The Massachusetts spy, and Worcester County advertiser. [volume] ([Worcester, Mass.]) 1825-1831, 1828-05-07
From the N. Y. National .8doocate.
HARD TIMES

1t all those who feel the want of money. and
are constrained to cry out against the times,
would look Cor the genuine cause, it might be-
removed Our citizens can feel, when they
lind 1T difficult to pay their notes, and mayhap
II they are made to feel long enough, they will
at length reason and reflect on the cause of
their distresses. The body polite is sort of
animal that neglects its reasoning faculties un,
til reused by ''thorn in the flesh" or somethnr
that shall make it feel. Money, money, is now
the great cry every one wants money, and the
wealthy business man wants it most of all And
what has become of all The money Why is il
impossible for the banks to discount and meet
the great demand? Is it not because the specie
of the country has been drained by a FOREIGN
demand-to pay foreign debts, and thus-left the
banks destitute. In such condition bank cam
not discount to the amount required without
l." The plain i and una nnan ut bankruptcy.
have traded with foreign cd66RRhtrae VertyP aH3
millions OF dollars more than they have traded
with us. We have bought immense quantities
OF manufactured goods, (Which should have
been made at home,) and because those of whom
we buy will not take of us our -four at ALL and
our other productions at price worth raising
them for, we are obliged, every vessel that sails,
to send OFF our specie ip payment Whethen
Great Britain will buy of us or not whether it
suits her interest or her caprice to close heS
ports against our productions, we are abeet
enough to be consumers for her, and yearly
drain our country of its solid capital, to maintain
her manufacturers
We have not the means of stating exactly
how many millions of dollars we do buy more
than we sell; but it is great many Suppose
1t is ten millions. Suppose we send off out Of
our country every year, for English woollen
cloths, fine cottons and gewgaws, ten millions OF
specie; the most common man, the merest
child, can see this would destroy us in few
years. And such is actually our condition We
have traded with those who would not trade
with us; we have bought of others what we
ought TO make at home, we have encouraged
the artizans OF Europe instead of encouraging
our own mechanics, until we feel the re action
of over -trading, and the want at home of the
money we have expended abroad How plain q
case it is; and yet there are those who affect
not to see It. To what shall we hken the de-
pressed and bankrupt condition of community
which has bought more than it has Sold and
consumed more than it has produced, to force
conviction upon the interested and preudmed
Should we be at any loss to account for the ruin
of merchant, who should commence business
upon $4,000 capital, and should make nett
gain in his business of $4,000 per annum, and
yet spend, necessarily or foolishly, in the mains
/ tenance of his family $4,000 year The re.
| suit would be inevitable, that in three or fouE
years he would be bankrupt, and every year get
worse and worse. So with farmer-surely aa
he buys more than he sells so certain is he to
encounter speedy poverty Ifbe has specie laid
up in store, he will draw upon it while it LASTS
! and when it is gone, his cry, like that of our
merchants, will be--money, money, money,
| Nothing has saved this nation before now
from state Of awful pecuniary distress, but
! the amount of domestic manufactures which
( the ingenuity of our citizens, more than any
thing else, has forced into successful competi~
ton with foreign goods thereby excluding
many millions of foreign fabrics, and even tak-
! in. precedence of them in other countries,
I And yet our own citizens entertain doubts
of the utility of manufacturing for ourselves.
| Every man must recollect the great scarcity
of money and the Universal distress which fol.
lowed the over-tradng which characterized the
I two or three years Immediately subsequent to
the late war. What was it resusctated tho
country aud enabled it TO 60 on, and at length
oyer-trade itself again, the evil consequences OF
(, which are now felt What but temporary
curtament in the importation of foreign goods,
and the substitution Of domestic manufactures
In that state of public feeling a new tariff was
established, manufactures received encourage
ment, and factories of various kinds spiuag up.
Still the wants of the nation were not and have
not been met, and the course of the policy OF
England which is to exclude our agricultural
+ productions from her dorninions, has operated
power fully to bring us in debt to her merchants
and take from us our cash..
4 MINING. The greatest depth to which vein
has been followed, and probably the greatest ex-
tent to which the earth has been penetrated, is
in silver mine in Bohemia, where the workmen
have dug down 5000 feet. The most profitable,
: and the only sure mining ever yet Undertaken
!, is that which is confined to the surface, .tEs
!, depth of the plOugkshare Professor pWSIE