30,424,184_l._, which is more than double what it was in any
year of the American war, and one third more than it was on an average
during the last peace, previous to the year 1792; and though the value
of the imports to this country has during the same period greatly
increased, the excess of the value of the exports above that of the
imports, which constitutes the balance of trade, has augmented even in a
greater proportion." These observations might perhaps be branched out
into other points of view, but I shall leave them to your own active and
ingenious mind. There is another and still more important light in
which, the Inspector-General's information may be seen,--and that is, as
affording a comparison of some circumstances in this war with the
commercial history of all our other wars in the present century.

In all former hostilities, our exports gradually declined in value, and
then (with one single exception) ascended again, till they reached and
passed the level of the preceding peace. But this was a work of time,
sometimes more, sometimes less slow. In Queen Anne's war, which began in
1702, it was an interval of ten years before this was effected. Nine
years only were necessary, in the war of 1739, for the same operation.
The Seven Years' War saw the period much shortened: hostilities began in
1755; and in 1758, the fourth year of the war, the exports mounted above
the peace-mark. There was, however, a distinguishing feature of that
war,--that our tonnage, to the very last moment, was in a state of great
depression, while our commerce was chiefly carried on by foreign
vessels. The American war was darkened with singular and peculiar
adversity. Our exports never came near to their peaceful elevation, and
our tonnage continued, with very little fluctuation, to subside lower
and lower.[57] On the other hand, the present war, with regard to our
commerce, has the white mark of as singular felicity. If, from internal
causes, as well as the consequence of hostilities, the tide ebbed in
1793, it rushed back again with a bore in the following year, and from
that time has continued to swell and run every successive year higher
and higher into all our ports. The value of our exports last year above
the year 1792 (the mere increase of our commerce during the war) is
equal to the average value of all the exports during the wars of William
and Anne.

It has been already pointed out, that our imports have not kept pace
with