The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1820-01-26

debts, without the means ofpaying them.
The address seems very justly also to
charge much OF the general evil by which
the banks themselves have been over.
whelmcd, on the multiplicity of these in.
sti,uiions, aud a diffusion OF the indiss
crimi''a,e loans of which they have been
The sources. Il has been made q oues.
ion, whether banks when restricted 10
'pteres in which temporary loans only
lfe made to persons in active business
promising ,uick returns do not As much
l,arn to imprudent, as good to prudent
borrowers. But il can no longer be
doubt wi,h any, that loan Offices, carry
ing to'every mans door, and even cour-
ting his acceptance Of, the monicd means
of gratifying his present wishes, under a
prospect ar hope Of procrsssinatcd repay.
meuis must, OF all devices he the most
fatal to general frugality, and the bene-
fits resulting from it.
The effect of domestic manufactures
in diminishing imports, aud, as far as
they are carried OH by hands attracted
from abroad, or by hands otherwise idle
or less productivity employed withouta
proportional di;ninution OF exports, mer-
its, certainly, a distinguished attention in
marking out AN internal system Of politi.
cal economy, and m counteracting ten.
dency in our foreign commerce TO leave
balance against us. The relief from
this source would be more cRectual but
for the circumstance, that the articles
which contribute much to an excess Of
our imports over our exports, are arti-
cles, some not likely yoon, others per-
haps NOT at all, TO be produced within
ourselves.-lhcre is moreover feature
in the trade between this country and
most others, which promotes nor little
an unlavoral,lr result. Our exports be.
ing chiefly articles for food, for munu.ac-
lures, or Tor a consumption easily sur,
charged. the amount of them called for,
never exceeds what may be deemed real
and definite wants. This is not the case
with our i,uports. Many of them, some
the most costly, are, objects neither OF
necessity nor utility but merel, Of fancy
and fashion, wants ot a nature altogether
Indefinite. This relative condition Of
the trading parties, als'ough it may give
to the one furnishing the necessary and
profitable articles, powerful advantage
over the one making its returns in SUPER
huilics, on extraordinary occasions of IN
uninterrupted intercourse; vet, in the or
dnary and free course OF commerce. the
advantage lies ON the other side; and it
will be the greater in proportion to the
heightened crt dts OH which the articles
gratifying extravagant propensiies are
supplied. Such an inequality must, in
a certain degree, control itself. ltwould
be completely redressed by change in
the public preference and habits, such as
is incucaled in the address.
In rot regarding domestic manufac-
lures, as Of themselves an adequate cure
tor all our embarrassments, it is by nc
means intended to detract from their Just
importance, or from the policy Of legisia-
tive protectisr for them.
However true it be in general. that the
industrious pursuits of individuals ought
to be regulated by their own sagacity and
interest, there are practical exceptions to
the theory, which sufficiently speak for
themselves. The theory Itself, indeed,
requires similarity of circumstances,
and an equal freedom Of interchange a.
mong commercial nations, which have
never yet existed. An are agreed also,
that there are certain articles so indispen-
sable, that no providcnt nation would de-
pend for supply Of them on any other
nation. But besides these, there may
be many valuable branches Of manufnc.
tures, which IL once established would
support themselves, and even add to the
list of exported commodities; but
which without pu' lie patrora5e, would
either not be undertaken, or come to
nfemat,,re downf The d,fIScuitv of