Thomas's Massachusetts spy, or, Worcester gazette. [volume] (Worcester, Mass.) 1811-1821, 1821-05-16
POLITICAL ECONOMY.
EXTRACT FROM THE MESSAGE OF Gown
NouR WoLooTT, TO THE LEGISLATURE or
CONNECTICUT, AT IT'S PRESENT SESSION.


CONNECTICUT, AT ITS PRESENT SESSION.
ALL our national distresses proceed. IN
my opinion, from defective system Of finance.
which will, | am persuaded, more and more
weaken and impoverish the country, until it is
changed. The low rate Of interest, and the
decreasing value of labour. are sure signs Of &
the stagnation Of every kind of active en-
ployment; and the high prices of our publick
stocks in England, in connection with the rate
OF exchange, are infallible indications that the
representatives of our wealth are rapidly trans-
ierrIng to that country. The produce Of our
farms being refused these transfers are made
IN payment for fabricks of wool, cotton, linen.
and metals, which our soil and our arts might
produce In abundance, not merely for home
consumption, but for the support of our COM
merce, which can only revive through manu-
factnres, or during European wars in which we
remain neutral. The fabricks which we inn
port, we yearly consume, thereby constantly
destroying the capital applied in payment, and
leaving our accommodating debt as mortgages
upon our remaining resources
There is now no civilized independent ma
ton but ourselves which has not become a.
Weakened to the necessity of projecting its IN
tenal industry. From the Baltick to the Me-
diterranean, the effort is universal. and we
cannot, with impunity, disregard the aimoni-
tons which their examples inculcate. A COM
parison between the condition of France and
this country will illustrate the difference be.
tween wise and inefficient systems of political
economy. For more than Is years, France
was harassed by desolating wars-and within
five years, she was oppressed by foreign ar
mics, excited to acts of extortion by vindic-
tive resentments. Now she supports a circu-
Iaftn 1tx1,n IL 4 n
agriculture, arts and manufactures are -four
ishing her commerce is reviving, and both
excite the Jealousy of her neighbours and ri.
walls; herrevenue exceeds her expenditures.
and her taxes are diminishing. Excepting the
short period of the last war, we have enjoyed
peace, and for most of the time have supposed
ourselves to be prosperous; but the acquisi.
tons of which we have boosted, for twenty
years, have vanished, or are invested in UNI
productive property, which is daily diminish
ing IN value. Our industry is becoming LAM
suid: our currency consists of notes which
are representatives of our debts due to banks:
even usury is less profitable than heretofore
| our national debt exceeds what it did when
the present government was first organized.
including the debt of the revolutionary war.
and the State debts which were then assumed.
while our revenue is unequal to our annual
expenses, on the most reduced establishment
| which we can make.
No man will deny that this contrast is true.
or affirm that it is too highly coloured and
deem it my indispensable duty to present II to
your consideration, in consequence of the mn
expected crisis at which our affairs have ar
rived. Congress are exclusively vested with
powers to regulate commerce with foreign ma
tons and between the States, and vet find
themselves unable to adopt regulations which
would protect those industrious pursuits Of
the people, to which they were invited duriDk
period OF great difficulty and danger. For
want OF uniform laws on the subject of bank
ruptcy, and In consequence of decisions in the
Supreme Court of the United States. local
| frauds can be committed with impunitv. and
yet no man, whatever may have been bis pre-
vious character and conduct, can, on the sur
render of all his property, be discharged from
liability for his debts. Thus it has happened
| practically, that the non-observance of a Con-
stitution, which was designed to protect the
rights OF the people of all the States. and to
harmonic all their institutions, has, in effect.
suspended two of the most important powers
of government in every State-has annihilated
many branches of industry-indirectl en-
| couraged fraud and condemned great mum.
bers, throughout this extensive country. to
| hopeless poverty and Incidence.
Man in solitary and insulated condition.
is the most defenceless and wretched being
with which we are acquainted; but in a state
of society, and with a mind illuminated bv
science, he holds dominion over the earth.
the air and the sea, and renders all nature
tributary to his case and cornfort. The ar,
| Gent allegories Of Prometheus and Hercules
are illustrations of the degradations of science
| and human labour, during the early ages Of
mankind, and Of the subsequent effects which
were produced by their emancipation and
united energy. These effects survive in the
literature, histories and monuments Of the
microscopick republicks of Greece, as proofs
of the elevation which free states NAV attain
by concord, while their ruins are admonitoru
tokens of the fatal consequences of -disunion
and faction. 1t is law Of human nature.
that man never can exert his powers to the
injury of his associates, without harm to him
self. Selishness is never profitable.
The preceding observations are not made
under the influence Of any suspicion that the
interests Of this state have been particularlx
neglected, or that injuries to us are meditai-
ed from any quarter: on the contrary. be-
lieve that we have no reason to be dissatisfied
with our relative condition, and that there IL
no state in the union to which our citizens can
migrate, with any prospect Of advantage
We, at least, are not perplexed with contro.
versies arising from any supposed opposition of
interests between different occupations ana
professions. Our agriculture, commerce and
manufactures are equally depressed. and c.
perceive that no branch Of industry fa,. Nny..l