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ed, annually, to more than a hun. dred and sixty millions of reals, have fallen off. The customs, the tobacco duties, the salt duties, and other branches of the revenue, have sustained a defalcation, amounting, by estimate, to another hundred millions, so that the revenue is scarcely sufficient to cover half the expenditure. Public credit is ruined by the enormous weight of the debt, and the measures that have been resorted to, in this department, have failed to produce the expect ed results. So great a deficit, and so general a want of confidence, create uneasiness in all classes of society. Men neglect their private contracts, and the country is constantly exposed to the terrible ef. fects of the general discontent which is the necessary consequence of such a state of things.'

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Such is the alarming picture of the present state of Spain, present ed in a public report by one of his majesty's distinguished servants. The case, as the Treasurer observes, is one that demands an immediate remedy. Fortunately, the great measure of making peace with the colonies, so desirable and necessary on other accounts, holds out, in addition, to the kingdom, the prospect of speedy and complete relief from its present distresses. The American states would, doubtless, consent to furnish, in return for the acknowledgment of their independence, such pecuniary supplies as would be sufficient to remove all financial embarrassments, and to re-establish the public credit on a solid basis. This great object being accomplished, the commercial relations that would naturally grow up between the mother country and the ancient colonies, would open new,

copious, and permanent sources of wealth, amply sufficient to complete the work of restoration, and even, in all probability, to elevate this kingdom from its present state of depression, to a height of greatness and glory which it never reached before. Thus the king would not only, in consequence of taking this measure, be crowned with the gratitude and love of sixteen millions of Americans, but would merit and obtain, by a single act, through all succeeding ages, the glorious title of the Restorer of the Spanish Monarchy.

In regard to the first of these points, viz. the supplies that would probably be furnished by the colonies, in return for the acknowledg ment of their independence, I wish to be understood as speaking entirely without authority from them, and without having the intention or the right to commit them in the smallest degree. I presume, how. ever, that there can be no question upon this subject. The late exam. ple of Hayti, shows to what an extent a community, in the situation of the Spanish settlements in America, is willing to make immediate sacrifices, in order to obtain complete and permanent security. It may be added, nevertheless, that the sooner the recognition is decided on, the greater will be the probability of obtaining from it considerable advantages of this description.

The manner in which the establishment of commercial relations with the colonies would operate in restoring the prosperity and promoting the wealth and greatness of Spain, is sufficiently obvious; but as this is the most agreeable part of the subject, I shall make no apology for dwelling upon it a little longer.

The decline of industry, occasioned by long and frequent political convulsions, has been the im. mediate cause of the decay of the wealth and greatness of Spain; and the revival of industry is the only possible means by which this decay can be checked, and a contrary course of recovery commenced. The return of peace, especially after long intestine wars, has a natural tendency to produce such a revival, as well by restoring to productive labour the hands that were employed in the armies, as by affording to the whole commu. nity that security for their persons and property which they cannot enjoy in the midst of convulsions, and without which nobody can labour with spirit or effect. But, in order to bring about so complete and extensive a revival of industry as is wanted in this country, something more than this would be requisite; and it would also be necessary that some important change in the political or economical situation of the kingdom should create a considerable increase of the ordinary demand for the products of labour. This would produce, immediately, an increased demand for labourers, a rise of wages, an augmentation of profits in all the branches of industry, and of the rents and value of land, and, in its more remote consequences, the extension ofindustry in all its branches, attended with an increase of population, and of the comforts and well being of all classes of society. Now, such an increase in the demand for the products of Spanish labour would be the direct consequence of the renewal of friendly relations with the colonies. New settle ments, possessing the tastes impart. ed by civilization, and situated, at

the same time, like the European colonies in America, in the mids of an extensive country not ye brought under cultivation, naturally turn their attention, in the first instance, to agriculture, as the most agreeable and profitable of all occupations, and depend, for manufactures, on the labour of older na. tions. Among these, the mother country, in consequence of the community of language, tastes, and manners, must, of course, enjoy the preference. In this case, there. fore, sixteen millions of Americans would immediately resort to Spain, for all the supplies which they wanted from abroad, and which Spain could furnish. It is true that, in the present state of industry in this country, Spain would probably not be able to satisfy entirely this immense demand, and that the Americans would be obliged to seek, in other countries, many arti. cles which they could not find in this.

