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 his produce, and the advantage of a home market; and capitalists now engaged in foreign commerce, would find employment for their funds in manufactures. Fortunately the impolitic course latterly {243} pursued is leading to its own correction. Specie is seldom to be seen in the ordinary transactions of business, except in small worn pieces of inferior denominations, and cut money, from which a portion of the metal has been fraudulently abstracted. The deficiency in weight prevents this part of the currency from being exported in direct payments, and nothing but the recent depreciation of paper seems to prevent these remnants of silver from being disposed of as bullion.

In former times, when Europe furnished a market for almost every kind of produce, the strongest inducements to agricultural industry prevailed. The fertility and the vast extent of the United States enabled cultivators to increase in numbers, in a manner that would have produced a disagreeable competition, in a more thickly peopled country; but the recent state of commercial affairs shows that America is not wide enough to prevent the inconveniences of competition in a narrow market. The necessity of a new distribution of pursuits becomes every day more apparent, as without it the people cannot enjoy the articles of comfort and luxury hitherto imported. Some of the most popular newspapers now advocate the cause of manufactures, and several public societies take a deep interest in promoting the internal prosperity of the country. The society at Philadelphia for promoting American manufactures,[130] have in some of their papers*