Alexandria gazette & daily advertiser. [volume] (Alexandria [Va.]) 1817-1822, 1821-05-17

from reaching the sources of the derange-
ment and distress. The United States pre-
sent no department OF industry that is no
overstoeked With labor & capital. e. yet We
have few restrictions on trade and but little
taxat ion. What then is il that has destroy
ed the BALANCE between the demand and
supply Of the products Of the two countries?
Has there been excessive production or d.
minished consumption? 1t is immaterial Is he
tber there be excess on The one side or def
cheney on the other. if the balance be de-
stroyed; but the excess and the deficiency
co-exist, in our conception, or have alter
nately acted as cause and effect. Produc-
ton cannot be excessive unless consumpt, on
be diminished, as the one is measure and
limit of the other. Ii Great Britain now
enjoyed the same monopoly for her COM
merce and manufactures that the war gave
Der, her commercial and manufacturing
classes would be able, through their high
profits still to afford high prices for the
produce OF her agriculturalisls. But as the
foreign demand for the productions of her
work shop slessenet with the return at the
nations of the continent to the arts and oc-
equations If peace, and as her foreign trade
diminished in proportion as the navigation
Of other powers was relieved from the shac-
kles OF war. so the power of her CONNER
oial and manufacturing classes 10 purchase
of the agriculturalsts at former prices. was
reduced in corresponding degree. Hence
diminished foreign has produced dimin-
ished domestic consumption-or IN other
words, as th. manufacturer and trader are
inadsquately rewarded for their labor, they
are able to consume less of the corn 0: the
farmer, & this is followed by a re-action 4
the manufacturer. The productions Of al
are in excess. because the consumption Of
all is diminished. aud unless the balance
be restored we are unable 10 perceive the
mode Of relief.
In speaking OF balance, we do not mean
merely that between production and con-
sumption, but, in addition, that between
these and population. 1t seems evident that
whilst the market is overstocked with labor,
the powers of production must remain with
undiminished force-must continue Excess
sive; not excessive of The former demand
for its produce could, by any means. be re-
At hnf in IN
ed consumption This shows that the grd-
duaI increase OF population is most condu-
Give to individual prosperity, if not TO real
national power, but that the sudden stimu-
lus it receives in peculiar conjunctures pro-
duces more arrangement and distress than
any mere increase of nu mbers can be of be-
of commodities, il once disturbed, can be
restored a, short intervals, but the demand
and supply of labor cannot recover their
lost level before a considerable lapse of
time. Strange as the doctrine may appear
we hold this to be the immediate source of
the distress, which is not merely pecuniary,
that in different degrees, fleets both Grea.
Britain and the United States. The popu-
lation of both countries has received an i'm
pulse from an uneysmpled state OF foreign
demand which being dimished has left it
without employing
1t may eeem to require e1pla,ion now our
population should be idle and in distress,
whilst we possess so much unemployed Ca
pital aid fertile land. Ii might be suppos-
cd that the capitalist would be ready to
employ the laboTer in the cultivation Of
fruitful territory that could be cheaPly pur-
chased; but there can exist no inducement
of this kind in a case where there exists no
demand, after replacing the advances of
the capitalist, for the surplus OF the pro-
duce of labor-Ii ii be said that the labOrer
may become himself proprietor OF land, d
at least subsist on its produce in country
where it is so cheap aud fertile, the answer
is that the great bulk Of laborers OF every
country are not in a condition to become
proprietors, even with the smallest share Of
capital We see very little hope OF relief,
therefore, before the supply Of labor is
brought more nearly on level with the III
minished demand for it and for its produce,
and we are apprebensive that we shall have
to pass through period Of Protracted suffer-
ing before the restoration of this level.
LATEST FROM ENGLAND.
nv the arrival If the ship Amity,