the United States. It is probable that they will be established wherever they can exist with advantage; and wherever they can be supported, if administered with prudence, they will add new energies to all pecuniary operations.
The aid of foreign capital may safely and with considerable latitude be taken into calculation. Its instrumentality has been long experienced in our external commerce, and it has begun to be felt in various other modes. Not only our funds but our agriculture and other internal improvements have been animated by it. It has already, in a few instances, extended even to our manufactures.
It is a well-known fact that there are parts of Europe which have more capital than profitable domestic objects of employment. Hence, among other proofs, the large loans continually furnished to foreign States. And it is equally certain that the capital of other parts may find more profitable employment in the United States than at home. And, notwithstanding there are weighty inducements to prefer the employment of capital at home, even at less profit, to an investment of it abroad, though with greater gain, yet these inducements are overruled, either by a deficiency of employment or by a very material difference in profit. Both these causes operate to produce a transfer of foreign capital to the United States. It is certain that various objects in this country hold out advantages which are with difficulty to be equaled elsewhere, and under the increasingly favorable impressions which are entertained of our Government the attractions will become more and more strong. These impressions will prove a rich mine of prosperity to the country if they are confirmed and strengthened by the progress of our affairs. And to secure this advantage little more is now necessary than to foster industry and cultivate order and tranquillity at home and abroad.
It is not impossible that there may be persons disposed to look with a jealous eye on the introduction of foreign capital as if it were an instrument to deprive our own citizens of the profits of our own industry; but, perhaps, there never could be a more unreasonable jealousy. Instead of being viewed as a rival it ought to be considered as a most valuable auxiliary conducing to put in motion a greater quantity of productive labor and a greater portion of useful enterprise than could exist without It is at least evident that in a country situated like the United States, with an infinite fund of resources yet to be unfolded, every farthing of foreign capital which is laid out in internal meliorations and in industrious establishments of a permanent nature is a precious acquisition.
And whatever be the objects which originally attract foreign capital when once introduced, it may be directed toward any purpose of beneficial exertion which is desired. And to detain it among us, there can be no expedient so effectual as to enlarge the sphere in which it may be usefully employed, though introduced merely with views to speculation in the funds it may afterwards be rendered subservient to the interests of agriculture, commerce, and manufactures.
But the attraction of foreign capital for the direct purpose of manufactures ought not to be deemed a chimerical expectation. There are already examples of it as remarked in another place. And the examples, if the disposition be cultivated, can hardly fail to multiply. There are also instances of another kind which serve to
