University of Virginia Library

TO RICHARD RUSH.

Dear Sir Your favor of Der. 13 came safely to
hand, but was months on its way. I have looked

over with amusement the two posthumous works
of Watson & Walpole. The former has an importance
to which the latter cannot pretend: But
both; in drawing aside the Curtain from the secrets
of Monarchy, offer at once lessons & eulogies to
Republican Govt. As you have in hand a remnant
of the fund from the Bill on Mr. Baring, I avail
myself of your kindness so far as to request that you
will procure for me & forward the last & fullest
Edition of the posthumous Works of Gibbon. If
the cost should exceed the fund let me know; if it
shd. leave any little balance, this may be laid out
in some literary article of your choice for which it
will suffice. As you sent a copy of what was addressed
to the Agricult Socy of Alb: to Sir Jno. Sinclair,[150]
I owe perhaps an apology for not doing it
myself, having been favd. with several marks of that
sort of attention from him. The truth is I did not
wish to attach to so inadequate a discussion of the
subject; the importance implied by regarding it as
worth his acceptance; and if any unsought opportunity
shd. make it proper you will oblige me by
intimating to him such a view of the omission.

It is much to be regretted that the B. Govt. had not
the magnanimity nor the forecast to include in the
late treaty a final adjustment of all the questions on
which the two Countries have been at variance.[151] A

more apt occasion cannot be expected, and it must
be evident, that if not adjusted by treaty, the first
War in Europe will leave G. B. no alternative but
an ungracious & humiliating surrender of her pretensions,
or an addition of this Country to the
number of her enemies. With regard to the W.
Ind trade she is not less inconsiderate. Nothing
but a retrograde course by Congs. not to be presumed,
can save her from ultimate defeat in the Legislative
contest.

The P. is executing the Southern half of his
projected tour, and is every where greeted with
Public testimonies of affection & confidence. Whatever
may be the motives of some who join in the
acclamations the unanimity, will have the good
effect of strengthening the administration at home
and inspiring respect abroad.

Our printed journals of every denomination, will
present to you, the perplexed situation of our monied
& mercantile affairs, & the resulting influence on the
general condition of the Country. The pressure
is severe, but the evil must gradually cure itself.
The root of it lies more particularly in the multitude
& mismanagement of the Banks. It has always been
a question with some how far Banks when best
constituted, and when limited to mercantile credits,
furnished settoffs in the abuse of them by the imprudent,
agst. the advantage of them to the Prudent.
But there are few now who are not sensible, that

when distributed thro'out the land, and carrying or
rather hawking their loans at every man's door
they become a real nuisance. They not only furnish
the greedy & unskilful with means for their
ruinous enterprises; but seduce the mass of the
people, into gratifications, beyond their resources;
and these gratifications consisting chiefly of imported
articles, it follows that the entire country consumes
more of them than it can pay for. Hence the
balance of trade agst. it, hence the demand on the
banks for specie to pay it; hence their demands on
their debtors and hence the bankruptcies of both.
This is the little circle of causes & effects, which
shew that the Banks are themselves, the principal
authors of the state of things of which they are the
victims. A better state of things it is to be hoped
will grow out of their ashes.

In the mean time the policy of the great nations
with which we have most intercourse, co-operates
in augmenting the temporary difficulties experienced.
Whether it may not in the end have a more salutary
operation for us than for themselves remains to be
seen. G. B. is endeavoring to make herself independt.
of us & of the world for supplies of food.
In this she is justified by cogent views of the subject;
altho' with her extensive capital & maritime power
she wd. seem in little danger of being unable at any
time to supply her deficiency; whilst the tendency
of this policy is to contract the range of her commerce,
on which she depends for her wealth & power.
If agricultural nations cannot sell her the products

of their soil, they cannot buy the products of
her looms. They must plough less, and manufacture
more. The fall in the price of our Wheat
& flour is already reanimating, the manufacturing
spirit, and enforcing that of economy. She is endeavoring
also to make herself independent of the
U. S. for the great article of Cotton wool, by encouraging
E. Inda. substitutes. If she pays that
part of her dominions for its raw material by the
return of it in a manufactured State, the loss of our
Custom may be balanced, perhaps for a time,
overbalanced. But a proportional loss of our Custom
great & growing as it is, must be certain. One-half
of our ability to purchase British manufactures
is derived from the Cotton sold to her. The effect
of her Inda. importations in reducing the demand
& the price of that article is already felt, both in the
necessity & the advantage of working it up at home.

France too is making herself independent of the
U. S. for one of their great Staples. Before our
Revolution she consumed, if I rightly remember,
abt. thirty thousand Hhds of Tobo. Her market now
receives but a very few thousand & it is said that
land eno' is appropriated in France for the culture
of the balance. If France means to be a commercial
& maritime power this policy does not bespeak
wisdom in her Councils. She ought rather to promote
an exchange of her superfluous wines & silks,
for a foreign article, which not being a necessary
of life need not be forced into cultivation at home,
which she will rarely if ever be unable to procure

when she pleases from abroad, and which is well
adapted by its bulk to employ shipping & marines.
The price of this article like that of Cotton has rapidly
fallen, & will contribute of course to turn the attention
here to the obligation of substituting internal
manufactures for imports which the exports
will not balance. Neither G. B. nor F. seems sufficiently
aware that a self-subsisting system in some
nations must produce it in others, and that the
result of it in all must be most injurious to those
whose prosperity & power depend most on the
freedom & extent of the commerce among them.

I find myself very pertinently called off from
speculations wch. whether just or otherwise cannot
be new to you, by a charge from Mrs. M. to present
her very affectionate regards to Mrs. Rush, with
many thanks for the repetitions of her kind offers. I
pray that my respectful ones may be added, and
that you will accept for yourself assurances of my
great esteem and unvaried friendship.