He cannot learn, by
personal inspection, the wants and habits, the arts,
manufactures, and improvements of foreign countries; diligence,
economy, and prudence, are the requisites of his character, not
invention, taste, and enterprise: nor would he be warranted in
hazarding the loss of any part of his small capital. He walks in
a sure road as long as he treads in the beaten track; but he must
not deviate into the paths of speculation. The owner of a
factory, on the contrary, being commonly possessed of a large
capital, and having all his workmen employed under his own
immediate superintendence, may make experiments, hazard
speculation, invent shorter or better modes of performing old
processes, may introduce new articles, and improve and perfect
old ones, thus giving the range to his taste and fancy, and,
thereby alone enabling our manufacturers to stand the competition
with their commercial rivals in other countries. Meanwhile, as is
well worthy of remark (and experience abundantly warrants the
assertion), many of these new fabrics and inventions, when their
success is once established, become general amongst the whole
body of manufacturers: the domestic manufacturers themselves thus
benefiting, in the end, from those very factories which had been
at first the objects of their jealousy.
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