The Portland gazette., 1819-01-19

measures 10 ensure succession
of that essential material? The prosperity
OF this State must and the safety of the ma
lon, may, at sone future period, be seriously
Effected by destitution OF so important an
ingredient in naval architecture. Might
not moderate endowment, of the Massa
chusetts Agricultural Society, applied to this
specifck object, be competent 10 rs niti-
mate accomplishment
In connection with woollen manufactures,
so important 10 the people OF this Stale, !
am unwilling to suffer the present occasion
ID pass, without referring 10 the advantages
possessed by this State tor raising and i'm
proving lheep. However individuals nigh.
suffer, from large speculations in Spanish
flocks, .he introduction might be considered
as highly auspicious 10 our manufacturing
interests. Should this subject be deemai
worthy The patronage OF the Legislature, IN
addition 10 the encoura cement given
through The channel Of the agricul,ursl So
cietles Of the state, should cheeriuily con-
Cur in any measures calculated 10 efiectu-
ale the object.
10 regulate commerce is the exclusive
prerogatise Of the national government
Every system Of commerclal regulations
must stand or fall by its results Commerce
being OF vital importance TO The people Oi
Massachusetts, they must necessarily be
alive TO whatever can accelerate or retard
its activity.
They, too, ever ready TO render the trib-
ute oil gratitude and respect when IL IS due,
as vigilant to guard their rights, derive higi
satisfaction from the national System Of
commercial laws now IN successful oper-
alton under the auspices Of the IliustEious
Chief Magistrate OF the L. States, whose
administration commands our confidence,
and approbauon Ihe lourishing and
happy condition of our beloved country both
public and private, Is the best comments land
the highest Eulogy that can be addressed to
the wisdom of our national councils What
but wise laws-laws adapted 10 the circum-
stances of the different sections OF the L
States, and TO their relation with ioreIgu
nations, could impart such force and activity
to the energies OF our citizens, as is now
Witnessed By happy adaptation, and
faithful execution or commercial regula-
tions the several departments OF agricuituie c,
Of The fisheries, manufactures, navigation
and trade, are in . state OF lItiu action,
mutually supporting and supported by each
other. And SO accurately DO the several
great branches Of political economy appear
10 be balanced, that any essential change In
the adjustment of either might destroy The
equilibrium. Facts speak language in
teIiigible and GCclslve.-Ihc lucratIve re-
sulls of our mercantile intercourse with
other nations cannot be misconstrued.-
They can only be elaborated under The p, O.
tection OF good laws, by the enterprise aud
protS ssional skill OF our cItiEens Capital is
the offspring OF trade /; and by encouraging
the fisheries and an acliye foreign COM
mrrce, besides, that prolific source of
seamen for the La ional navy Is substantial
ed, importations from other nations yield a
copiouS revenue, and the gains ot the mer-
chant constitute tuOd OF priyate wealth,
which The go,erLmtnt, taithiul 10 its en-
gagemenis, may at pleasure command.
II under existing regulations, men en-
gaged 10 commercial pursuits are seen TO
suitcr embarrassment * dl sress, the causes
must elsewhere be sought than In The laws.
radng without, or on artificial capital, is
their too frequent origin. w hat agency the
multiplication OF banks, and the const tbuen1
increase OF Oank paper, may have in occa-
sioning eventual perpleXliy and failure, |
am not possessed OF sufficient data 10 enable
me TO ascertain. Evils OF this class, how.
ever, occurring in districts oil country where
the slemenls OF banking are compi ehendzd
and duly sPpreciae ed, }. ana where banks arc
established on maxims of justice, and reg
ul4!ed IN their operations by far and hon
uuraole considerations, must bc transient *
,Artiai. In situations where, much bust
ness being done, money is zen changing
>asnds, and individuals may be benefited by
shorl loans, the utility OF banks seems 10 be
onerded. But in free governments The
ishts OF all the people are committcs equal
J 10 tie guardian care OF the Legislature,
ind all have equal claims 10 It's protection.
Monopolies and exclusive privileges are ad.
nisslble only As means of obtaining some
great good, In which the whole cummuni.
y has sn ultimate interest, and which can
oy no other expedienls be so well effected
Hence The fitness OF limiting the charters
0i banks IN their duralion aud hence ike
wise The duty Of the Legislature, while it
gives perfect seCutl.y 10 bank sloxk, 10 re.
strain those institutions from Il ianscending
me rules OF justice and good faith, and OF
securing The Dtonlr at large from h.cAn