, who had relied on the
honor and justice of the country, were paid in public stocks which found
favor abroad. Old capital was resuscitated and became the basis of
commerce.

In 1793 our tonnage had risen to 488,000 tons; and in 1799 it had grown
to 939,488 tons, and was still increasing. The aggressions of France
in 1798 and 1799 were met with a bold spirit and proved of brief
continuance, a proper chastisement was inflicted on the corsairs of
Africa, the honor of the flag was maintained, our commerce moved onward
until the close of 1807, and by the official report of that year our
tonnage had increased to 1,208,735 tons, or at least five hundred per
cent. in the first twenty-four years after the close of the war. The
revenue had risen to fifteen millions, and the official report of the
Treasurer showed a balance in the Treasury of eighteen millions in bonds
and money; it stated, also, that twenty-six millions of the public debt
had been extinguished in the seven years preceding. Our ships, too,
had become the great carriers of the deep; our exports for 1807 were
$108,343,750, of which $59,622,558 were of foreign origin; our ports,
remote from the seat of war, had become the depots of goods; and our
commerce, whitening the surface of every ocean, had begun to tempt the
cupidity of contending nations. In 1807, the United States, in addition
to its domestic produce, which went principally to English ports,
exported of foreign goods, in round numbers, to

Holland, . . . . . . . . $14,000,000
French ports, . . . . . . 13,000,000
Spanish " . . . . . . 14,000,000
Italian " . . . . . . 5,500,000
Danish " . . . . . . 2,500,000
English and other ports,. 10,000,000

In those prosperous days of navigation, during the first period of
twenty-four years after the Peace of 1783, the merchants of our country
were accumulating riches; but a check was given to their prosperity by
the Embargo, closely followed by acts of non-intercourse, by war, and
by sixteen years of debility which ensued. In 1814, our tonnage was
diminished to 1,159,288 tons, a point actually below that of 1807; and
at the close of the second epoch of twenty-four years, in 1831, during
which our population had doubled, the tonnage remained at 1,267,846
tons, having virtually made no progress in the second epoch of
twenty-four years, commencing with the Embargo.

We now enter upon the third epoch of equal length, from 1831 to 1855