to
substitute, instead of spermaceti-oil, their black whale-oil refined,
of equal quality and lower price; 3. to render the worthless oil of the
Brazil, equal in value to tallow; and 4. by accommodating these oils to
uses, to which they could never otherwise have been applied, they will
extend the demand beyond its present narrow limits, to any supply which
can be furnished, and thus give the most effectual encouragement and
extension to the whale-fishery. But these works were calculated on the
_Arret_ of December the 29th, which admitted here, freely and fully,
the produce of the American fishery. If confined to that of the French
fishery alone, the enterprise may fail, for want of matter to work on.
After this review of the whale-fishery as a political institution, a few
considerations shall be added on its produce, as a basis of commercial
exchange between France and the United States. The discussions it has
undergone, on former occasions, in this point of view, leaves little new
to be now urged.
The United States, not possessing mines of the precious metals, can
purchase necessaries from other nations, so far only as their produce is
received in exchange.
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