The Portland gazette. [volume] (Portland, Me.) 1818-1824, 1820-01-18


high degree Of lespecialiity. Through the
medium OF the several agricultural societies.
and other correct sources OF information, we
learn. with Subtraction aud pride, riliai The
manufactures OF the Stale are rapidly increas
Ing and that, adapting themselves TO the
wants, The. habits, and The cireuiAlances OF
society, they are becoming, WHAT'S iispen'
sable for their support and per,nsneife, Oh
| jects of the peoples parIality and Choice.
This important subject is now before the Ma
tonal Legislature And from their liberal
| and enlightened views, we may rest assured
thai every degree of encouragement will he
Afforded 10 that branch Of national industry,
not incompatible with the interests OF the
whole community. Those branches of man
ulactures connected with national defence
merit pre- eminent regard and il would yield
! The highest satisfaction 10 the citizens OF our
country TO learn, that competent provision was
| made for manufacturing all the essentials for
The military defence Of the nation. Parsmo.
ny in this item of expenditure might prove
more dangerous than proiuslon.
II, in some OF the grea, departments OF ac-
tive and lucrative pursuit, especially navga-
ton and commerce, many OF our fellow c'ti
zens are suffering depression and embsrrassr
meni, our regret is tempered by The reflection,
fiat those evils are partial, and constitute a
part Of the price of The general peace OF the
world peace. which. as II restored TO ma
tons their rights. and 10 individuals their oc
equations, compelled in each reliance on
their own respective resources. The trans
iiion of nations from q state OF war to peace
must always prove disastrous TO namerou: I'M
dividuals. AT the termination OF the late pro-
ttacted war more especially. In the course OF
which the hsbi,u,l pursuits OF large proper
ton Of the people of the commercial world
had been suspended. and they either induced
b. patriotism. urged by hunger, or forced by
power. wee driven into the ranks as soldiers,
extraordinary changes in the condition OF in.
dividuals must have necessarily hsppened.-
Circumstances however exert a salutary influ-
ence on nations and individuals. The tram
guilty Of peace diminishes the Indictment TO
uncalcula'ing en'erprize. and induces those
habits which ensure the highest degree OF gen.
eral prosperity and happiness.
The restoration OF the relations OF peace is
not ehargesble with all the deep embarrass-
menfs visible in the United States. They
are domesiick and reierrable TO spirit Of
bold and unbounded adventure, generated
and elected by specific cau.es. Over trading
has been wrongfully accused OF producing
the mlschefs complained Of. II does not
reach the origin OF the evil. The facility OF
commanding funds, at once the incentive and
the instrument of speculation, has been the
primary source Of our deepest calamil'es. No
conceivable occurrence could have more COM
pleiely cherished tina; passion, than The sud
den and profusc creation OF capital. And IT
is not to be concealed that numerous Banks,
in various sections Of the United States, have
been established. and allowed, or have assum-
ed the nnous privilege of issuing bills TO an
indefinite amount. without the means or The
obligation to meet the payment OF their paper
in specie on demand of the holder; and have
been governed not by the sober paxlms OF
iudic;ous poli,ical economy nor the dictates
of disc,i ninatng self interest; but, by the
spiri, of leg,liz-d monopoly, and the insatia'
bic cravings OF ipordinate speculation. The
over trading. and the immense protus'on OF
foreiyn products and manufactures, with
which seapors are .urchsrged, are among the
unavoidable Consequence. OF 4 redundant cur
rency and trading IN fictitious capitals. lis
oo' incredible however thai evils OF domestic
origin have been aggravated by he relaxa.
ton of be monetary system Of another ration,
whose merchants and manufacturers. intimate
" connected with our own, from parity Of eau
ses, have suffered similar effects. The law
of currency and exchange are immu,abe
and a proiusion OF paper will every where
produce disastrous results. Besides ts inner
enf tendency TO produce pecuniary disap
pointment and distress, il leads To habits OF
dissipation and extravaganza and TO most OF
those vices which disbonor society and over
wb.lm individuals in ruin.
Although many Of The citizens OF this State,
who are engaged in navigation, MANUFACTURES.
and commerce. have participated in the CON-
mon disasters Of the times, we have reason for
congr atulaton that their nisfor,unes have
been comparatively light, and have usually
arisen from contingencies beyond their con
troll. Confidence between man and man is
strong and active a spiri, Of indusVy, slim
uaied by laudab'e pride oil self dependence,
j. every where apparent. The credit OF The
sStste is unimpalred /; and our banking esiab-
lisnments. founded on the stable principles Of