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