sitions.

The interest of the debt was, therefore, unpaid, public credit was gone, the debt itself was considered of little value, and was sold at last by many of the original holders for about one-tenth of its nominal value. In addition to this, private credit was much impaired. During the war, the collection of debts was, in a great measure, suspended, and on the return of peace, goods were imported to a larger amount, than we had the means of paying for; many, therefore, contracted debts beyond their abilities to pay. The courts of justice were filled with suits against delinquent debtors. The importing states took advantage of their situation, and levied a duty on imports, for their own benefit, at the expense of the other states.

Thus burdened with public and private debts, and called upon for the payment of heavy taxes, and with a scarcity of money, the people, in some of the states, to remedy those evils, had recourse to paper money, and in one state, there was an open insurrection, which threatened not only the peace and existence of that state, but the peace and existence of the union.

In this situation, all became sensible of the inefficiency of the general government, and of the necessity of vesting Congress, with the power of regulating trade and commerce, and of bringing into operation, the energies and resources of the country, for the general benefit.

In September, 1786, in consequence of a proposition from the state of Virginia, Commissioners from that state, and from the states of Pennsylvania, New-York, New-Jersey, and Delaware, met at Annapolis, in Maryland, "to take into consideration the trade and commerce of the United States, to consider how far an uniform system, in

* In a report made to Congress, by the board of Treasury, dated September 20th, 1787, it is stated, that the requisitions upon the states, for the payment of the interest of the domestic debt, in the years 1782, 17845 & 6, amounted to the sum of $6,279,376 27, and the Board say, "It is with regret we are constrained to observe, that to the 31st of March last, the aggregate payments, on account of these requisitions, do not appear, from any documents in the Treasury office, to exceed the sum

$1,003,725 57

5,275,650 60

$6,279,376 27

their commercial intercourse and regulations, might be necessary to their common interest and permanent harmony, and to report to the several states, such an act, relative to this great object, as, when unanimously ratified by them, would enable the United States in Congress assembled, effectually to provide for the same." Commissioners were appointed also from the states of New-Hampshire, Massachusetts, Rhode-Island, and North-Carolina, but did not attend. In consequence of the partial representation of the states and their limited powers, the Commissioners present did not think proper to proceed on the business of their appointment. They, however, drew up an address and report, to their respective state Legislatures, in which, after stating the reasons of their not proceeding, they say, "deeply impressed, however, with the magnitude and importance of the object confided to them on this occasion, your Commissioners cannot forbear to indulge an expression of their earnest and unanimous wish, that speedy measures may be taken to effect a general meeting of the states in a future convention, for the same and such other purposes, as the situation of public affairs may be found to require." They, therefore, suggest the propriety of a meeting of Commissioners from all the states, to be held at Philadelphia, on the second Monday in May, 1787, "to take into consideration the situation of the United States, to devise such further provision as shall to them appear necessary to render the constitution of the federal government adequate to the exigences of the union." &c. This report and address, was sent to Congress, and to the Executives of the several states, not represented at Annapolis. In consequence of the recommendation contained in this address and a resolution of Congress, of February 21st, 1787, a general convention of the states was held at Philadelphia, in May, 1787, and on the 17th of September following, a new constitution was agreed upon, and went into operation on the 4th day of March, 1789. By this constitution the general government, among other important

powers, are vested with power "to regulate commerce, and to levy duties, imposts," &c. Under this new form of government, with the father of his country at its head, trade and commerce soon revived, public and private credit was restored, a new spring was given to agriculture and manufactures, and new security afforded to the various pursuits of honest industry. Since the establishment of the present

government, the progress of national, as well as individual, wealth has kept pace with the increase of population; and until the commencement of commercial restrictions in December, 1807, and the declaration of war against Great-Britain, in 1812, no nation, it is believed, had ever increased so rapidly in wealth as the United States. This will appear, from an attention to the increase in the quantity and value of their exports and imports, and the great increase of duties on imports; from the vast increase of their shipping, and of their trade and intercourse with different parts of the world; from the various monied institutions, which have been established; from the great sum expended in making roads and canals, and in other internal improvements; from the rapid growth of cities and towns; and from the rise in the value of lands, in every part of the union. A view of this increase of the wealth and resources of the United States, together with some of the principal causes of it, from the commencement of the present government, until the year 1814, a period of about twenty-four years, is one principal object, and will be the subject of the following chapters.

CHAPTER III.

EXPORTS-Divided into those of domestic, and those of foreign originExports of domestic produce, distinguished into those, which are 1st, the produce of the sea-2d, the produce of the forest-3d, the produce of agriculture and 4th, manufactures-Products of the sea, derived from the cod and whale fisheries-State of the cod fishery previous to the American revolution, and to the time of the establishment of the present government-Number of vessels employed in this fishery from 1791 to 1813, and quantity of fish exported during the same period-Whale fishery originated at Nantucket in 1690—Amount of tonnage and number of seamen employed in it at different periods-Value of exports, the produce of the fisheries from 1803 to 1814-Products of the forest-viz. lumber, naval stores, pot and pearl ashes, skins and furs, ginseng, and oak bark, and other dyes-Value and quantity of each exported at different periods.

We shall begin with the exports—those consist of articles of the growth, produce, and manufacture of the United States, and of those which are of foreign growth and produce. Provision was made at the Treasury, at an early period of the present government, to ascertain the quantity and value of all the exports of the country; but in the general accounts no discrimination was made between the value of domestic or foreign articles, until 1802. In order to ascertain the value of the exports, directions are given, from the Treasury department, to the several collectors of the customs, to add, in their quarterly returns of duties the quantity of the various articles exported, and also their prices at the places of exportation. The quantity of the articles exported is furnished the collectors, by the exporters, and may sometimes fall short, and sometimes exceed the real quantity. At the Treasury, an average is made of the prices returned by the collectors, from the principal ports, and the value of the articles exported is calculated from the average price thus ascertained. Table No. I. annexed to this chapter, contains a statement of the value of all the exports from each state and territory, annually, from the