But the encouragement to labour afforded by this or by any other cause, must, of course, operate at first only upon such branches of industry as are already established. If the new demand from America, for the products of Spanish labour, did not produce a revi. val of industry, the fact would prove that such a revival is impossible, under the most favourable circumstances. But there is no reason to suppose that this is the case. Skill and labour enough still remain in this country to afford an ample basis for improvement and future progress. The demand from the colonies would operate, in the first instance, upon such products as now present themselves, and which, though chiefly agricultural, are not of the growth of America. The wines and fruits of the southern

provinces of the kingdom, and the manufactures of the eastern, would be sought, with avidity, by communities whose tastes have been form. ed to them by long and hereditary usage. The transportation of these and other articles would employ the navigation of Biscay and Galicia, diffuse life through the sea ports, and give, at once, a wholesome spring to the circulation of the body politic. Such would be the first effects of this new situation; but its benefits would not end here. The profits resulting from the fresh impulse thus given to labour would augment the capital in the hands of the enterprising classes of the community, and would lead to the extension of all the existing branches of industry, to the esta. blishment of new ones, and, in general, to the full developement of the resources of this naturally rich and favoured kingdom. Foreign capital, if wanted, would take this direction. For every branch of industry thus established or extended, besides the large and increas. ing home demand, would be opened the vast market of the colonies, where the population, already so extensive, will probably increase with great rapidity, and require fresh and still augmented supplies, faster even than the augmented labour and enterprise of the mother country would be able to furnish them. Under these circumstances, every thing at home must necessarily flourish. The agricultural products, which now constitute the chief wealth of Spain, would be obtained in larger quantities, and in higher degrees of perfection. Ma. nufactories would be founded, or enlarged and improved. The cotton fabrics would no longer be driven out of the home market by

contraband foreign articles; but, after supplying the demand of Spain, would enter into competition, through all the American states, with those of other countries, and probably be preferred. The excellent wool of Castile, and the silk. of Valencia, would no longer be exported and wrought up abroad, but would give employment and profit to millions of industrious hands at home. The mines, that have been so long neglected, would be explored, to furnish materials for constructing the machinery necessary for these productive labours. New branches of industry, now entirely unknown in the country, would spring up under the operation of this prodigious stimulus.Population would increase with rapidity, and all classes would, nevertheless, enjoy a full share of the comforts of life. New communications, by roads and canals, would be opened. Navigation and commerce would wear an entirely different appearance. The value of land and labour would rise in proportion. The ancient cities, that are now deserted and decay. ing, would again swarm with crowds of busy inhabitants. The waste lands would be brought into culti vation, and a new life would ani. mate the whole body politic.

Such would be the economical effect upon the mother country of the establishment of friendly relations with the colonies. It is hard. ly necessary to add, that corresponding advantages would result, as respects the facility of adminis. tering the government and the general political situation of the kingdom. The secret causes of the power and influence of states must be looked for in the industry and happiness of the individuals that

compose them, as these in turn are the effects of wise laws and a just administration. When the people are idle, and of course poor and wretched, the government, by a necessary consequence, is unprovided with resources, and its state politically weak. When the people are industrious, wealthy, and contented, the government is also rich and powerful, and the state politically strong. Under the change of circumstances which I have supposed, Spain, instead of finding it difficult to collect a revenue large enough to cover half the annual expenses, reduced to the lowest possible scale, would be one of the wealthiest governments in Europe. It is intimated by the the treasurer general, in the above extract from his report, that the supplies anciently received from the colonies amounted annually to more than a hundred and sixty mil. lions of reals. If this sum was then the measure of their value to the crown, computed in money, it is certain that they would be worth much more in a state of independence. The immense revenue that might be derived from a free trade with the colonies, may be conjectured by observing what has actu. ally occurred in England. The duties collected at the custom house in Liverpool, in the year 1780, amounted to about £80,000. In the year 1823, they had risen to £1,801,402, and had thus increased more than twenty fold. It is well known that the augmentation in the trade of Liverpool has been occasioned almost entirely by the separation of the United States from England. If the receipts at the custom house at Cadiz, before the present troubles, were a hundred million reals, and we suppose

