is, without
exception, the most commercial state upon the continent. Our extensive
coasts, cold climate, small estates, and equality of rights, with a
variety of subordinate and concurring circumstances, place us in this
respect at the head of the Union. We must, therefore, be indulged if a
point which so nearly relates to our welfare be rigidly examined. The new
constitution not only prohibits vessels, bound from one state to another,
from paying any duties, but even from entering and clearing. The only use
of such a regulation is, to keep each state in complete ignorance of its
own resources. It certainly is no hardship to enter and clear at the
custom house, and the expense is too small to be an object.

The unlimited right to regulate trade, includes the right of granting
exclusive charters. This, in all old countries, is considered as one
principal branch of prerogative. We find hardly a country in Europe which
has not felt the ill effects of such a power. Holland has carried the
exercise of it farther than any other state, and the reason why that
country has felt less evil from it is, that the territory is very small,
and they have drawn large revenues from their colonies in the East and
West Indies. In this respect, the whole country is to be considered as a
trading company, having exclusive privileges. The colonies are large in
proportion to the parent state; so that, upon the whole, the latter may
gain by such a system. We are also to take into consideration the industry
which the genius of a free government inspires. But in the British islands
all these circumstances together have not prevented them from being
injured by the monopolies created there. Individuals have been enriched,
but the country at large has been hurt. Some valuable branches of trade
being granted to companies, who transact their business in London, that
city is, perhaps, the place of the greatest trade in the world. But
Ireland, under such influence, suffers exceedingly, and is impoverished;
and Scotland is a mere bye-word. Bristol, the second city in England,
ranks not much above this town in population. These things must be
accounted for by the incorporation of trading companies; and if they are
felt so severely in countries of small extent, they will operate with
ten-fold severity upon us, who inhabit an immense tract; and living
towards one extreme of an extensive empire, shall feel the evil, without
retaining that influence in governme