, and carry on with COM
piete success, even those branches for
which monopoly had heretofore been
considered essentially necessary. The
same principle has also accelerated
the introduction and progre sof manu-
'actufes, and must ultimately give in
shat branch, as in all others, decided
superiority to the citizens of the a..
States, over the Inhabitants of coun.
tries oppressed by taxes, restrictions
and monopciies. 1t is believed that
even at this time, the only powerful
obstacles against which American Ma.
nutactares have to struggle, arises
from the vastly superior capital of the
hrst manufacturing nation OF Europe.
which enables her merchants TO give
very long credits, to sell ON small pro-
hts, and TO make occasional sacraii-
ces.
/ The information which has been OBJ !.
tanned is not sufficient 10 submit, 10
conformity with the resolution of the
house, the plan hest calculated to pro-
tect and PROMOTE manufac.
lures. The n1oSi obvious means are
bounties, increased duties on importa-
ton, and loans BY Government.
J Occasional premiums might be be.
nehcial; but. general system ofboun-
ties is more applicable to articles ex.
tPortcd than to these manufactured for
home consumption.
The present system Of duties may.
IN some respects, be equalized and i'm
proved, so as to protect some specie q
OF manufacture without affecting the
revenue. But prohibitory duties are
liable to the treble objection of DESTROY
ing competition, of taxing the consul
fnef, and OF diverting capital and in
dustryT into channels generally less
profitable to the nation than those
which would have naturally been pur-
Isued by Individual interest left to il.
sell. n moderate increase will be less
dangerous, and if adopted should be
continued during certain period for
/ the repeal ola duty once laid materi.
tally INJURIES those who have relied on
its Permanency, as has been exempI;-
fed in the sale manufacture.
! Since, however, the comparative
want of.capital is the principal obsta.
Gle 70 the introduction and advance.
meut Of manufactures in America. II
lseems that the most efficient and most
obvious remedy would consist in SUM-
plying that capital. Fer although the
extension of banks may give some as
sistance In that respect, their operati.
on IS limited to few places, nor does
1t comPort with the nature of those
institutions to lend for periods as lone
as are requisite for the establishment
OF manufactures. The u. S. mivht
create circulating stock bearing a Low
rate of interest,", and lend il at par To
manufacturers, on principles some
what similar to that formerly adopt
ed by the States of New.Ysrk and
Pennsylvania, in their loan Offices. 4,
is believed that plan might be de-
vised, by which FIVE millions of dollars
a.year, but not exceeding in the whole
twenty m llions, might thus be lett.
without any material risk Of ultimate
loss, and without taxing or iniurine !
any other part OF the community.
Al which is respectfully submit
ted.
A. CALLATIN. |
Treasury Department, April IL 1910.