Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1834-03-06

longer draw upon consignments in antic-
ipation of the sales.
4 This resource, now cut off, il is well
known is essential to the great body of
our manufacturing establishments; with
ont 1t they cannot get on as heretofore; ;
all must reduce their business, many
must suspend their business.
Those establishments create nm i'm
mense annual demand for Eastern Ium-
ber. IL has become fact of newspa-
per notoriety, that the usual orders on
this lumber have been countermanded,
If not entirely, to very gre at extent
The memorial now presented, tells
you that the numerous coasling vessels,
heretofore employed in Transporting the
cotton of the South for the consumption
OF the North, are now out of employ
! he cotton is not, and will not be or
dercd
] he prospects of The inland trade ap-
rcar to ne so fearful, that ] am unwi-
ling to sketch the picture Of the coming
scene, as my iorcbodings would oblige
me to shade it. To those who have not
taken the pains TO 60 in advance of eau
ses, 10 their somewhat remote, but GER
tain effects, and see in them the distress
ses of thousands and tens Of thousands
of our labOring population thrown out of
employ, il might seem mere fancy
piece, painted and exhibited for effect.
But ] am persuaded that no colors can
do justice to the reality of the distress
that is to come upon the country.
Again, the works of internal improve
ment in the several States, for the grea-
ter part, are carried on with borrowed
capital. When the capital of the coun-
try wants confidence as it now does, it
will ma q no advances.
/ But If the capital was not borrowed
capital, who would invest his own in
works which, if the present state ofth'ngs
is to continue, can afford no profit -
These works, therefore, must ONE to n
dead pause; and, with them, not to 60
on, is to GO back. This is had enoug h I;
but a worse effect will be the abatement,
perhaps the extinction, of the spirit OF
that noble and daring and enlightened
enterprise, to which the country owes
the undertaking of these gigantic i'm
provements, and which is necessary to
carry them through to their completion.
The stock-value of these improveme nts
always graduates itself according to the
scale of the public prosperity, OF which
they are n powerful cause when in CO.
operation with other causes, but without
that cooperation they are powerless as
cause ot that prosperity, and valueless
as stock. These improvements swell
the tide Of the public prosperity, but
other causes must produce The tide. All
those other causes are now annihilated
by the present state Of things.
Again, as to The home market, there
apprehend the present state ofthings will
be most to be deprecated; for therr, !
think, its disastrous effect will he most
extensive in its range, involving the val
ne Of all the real property ofthe country.
Till the present state of things was orig
mated the demand g. the supply had been
so balanced in the home market, that all
the parties equally profitted and prosper
ed by 1.-THE producer and the consul
mer, the buyer and the seller. This
was the happy result of that complex
system, which the business and the cred
it Of the country had assumed. And
though the amount of the products rap
idly augmented from year to year, the
demand in its growth kept pace with the
growth of the supply, holding forth the
most cheering prospect of continuing and
increasing prosperity. Now that bal
ance has been destroyed, and is TO re-
main destroyed while the present state
of things remains. That demand is to
be reduced to one half, probably to less
than one hall of what it has been. We
know that small excess Of supply be-
yond the demand produces a great de.
preston Of price; what will it then be
when the supply shall exceed more than
two-fold the demand' Every product o
your land will be drug in your market
and what will be the value Of your LAND
when its product is drug' | venture
! TO say, that the tax which the real pro.
pery of the country will pay to the pre-
sent state Of things, If continued, will ex.
ceed in amount the whole civil list of the
! United States, and Of every State in the
Union, put together; and that the even
will prove il.
II ! have now adverted TO all the grea
and leading resources of the country
and have endeavored TO show, how tn,
present state of things, if continued
would affect them and each Of them.
am persuaded that the injury to which
they are exposed, has not been oversta
ted. How calamitous, then! A foreigr
war would be far less caIamitous to tn,
country. Our last war with Great Bri
tain cost us something over one hnndre,