The New Olive Branch (1820) and Selected Essays

Mathew Carey

Mathew Carey was one of the most popular and influential economic writers of his day, but his work has been largely overlooked by modern writers, who tend to focus on more scholarly writers or on precursors to contemporary classical economics. Carey was a self-taught printer and publisher who rejected Adam Smith, led the early fight for protective tariffs, and wrote hundreds of newspaper articles to convince the public of the need to protect American manufacturers. 'The New Olive Branch' is Carey's most important, accessible, and sustained elaboration of his political-economic ideas, and is accompanied in this volume by portions of his 'Addresses of the Philadelphia Society for the Promotion of National Industry' (1822), which offer further insight into his rejection of classical economics.

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Contents

Frontmatter
pp i-iv
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CONTENTS
pp v-vi
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Acknowledgements
pp vii-viii
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Introduction
pp 1-32
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List of Works
pp 33-38
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Note on the Text
pp 39-39
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THE NEW OLIVE BRAANCH (1820)
pp 40-43
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Dedication
pp 44-46
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CONTENTS
pp 47-50
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Introduction
pp 51-54
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Chapter I - Preliminary observations. State of the nation. Whence it arises. Short-sighted policy. Decline of commerce inevitable. Substitutes ought to have been provided for the superfluous mercantile capital, talent and industry.
pp 55-62
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Chapter II - Sketch of the state of the nation from the peace of Paris till the organization of the present federal government. Analogy with our present state. Unlimited freedom of commerce fairly tested.
pp 63-68
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Chapter III - Adoption of the federal constitution. Its happy effects. Utter impolicy of the tariff. Manufactures and manufacturers not protected. Hamilton's celebrated report. Glaring inconsistency. Excise system. Its unproductiveness.
pp 69-78
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Chapter IV - Memorials to congress. Deceptious report. List of exports. Tariff of 1804. Wonderful omission. Immense importations of cotton and woollen goods. Exportations of cotton.
pp 79-82
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Chapter V - Various causes which prevented the ruinous operation of the early tariffs. Declaration of war. Blankets for Indians. Disgraceful situation of the United States. Governor Gerry. Sufferings of the army. Rapid progress of national industry.
pp 83-86
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Chapter VI - State of the country at the close of the war. Pernicious consequences to the manufacturers. Mr. Dallas's tariff. Rates reduced ten, twenty, and thirty per cent.
pp 87-90
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Chapter VIII - Dilatory mode of proceeding in congress. Lamentable waste of time. Statement of the progress of bills. Eighty two signed in one day! and four hundred and twenty in eleven! Unfeeling treatment of Gen. Stark. Culpable attention to punctilio. Rapid movement of compensation bill.
pp 97-102
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Chapter IX - Attempts to prove the state of affairs prosperous. Their fallacy established. Destruction of industry in Philadelphia and Pittsburg. Awful situation of Pennsylvania. 14,537 suits for debt, and 10,326 judgments confessed in the year 1819. Depreciation of real estate 115,544,629 dollars.
pp 103-108
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Chapter X - Causes assigned for the existing distress. Extravagant banking. Transition to a state of peace. Fallacy of these reasons. True cause, destruction of industry. Comparison of exports for six years.
pp 109-112
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Chapter XI - The everlasting complaint of “taxing the many for the benefit of the few.” Fallacy and injustice of it. Amount of impost for fourteen years. For the year 1818. Impost for the protection of agriculture in that year above 4,500,000 dollars.
pp 113-116
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Chapter XII - Immense advantages enjoyed by the farmers and planters for nearly thirty years, viz. a domestic monopoly—and excellent foreign markets. Exorbitant prices of the necessaries of life. Great extent of the domestic market. Internal trade of the United States.
pp 117-124
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Chapter XIII - Calumnious clamour against the manufacturers on the ground of extortion. Destitute of the shadow of foundation. Take the beam out of thine own eye. Rise of merino wool 400 per cent. Great rise of the price of merchandize after the declaration of war.
pp 125-130
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Chapter XIV - The agricultural the predominant interest in the United States. Great advantages to agriculture from the vicinity of manufacturing establishments. Case of Aberdeen. Of Harmony. Of Providence. Fall of lands the result of the decay of manufactures.
pp 131-136
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Chapter XVI - Fostering care of commerce by congress. Monopoly of the coasting and China trade secured to our merchants from the year 1789. Revolting partiality. Wonderful increase of tonnage. Act on the subject of plaster of Paris. Law levelled against the British navigation act. Rapidity of legislation.
pp 151-154
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Chapter XVII - Erroneous views of the tariff. Protection of agriculture in 1789. Prostrate state of the staples of South Carolina and Georgia. Ninety per cent on snuff, and one hundred on tobacco. Striking contrast. Abandonment of manufactures.
pp 155-160
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Chapter XVIII - An awful contrast. Distress in Great Britain, because she cannot engross the supply of the world. Distress in the United States, because the home market is inundated with rival manufactures.
pp 161-162
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Chapter XIX - Encouragement and patronage of immigrants by England and France. Advantages of the United States. Great numbers of immigrants. Their sufferings. Return of many of them. Interesting table.
pp 163-169
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Addresses of the Philadelphia Society for the Promotion of National Industry
pp 170-172
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The New Olive Branch (1820) and Selected Essays

