The extent and value of the commerce of the United States have long been prolific themes for orators in congress, and writers of newspapers—and it appears generally assumed to be only second to our agriculture, and far beyond manufactures in importance. It has had incomparably more attention bestowed on it by our government, than either agriculture or manufactures. A candid investigation of those sounding pretensions, whereby they may have the seal of certainty imprinted on them, if they be correct; or, if otherwise, may be reduced to their proper standard, cannot fail to be interesting.

That commerce, properly conducted, on fair and reciprocal terms, is highly beneficial, has never been doubted by any sound mind. It tends to civilize, and increase the comforts of, the great family of mankind.

But that it may be, and is occasionally, very injurious, is equally clear. When one nation receives only luxuries from another, and pays for them in necessaries of life, or specie, or in raw materials which would find employment for its own people, it is eminently pernicious.

To make the matter more clear, I will suppose that England were to furnish France with her raw wool, lead, tin, iron, flax and hemp, and to receive in return Merino shawls, silks, satins, pearl necklaces, diamond watches, &c. the most devoted advocate for commerce would allow this species of it to be extremely pernicious.