than was ever before commanded by any metropolis, the city of Buffalo, already feeling the impulse in an unrivalled growth, is destined rapidly to become one of the greatest towns of the new world. There is not, upon the face of the globe, a territory of one quarter the extent of the valleys alluded to, embracing the western part of New-York, Ohio, Michigan, Indiana, Illinois, Missouri, Wisconsin, Iowa, and Upper Canada, together with the Lower Mississippi, which possesses such uniform fertility, and such vast natural resources. There are millions of acres, now unproductive, which, upon a very trifling expenditure of capital, may be made to yield as much as the best English farms; and except for the English corn laws, the productions would bring as good a price to the farmer, deducting expenses of transportation; and this development of wealth can continue, as long as Europe and our own eastern states continue to send population and capital into that region.
Having thus seen the resources, developing and to be developed, in the new world, let us inquire in what manner the old world can aid in the vast and benevolent enterprise, with mutual profit and advantage. We have already said, that it is by furnishing us population and capital. The former flows here from Europe, by the natural course of events, perhaps as fast as is desirable, particularly since the general pacification of Europe has allowed the population to accumulate; but the latter is more regulated by conventional rules, or affected by whim and caprice. It is desirable, if practicable, to have them both flow in the same channels, in due proportion, so that their fertilizing influence can be more immediately and generally felt, throughout our whole country. Capitalists in Europe may feel assured, that if Europe sends us her poorest but industrious inhabitants, and at the same time furnishes our states, or monied institutions, with capital, to afford them facilities for improvements, we can in a few years convert them into thriving and prosperous land-holders, mechanics, or artizans. Experience has proved this, so far as the system has worked hitherto; but the difficulty has been, that Europe has furnished too much population, in proportion to the capital she has provided. While she has sent us the population, to perceive and seize upon the resources, she has not furnished adequate means for their development. The effect of this state of things is at present severely felt, throughout our whole country. Stimulated by the certain prospects of rapid increase of wealth, and confident, with good reason, too, of unparalleled returns for enterprise and industry, our people have undertaken too much, for the capital at their disposal. Many an undertaking, which,—with sufficient means, could not fail of being attended with the most successful results, is now compelled to languish, for want of funds to carry it on. We allude not here to speculative enterprises, of doubtful result, which in all countries are more or less prevalent; but to the regular, substantial business and ordinary pursuits of the country, which are, with sufficient means, sure to meet with success. Hence the value of money has become exceedingly disproportionate to that of other things, though in a country like ours, presenting fields of industry and enterprise on all sides, it will always be higher than in an older country, where those fields are more occupied. In some of the new states, where emi-