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Contents

Frontmatter
pp i-iv

CONTENTS
pp v-vi

Acknowledgements
pp vii-viii

Introduction
pp 1-32

List of Works
pp 33-38

Note on the Text
pp 39-39

THE NEW OLIVE BRAANCH (1820)
pp 40-43

Dedication
pp 44-46

CONTENTS
pp 47-50

Introduction
pp 51-54

Chapter I - Preliminary observations. State of the nation. Whence it arises. Short-sighted policy. Decline of commerce inevitable. Substitutes ought to have been provided for the superfluous mercantile capital, talent and industry.
pp 55-62

Chapter II - Sketch of the state of the nation from the peace of Paris till the organization of the present federal government. Analogy with our present state. Unlimited freedom of commerce fairly tested.
pp 63-68

Chapter III - Adoption of the federal constitution. Its happy effects. Utter impolicy of the tariff. Manufactures and manufacturers not protected. Hamilton's celebrated report. Glaring inconsistency. Excise system. Its unproductiveness.
pp 69-78

Chapter IV - Memorials to congress. Deceptious report. List of exports. Tariff of 1804. Wonderful omission. Immense importations of cotton and woollen goods. Exportations of cotton.
pp 79-82

Chapter V - Various causes which prevented the ruinous operation of the early tariffs. Declaration of war. Blankets for Indians. Disgraceful situation of the United States. Governor Gerry. Sufferings of the army. Rapid progress of national industry.
pp 83-86

Chapter VI - State of the country at the close of the war. Pernicious consequences to the manufacturers. Mr. Dallas's tariff. Rates reduced ten, twenty, and thirty per cent.
pp 87-90

Chapter X - Causes assigned for the existing distress. Extravagant banking. Transition to a state of peace. Fallacy of these reasons. True cause, destruction of industry. Comparison of exports for six years.
pp 109-112

Chapter XI - The everlasting complaint of “taxing the many for the benefit of the few.” Fallacy and injustice of it. Amount of impost for fourteen years. For the year 1818. Impost for the protection of agriculture in that year above 4,500,000 dollars.
pp 113-116

Chapter XII - Immense advantages enjoyed by the farmers and planters for nearly thirty years, viz. a domestic monopoly—and excellent foreign markets. Exorbitant prices of the necessaries of life. Great extent of the domestic market. Internal trade of the United States.
pp 117-124

Chapter XIII - Calumnious clamour against the manufacturers on the ground of extortion. Destitute of the shadow of foundation. Take the beam out of thine own eye. Rise of merino wool 400 per cent. Great rise of the price of merchandize after the declaration of war.
pp 125-130

Chapter XIV - The agricultural the predominant interest in the United States. Great advantages to agriculture from the vicinity of manufacturing establishments. Case of Aberdeen. Of Harmony. Of Providence. Fall of lands the result of the decay of manufactures.
pp 131-136

Chapter XVII - Erroneous views of the tariff. Protection of agriculture in 1789. Prostrate state of the staples of South Carolina and Georgia. Ninety per cent on snuff, and one hundred on tobacco. Striking contrast. Abandonment of manufactures.
pp 155-160

Chapter XVIII - An awful contrast. Distress in Great Britain, because she cannot engross the supply of the world. Distress in the United States, because the home market is inundated with rival manufactures.
pp 161-162

Chapter XIX - Encouragement and patronage of immigrants by England and France. Advantages of the United States. Great numbers of immigrants. Their sufferings. Return of many of them. Interesting table.
pp 163-169

Addresses of the Philadelphia Society for the Promotion of National Industry
pp 170-172

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The New Olive Branch (1820) and Selected Essays

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