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the wants of the manufacturing population； now the manufacturing
population produce a large quantity of commodities for export to
all the nations of the earth； from whence result profitable return
freights； now the nation's naval power increases by means of the
coasting trade； the fisheries； and navigation to distant lands； and
with it the guarantee of national independence and influence over
other nations； particularly over those of South America； now
science and art； civilisation and literature； are improving in the
eastern states； whence they are being diffused amongst the western
states。
These were the circumstances which induced the United States to
lay restrictions upon the importation of foreign manufactured
goods； and to protect their native manufactures。 With what amount
of success this has been done； we have shown in the preceding
pages。 That without such a policy a manufacturing power could never
have been maintained successfully in the Atlantic states； we may
learn from their own experience and from the industrial history of
other nations。
The frequently recurring commercial crises in America have been
very often attributed to these restrictions on importation of
foreign goods； but without reasonable grounds。 The earlier as well
as the later experience of North America shows； on the contrary；
that such crises have never been more frequent and destructive than
when commercial intercourse with England was least subject to
restrictions。 Commercial crises amongst agricultural nations； who
procure their supplies of manufactured goods from foreign markets；
arise from the disproportion between imports and exports。
Manufacturing nations richer in capital than agricultural states；
and ever anxious to increase the quantity of their exports； deliver
their goods on credit and encourage consumption。 In fact； they make
advances upon the coming harvest。 But if the harvest turn out so
poor that its value falls greatly below that of the goods
previously consumed； or if the harvest prove so rich that the
supply of produce meets with no adequate demand and falls in price；
while at the same time the markets still continue to be overstocked
with foreign goods then a commercial crisis will occur by reason
of the disproportion existing between the means of payment and the
quantity of goods previously consumed； as also by reason of the
disproportion between supply and demand in the markets for produce
and manufactured goods。 The operations of foreign and native banks
may increase and promote such a crisis； but they cannot create it。
In a future chapter we shall endeavour more closely to elucidatc
this subject。
NOTES：
1。 Statistical Table of Massachusetts for the Year ending April 1；
1837； by J。 P。 Bigelow； Secretary of the Commonwealth （Boston；
1838）。 No American state but Massachusetts possesses similar
statistical abstracts。 We owe those here referred to； to Governor
Everett； distinguished alike as a scholar； an author； and a
statesman。
2。 The American papers of July 1839 report that in the
manufacturing town of Lowell alone there are over a hundred
workwomen who have each over a thousand dollars deposited to their
credit in the savings bank。
Chapter 10
The Teachings of History
Everywhere and at all times has the well…being of the nation
been in equal proportion to the intelligence； morality； and
industry of its citizens； according to these； wealth has accrued or
been diminished； but industry and thrift； invention and enterprise；
on the part of individuals； have never as yet accomplished aught of
importance where they were not sustained by municipal liberty； by
suitable public institutions and laws； by the State administration
and foreign policy； but above all by the unity and power； of the
nation。
History everywhere shows us a powerful process of reciprocal
action between the social and the individual powers and conditions。
In the Italian and the Hanseatic cities； in Holland and England； in
France and America； we find the powers of production； and
consequently the wealth of individuals； growing in proportion to
the liberties enjoyed； to the degree of perfection of political and
social institutions； while these； on the other hand； derive
material and stimulus for their further improvement from the
increase of the material wealth and of the productive power of
individuals。
The real rise of the industry and power of England dates only
from the days of the actual foundation of England's national
freedom； while the industry and power of Venice； of the Hanse
Towns； of the Spanish and Portuguese； decayed concurrently with
their loss of freedom。 However industrious； thrifty； inventive； and
intelligent； individual citizens might be； they could not make up
for the lack of free institutions。 History also teaches that
individuals derive the greater part of their productive powers from
the social institutions and conditions under which they are placed。
The influence of liberty； intelligence； and enlightenment over
the power； and therefore over the productive capacity and wealth of
a nation； is exemplified in no respect so clearly as in navigation。
Of all industrial pursuits； navigation most demands energy；
personal courage； enterprise； and endurance； qualifications that
can only flourish in an atmosphere of freedom。 In no other calling
do ignorance； superstition； and prejudice； indolence； cowardice；
effeminacy； and weakness produce such disastrous consequences；
nowhere else is a sense of self…reliance so indispensable。 Hence
history cannot point to a single example of an enslaved people
taking a prominent part in navigation。 The Hindoos； the Chinese；
and the Japanese have ever strictly confined their efforts to canal
and river navigation and the coasting trade。 In ancient Egypt
maritime navigation was held in abhorrence； probably because
priests and rulers dreaded lest by means of it the spirit of
freedom and independence should be encouraged。 The freest and most
enlightened states of ancient Greece were also the most powerful at
sea； their naval power ceased with their freedom； and however much
history may narrate of the victories of the kings of Macedonia on
land； she is silent as to their victories at sea。
When were the Romans powerful at sea； and when is nothing more
heard of their fleets？ When did Italy lay down the law in the
Mediterranean； and since when has her very coasting trade fallen
into the hands of foreigners？ Upon the Spanish navy the Inquisition
had passed sentence of death long ere the English and the Dutch
fleets had executed the decree。 With the coming into power of the
mercantile oligarchies in the Hanse Towns； power and the spirit of
enterprise took leave of the Hanseatic League。
Of the Spanish Netherlands only the maritime provinces achieved
their freedom； whereas those held in subjection by the Inquisition
had even to submit to the closing of their rivers。 The English
fleet； victorious over the Dutch in the Channel； now took
possession of the dominion of the seas； which the spirit of freedom
had assigned to England long before； and yet Holland； down to our
own days； has retained a large proportion of her mercantile marine；
whereas that of the Spaniards and the Portuguese is almost
annihilated。 In vain were the efforts of a great individual
minister now and then under the despotic kings of France to create
a fleet； for it invariably went again to ruin。
But how is it that at the present day we witness the growing
strength of French navigation and naval power？ Hardly had the
independence of the United States of North America come to life；
when we find the Americans contending with renown against the giant
fleets of the mother country。 But what is the position of the
Central and South American nations？ So long as their flags wave not
over every sea； but little dependence can be placed upon the
effectiveness of their republican forms of government。 Contrast
these with Texas； a territory that has scarcely attained to
political life； and yet already claims its share in the realm of
Neptune。
But navigation is merely one part of the industrial power of a
nation a part which can flourish and attain to importance only
in conjunction with all the other complementary parts。 Everywhere
and at all times we se