[460] "You have not, I suppose, at any time, directly or indirectly, formed a part of this government?" "No, Sir, I would see them at the d—l first." "Is Mr. President Monroe a man of business?" "Yes, Sir. The Presidents are all slaves to their duties, scarcely able to breathe abroad or take air." On passing by the Capitol, I said, "Does this sumptuous Capitol accord with the plainness of republicanism?" "No, Sir, but laying stones one upon another rarely injures any nation; and besides, republics are vain, and public buildings gratify their vanity, and attach them to the country. Inasmuch (said Mr. Law) as this government has left unprotected the manufacturers of the country, and withdrawn the circulating medium from the people generally, it has done all which an enemy to this or any country could do, or wish to see done." I asked Mr. Law if it was worth while to visit Mount Vernon. He said, "Mount Vernon is inviting, but Judge W. knows nothing."
12th.—In our ride to the city this morning, with a negro behind us, two gentlemen, Mr. Law's neighbours, overtook us, but being anxious to get on before us, apologized for leaving us. "Oh! gentlemen!" said Mr. L., "we do not want you to wait for us. Go, I pray you, to the devil if you will!"
At parting with Mr. Law this morning, he promised to send me letters of introduction to his [461] Right Rev. Brother, the Bishop of Chester, and his distinguished cousin, J. C. Curwen, Esq. M. P. which letters, together with the following curious observations, purposely written by him for the use of this journal, were soon after transmitted to me.
Observations by Mr. Law.—"I have lately perused an address to the public from the delegation of the United Agricultural Society of Virginia. If, after repeated perusals, I had been convinced that the exclusion of such foreign manufactures as we can make ourselves, by legislative measures, such as high duties or prohibitions, would be injurious to agriculturists, I should immediately acknowledge my acquiescence in their reasoning. To oppose the opinions and arguments of such able men, and of such united members, exposes any one to the imputation of vanity, and to inevitable ridicule, should his reasoning prove inconclusive. I have always been an advocate for permitting men to pursue their interests unobstructed by governmental interference, according to the suggestions of their reason, and to seek future salvation according to the dictates of their conscience; and I have always been convinced that men will employ their capitals and industry in that business which produces most profit. This is, indeed, an incontrovertible axiom in political economy; and the only question to determine, is whether the exclusion of foreign manufactures be [462] not a salutary exception to the rule. The delegation above mentioned, accuses the petitioning manufacturers of soliciting a monopoly. A monopoly, according to my definition of the term, means an exclusive privilege in favour of an individual, or a certain class of men, in preference to all others, who are injured thereby. Now to me it appears that the duties or prohibitions solicited, are solely for the encouragement of domestic manufactures, and for the discouragement of foreign ones; nay, in my opinion, it seems a request in the name of all Americans, to be shielded from foreign monopoly. This observation will at first surprise you, but after my explanation it will, I trust, have more verisimilitude in it than you can now imagine. Suppose a sovereign to say that in a certain county, or department, he would make a donation of capital for building machinery, &c. to those who would establish a certain manufacture. Should any other of his subjects attempt rivalship, with his, or their own funds, could not those, who had their capitals gratis, undersell the competitor or competitors? Say that the buildings and machinery cost 100,000 dollars, and that 50,000 dollars, current capital, were required to pay workmen, and buy materials. The former aided by the sovereign, if they made ten per cent. on their current capital, would receive 5,000 dollars per annum, but the latter, if he obtained only a [463] profit of 5,000 dollars on his 150,000 dollars laid out, would only receive three and a third per cent. Now the foreign manufacturer has a capital from his father, which is useless to him, if not employed. Say his buildings, machinery, and 50,000 dollars current capital, produce him 15,000 dollars. If he finds foreigners, who heretofore purchased from him, attempting to set up for themselves, will it not be good policy in him to reduce his profits two thirds, to ruin his incipient rivals? Mr. Brougham, in the House of Commons, used the following language, when speaking of the loss to merchants by an excessive exportation of manufactures:—it was worth while to incur a loss, in order, by the glut, to stifle in the cradle those rising manufactures in the United States, which the war had forced into existence, contrary to the natural course of things.
"Would it not have been humane and judicious in Congress, to have prevented this ruinous glut, which contributed, with the order to resume specie payments, to crush our manufactures, merchants, and storekeepers, and to injure our farmers, &c.? How have foreigners obtained above 30,000,000 of our stocks, but by manufactures? The importation of manufactures is now much diminished, and manufactures are rising, and the price of labour falling. Will, however, any prudent man commence manufacturing till shielded [464] from a glut? Our manufactures, till then, cannot prosper, and we must remain dependent on foreigners. If all men relied upon handicraft, as formerly, then the general rule, before alluded to, would apply, and we might be supplied by home-spun. Were all patriots, the nation would prefer home-spun, if even a little dearer than foreign articles of a similar kind; but, as many will prefer their own to the general interest, the general government must, in respect to foreign commerce, interfere. The farmer in England obtains from 8s. to 10s. a bushel for his wheat; our farmers obtain 4s. 6d.; the manufactures in England amount to about 100,000,000l. sterling; ours, to less than that amount in dollars.
"The distress occasioned by the sudden reduction of our circulating medium from 100,000,000 dollars, to 45,000,000 dollars, has reduced all property far below its intrinsic value; the banks are prosecuting to recover sums loaned, mortgages are foreclosed, and landholders in debt are compelled to sell. When an European purchases land in the western countries, he has to clear and fence, and to build house and barn and stable, at a great expense. In the old states, as they are termed, the land is sold at so much per acre, and the house, barn, &c. are thrown into the bargain. Land, from four to eight miles from this city, may be averaged at twenty dollars an acre, ready to [465] be occupied. Navigation is near; the market is near; the newspapers, as essential almost to an Englishman as his breakfast, may be received three times a-week by market-carts. Society is good; the expense of a long journey, and a thousand inconveniences experienced by new settlers, are avoided. Horses and oxen, I believe, can be bought cheaper in this neighbourhood. If a man wants to remove his family and to sell, he can find purchasers more readily than in the western wilds. Sickness almost always occurs on the first exposure of new land to the sun. State taxes and county levies fall heavily on settlers in a new country, requiring public buildings, roads, bridges, &c.; labour is dear, and not always attainable. A New England man succeeds in a new country, because he is a jack-of-all-trades; he can make his own log-house, mend his cart, &c. There is an old adage, that "fools build, and wise men purchase." Suppose 150 acres, purchased in this neighbourhood, at twenty dollars an acre, making 3,000 dollars, the fencing, and building, and clearing, would cost at least that sum. When three or four Englishmen wish to purchase together, they ought to keep it a secret, and to employ some American, not in high life, who can be confided in, to sound persons wanting to sell; for if a stranger offers to buy, it is immediately reported over all the neighbourhood, and prices are raised, and it exaggerates the value. Americans are remarkably shrewd. [466] Englishmen, in general, are credulous and sanguine. All bargains ought to be legally formal, under signature and seal.
"Question. Is great Britain capable of sustaining its national debt for any length of time?
"There are operating against the possibility of this,
1st.—The rivalship of manufactures of other nations, knowledge and skill not being an exclusive advantage.
2nd.—The encrease of poor-rates, by a superabundant population, and reduction of wages.