"Industry besides the bank and funding the debt was the third part of Hamilton's business/government strategy. Industrial production, as opposed to agriculture production, required much larger amounts of financing to start up but once going would produce far larger amounts of wealth (and potential government revenue) than farming ever could. Realizing this Hamilton, in his Report on Manufactures (1791) outlines a strategy for promoting industrial development in America (It is worth pointing out that although Hamilton got most of his ideas turned into government policy, this strategy of industrial growth was not pursued until after the War of 1812). In short, Hamilton proposes--besides all the financial incentives--to put high tariffs on foreign goods. Tariffs generate revenue for the government but even more importantly they raise the price of a product. Raising the prices of foreign goods will create incentives for people to buy goods produced in America. This is necessary because foreign goods produced in Great Britain for example are cheaper since Britain has been producing these goods longer and has had more time to perfect the process of production. Hamilton's argument actually closely follows arguments made today that state that poorer, less economically developed countries cannot support free trade policies (no tariffs) because it would make their own native producers unable to compete with foreign producers. Ironically since the U.S. is now the most advanced and developed country it tends to push free trade policies on other countries knowing that in a free trade environment American goods would be cheaper (of course the U.S. hates when China does the same thing to U.S.)."
By opening Industries Hamilton believes that there would be mass production. Also, production of goods will be more faster, that is they can produce goods in a short period of time with industries than using manual labor. Industries can also expand economic growth because the nation will export most of it's produce to other countries which generate more capital. It will also create jobs for the natives. As Hamilton proposed tarrifs on foreign goods, these monies can be used to develop the country.
I chose this quote because i think Hamilton's idea of industry was good. we see it today, how easy it is for industries to produce goods in larger quantities in a short time.