them to increase only as fast as those of Liverpool, under the influence of a much more powerful stimulating cause, (since the popu lation of the Spanish colonies is now about five times as large as was that of the United States at the close of the revolutionary war,) even on this very moderate supposition they would amount, forty years hence, to about two milliards of reals, and would present a proportionate increase during the intervening years. A single port would thus furnish a sum equal to four times the amount of the whole annual receipts of the kingdom, and twice the amount of the whole annual expenses, according to the present estimates. Such would be the effect upon one branch of the revenue, of this powerful cause, which would operate, at the same time, with corresponding vigour upon all the others. Nor would the failure of the supplies formerly received in money from the colonies be felt as a loss, since the islands, which would still remain to the crown, under a system of free trade, and liberated from the charge of defence, would furnish, of themselves, probably, a larger sum. The duties collected at the port of the Havana alone are said to amount, at present, to a hundred million reals, and would be greatly augmented by the opening of commerce with the Main.

The effect of such vast additional resources as these would soon be perceived in every branch of the government. It would show itself in the augmented majesty and splendour of the throne, in a more vigorous and steady administration of justice, in larger and more efficient military and naval establishments, and in an undoubted public

credit. The internal dissentions by which the country has been long distracted, and which have their final origin in its unfortunate economical situation, would soon disappear. Spain, under these new circumstances, would be quiet at home and respected abroad. Instead of being attacked by foreigners every ten or twenty years, she would be in a situation to exhibit her own flag, when occasion should require, on the territory of neighbouring and of distant nations. She would become, in short, what she was destined to be, by her geographical position and great natural advantages, the leading power in the south of Europe.

Such, according to the surest principles strictly applied, would be the effects resulting to Spain, in the natural progress of events, from a single wise and generous mea. sure. The probability of their occurrence is confirmed in every point by the splendid example of England and the United States, to which I have already alluded, and which, being parallel in every important circumstance, must be regarded as decisive, and deserves, of course, to be considered with great attention. It is now just half a century since the declaration of the independence of the United States, and about forty-three years since the conclusion of the peace with England. Previously to that event, the respective positions of the two parties were the same with those of Spain and her ancient colonies at present. There was the same feeling of bitterness between them, occasioned by a long period of mutual exasperation which preceded the war, and by the accidents of the war itself. England felt the same reluctance to treat with her colonies as sovereign

states that is now felt by Spain. Their loss was generally viewed as a national misfortune, and many statesmen of the day predicted, as its consequence, the immediate decline and fall of the mother country. Fifty years have since elapsed, and where is England now? Instead of being ruined by the loss of her colonies, she has exhibited, since that event, a developement of power and wealth wholly unpa ralleled in the history of any other country in Europe, and which seems, at first view, almost miracu. lous. Nay, this very loss of the colonies, from which so much mis. chief was anticipated, has proved to be a great blessing, and has been, in fact, as is now generally admit. ted, the principal cause of this prodigious prosperity. The rapid progress of the United States, which would never have flourished as they have done while dependent, has exercised a favourable reaction on the mother country, and has brought with it the wonders of improvements in England, which the world has seen. This, as I have observed, is a thing generally acknowledged, and is also suscepti ble of proof. If we look in detail at the recent augmentation of the resources of England, we shall find that it has taken place chiefly in branches of industry unknown be fore the separation of the colonies, and growing directly out of that event. The principal of them is the manufacture of cotton. The exports of England, in the year 1787, were valued at about fifteen millions sterling, and included no cotton fabrics whatever. In 1822, they were valued at about fortyfive millions sterling, including cot. ton fabrics to the value of more than twenty-two. The exports of a country may be considered as an

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