forty-nine millions of the
Revolutionary debt,--the expenses of Government, in the mean time,
exclusive of the debt, having averaged from five to seven millions only.
But parsimony is not always economy.

The embargo cost the nation at least forty millions; non-intercourse
twenty more; the war in three years added one hundred and thirteen
millions to the debt, with at least an equal loss by the sacrifice of
commerce and heavy drafts by taxes: and if the embargo, non-intercourse,
and war can be traced to the loss of the navy, we find a saving of a
million per annum in ships dearly purchased by a loss of capital which,
at compound interest, would exceed to-day one-third the computed wealth
of the nation.

Had the policy of Adams been continued from 1800 to 1808, the annual
million, aided by the live-oak and cedar frames, the three millions paid
for gun-boats, and the frigates on hand when Jefferson came into power,
would have provided or placed upon the stocks ten ships of the line,
forty frigates, and ten sloops-of-war. If with the increase of revenue
this estimate had been doubled in 1808, the material collected and the
ships held back until the latter part of 1812, the country would have
been supplied with twenty sail of the line, fifty frigates, and thirty
sloops-of-war,--a force which would have employed at least threefold its
number of English ships, upon our coast, upon the passage, and in the
dock-yards. Impressment, orders in council, paper blockades, would have
gone down before such a force of American ships ere one-tenth of it had
left our harbors; for England, distressed for men and at war with the
Continent, could not have spared the ships required to meet such a navy.
The reports of Jefferson and Madison now make it apparent, that, without
omitting to pay one instalment of the debt, they could have carried out
the policy of Adams and provided a navy the very aspect of which would
have commanded the respect and deference of the only foe we had occasion
to dread.

This point is most forcibly illustrated by the speeches of Lowndes and
Cheves of South Carolina in Congress a few years later, cited by Henry
Clay in 1812, in which they very justly say,--"If England should
determine to station permanently on our coast a squadron of twelve ships
of the line, she would require for this service thirty-six ships of
the line, one-third in port repairing, one-third on the passage, and
one-third on the station; but that