to deny that the whole Union began to be prosperous so soon as the new general government was launched upon the waters of real nationality. Evidence exists in plenty to prove that that agriculture, shipping,

the

navigation, the fisheries, foreign and and the coastwise trade, manufactures and commerce among States, became, in the course of a few years, thrifty beyond all precedent showing a marvellous recuperation from embarrassments of industry, distress of the people, and tendency of the country to fall to pieces, under the confederation. The signs of betterment are both many and emphatic in the records of the times. For example:

The enlarged consumption made within our country by foreign persons of every description, who are certainly

much more numerous than they formerly were, is as profitable to the country as the same value in exports would have been. The item will appear to be very considerable, when the expenditures of foreign ministers, consuls, transient and resident foreigners, fleets and seamen, are called to mind.

The export trade of the United States and the great increase of home consumption have placed the American producers in general on a very advantageous footing. The competition which exists in our markets, between the purchasers for the account of foreigners of various nations, for our own merchants, for the great consumption in the seaports and parts adjacent to the coasts, and for the use of the manufacturers, together with the occasional shipments made on their own accounts by the southern planters, by the millers of the Middle States, and by the owners of the Eastern fishing vessels afford the cultivators and fishermen so many alternatives, that they can always obtain the best prices which circumstances will justify. In short, these several demands, at once steady, extensive and various, efficiently support our agriculture.

It is satisfactory to observe the regular increase of manufactured goods in our returns of exported commodities. The number in each of the last two years [1790 and 1791] is upwards of one-third, in a list which amounts to near three hundred articles. Hence we may infer, that the time is really arrived when foreign trade is increased and enlivened by home manufactures.-Tench Coxe's "View of the United States," pp. 292, 293, and 294.

The growing magnitude, importance, and success of the home trade in handicraft productions of the United States are pointed out in the statement quoted below:

After a very careful estimate of the number of the principal branches of American manufacture, the writer of this paper does not hesitate to affirm, that

the shoes and boots, saddlery and other articles of leather, gunpowder, snuff, paper and paper hangings, playing cards, pasteboards, books, linen, cotton and woolen cloths, hoisery, thread, hats, wool and cotton cards, set work and watches, manufactures of gold, silver, iron, steel, brass, lead, pewter, and copper, cordage, twine, sail-cloth, carriages of all kinds, malt liquors, new ships and boats, leathern gloves and breeches, parchment, glue, cabinet wares, linseed oil, soap, candles, potash, distilled spirits, drugs and chemical preparations, and earthen ware made in the year [1791] last past, exceed in value the manufactured goods which Great Britain shipped, in the same term, to all foreign nations but the United States. It will be proper to observe, in this place, that chocolate, cheese, wafers, starch, hair powder, ivory and horn wares, whips, millinery, stays, windsor chairs, cornfans, wheel-barrows, spirits of turpentine, paints, brushes, glass wares, bricks, stone and marble wares, repairs of vessels, mustard, loaf sugar, salt, the great article of making up apparel, coopers' wares, and other things of the nature of manufactures were not included in the

This is certainly an astonishing exhibit of industrial activity, when contrasted with the universal paralysis a few years before; and it as tonishes especially by the long list of American manufactures which could find a profitable market often without positive defense in the American tariff, thus showing how diversified at home were those forms of protection which did not depend upon customs duties for their efficacy. Coupled, moreover, with the country's display of export power is a consideration of quite equal significance extreme shrinkage in the quantity of numer ous articles brought in from abroad, as here detailed:

We have actually almost ceased [in 1792] to import shoes, boots, saddlery, coarse hats, plate, snuff, manufactured tobacco, cabinet wares, carriages, wool and cotton cards, hanging paper, gunpowder, and other articles; and we have exceedingly diminished our importation of coarse linen and woolen goods, cordage, copper utensils, tin utensils, malt liquors, loaf sugar, steel, paper, playing cards, glue, wafers, fine hats, braziery, watches and clocks, cheese, etc.; and we either make these articles from native productions, by which the whole value is struck off from our imports, or we manufacture them of foreign raw materials, which cost less than the goods used to do, especially as they often yield a great freight to our own vessels. Thus the freight of the molasses to make rum, imported in one year, at two dollars per hogshead, was not less than $140,000. The same observation occurs as to hemp, cotton, iron, copper, brass, tin, saltpeter, sulphur, mahogany, hides, dye-woods, and other raw materials.—

Numerous accounts of the greatly improved state of capital and labor, in all the regular branches of production and business, are found scattered through the pages of the book quoted above. Indeed, a more competent or more credible witness than Tench Coxe could not be called to testify on this subject. Being an eager, untiring, conscientious observer and investigator, besides being pre-eminently a common-sense man, he held very high rank among his contemporaries as an authority on matters relating to his specialties. For more than a quarter of a century, he was an ardent, able, influential encourager of efforts to promote manufactures in America, his thorough studies giving him a deep insight into the situation and needs of home industry, and causing his services to be in public request. Soon after Alexander Hamilton became Secretary of the Treasury, or in May, 1790, he chose Mr. Coxe as his assistant, according to the provisions of the act of September 2, 1789, establishing the Treasury Department. Mr Coxe, in compliance with resolutions passed by Congress, completed, May 1, 1813, an elaborate and exceedingly useful digest of the census returns about manufactures in 1810. An historical work speaks of him in the exalted terms which follow:

There is little doubt that the first Secretary of the Treasury derived important hints, in the formation of his fiscal scheme, and much material for

the statesmanlike views and accurate knowledge of his assistant, Mr. Coxe. In his recommendation of the cotton culstaple, and of manufactures as one of the firmest supports of a prosperous agriculture and commerce, the latter was unremitting and enthusiastic. His writings on the subject constitute a principal source of information respecting the state of industry during a number of years succeeding the peace. - Bishop's "History of American Manufactures," Vol. I., pp. 410.

ture for the creation of a redundant

Such is the high character of the witness now summoned to testify further about the marvellous prosperity of the United States, after the restoration of union and order in 1789. His evidence is embodied in various extracts from his authoritative book-"A View of the United States of America," of America,"-as quoted below:

The coasting trade has been very great, and the derangement of the West India trade must extend it exceedingly, during the current year [1792], from the failure of molasses. The increase of manufactures, and foreign restrictions on other branches of trade, have contributed to elevate this valuable part of our commerce; and the former (manufactures) will continue steadily to increase the importance of the coasting business.-Pages 340 and 841.

Public credit [in year 1792] is restored. In consequence of that, the contracts for all public supplies are made for cash on the deliveries or performance; the money, thus early promised, is paid by anticipation on the proffer of indubitable security by the various contractors and interest in favor of the United States has been allowed for the promptitude of her treasury; $500,000 of specie claims have been discharged, and purchases of the public debt, which bring the extinguished sum [in year

1791] to about $2,400,000, have been made or provided for; a series of payments since the month of September (required by the most distinguished ally of the United States, in the late war), has been made to serve the occasions of

their unhappy colonists. Loans upon five per cent, upon four and one-half per cent, upon four per cent interest, have been effected in two opulent cities of Europe, solely by means of our restored credit, to repay in the hour of need, to that ally, the moneys lent to the United States in a like season. All that is due has been paid; part of that which is not yet due has been anticipated. Moneys anxiously desired by France have been discharged by means of loans at a lower interest. Both nations are benefited and pleased, but our country is honored by the transaction. To have neglected our public credit would have been to lose those advantages.

It will not be questioned that there is, in every walk of life or business, a greater proportion of money than was observable two years ago. Public works and buildings of every kind, and of species and values unknown among us till the present time, are undertaking everywhere. Private buildings, of equal variety and comparative value, are springing up. The price of lands is greatly advanced. The raw materials though raised in much greater abundance, sell for larger prices. To what pecuniary cause so powerful, so adequate, can these things be ascribed, as to the sales of part and reanimation of the whole of a public debt, ten times larger than the amount of all the specie ordinarily circulating in the country? It ought to be admitted, however, that the sound stamina of this country and our voluntarily imposing upon ourselves the wholesome restraints of just government have most powerfully cooperated.-Pages 363, 364, and 365.

The banks established in the several cities of Philadelphia, New York, Boston, Baltimore, Charleston, Alexandria, etc., divide a profit of seven and a half to eight and a half per cent per annum, at present [1793], which is paid half yearly. Page 430.

The interest of the public debt is paid quarter yearly [in 1793] with a punctuality absolute and perfect.-Page 430.

The ship-building of the United States was greater in the year 1792 than in any former year since the settlement of the country, and it is much greater in the current year [1793] than it was in the last. Generally speaking, the art of ship-building was never so well understood, never so well executed, nor was there ever a time when so many of the manufactures requisite for the furniture, tackle, apparel and arming of vessels were made in the United States.-Page 430.

The value of the manufactures of the United States [in 1793] is certainly greater than double the value of the exports in native commodities.-Page 430.

The exports of the United States have increased in the last two years about fourteen per cent. In the last three years [dating back from Sept. 30, 1793], they have increased from eighteen and one-quarter to twenty-six millions of dollars.-Page 431.

The

The amount of outward freight of the ships and vessels of the United States, at this time [1793], is probably equal to all their national taxes and duties. The inward freight is considerable. earnings of the fishing vessels, in lieu of freight, are also considerable. The coasting freights are greater in value than both the last. All ships and vessels depart from the United States, fully laden, excepting a part of the East-Indian traders. A large quantity of tonnage is employed in the coasting trade. A considerable quantity of tonnage is employed in the cod and whale fisheries. -Page 432.

The imports of the United States, for consumption, have not [in 1793] been swelled in proportion to the increase of their population and wealth. The reason is, the constant introduction of new branches of manufactures, and the great extension of the old branches.

The imports, for consumption, into the United States are composed of manufactures in a much less proportion than heretofore, owing to the same two

causes.