Balance of Trade.

TABLE VII. Showing the amount of the export and import trade of the United States with each foreign nation, calculated on the average of the three years 1802, 1803 and 1804.

(From Seybert's Statistical Annals.)

per. c.

per. c.

G.Britain & dependencies, 23,707,988 34.6235,737,030 47.44*12,029,042

24,573 0.03 2,105,346 2.90 *2,080,773

127,834 0.16 424,386

410,900 0.59 587,513 0.78 *176,613

Russia,

do.

Prussia,

do.

552,220 0.08

Total,

(68,471,098/100.00/74,840,349

*6,369,251

*Those marked with a star are balances against the United States; the rest are in favor.

Remarks. From the last column it appears that the balance of trade on the whole, during the period referred to in the table, was against the United States; particularly with Great Britain, China, and Russia. With these countries the balance is always against us. From Great Britain we receive vast quantities of woollen and cotton goods, and manufactures of iron, steel, brass, copper, glass, earthen ware, silk, linen, &c. and although, in return, we send a large amount of cotton, tobacco, lumber, pot and pearl ashes, and other produce, yet still the balance is always greatly in favor of Great Britain. From China we receive tea and silks, and she takes scarcely any thing in return but specie. From Russia we receive iron and hemp, and articles manfactured of those materials, while she has occasion for very little of our surplus produce. The trade with Germany, Holland, Spain and Italy was very favorable to the United States during the period referred to in the table, because the carrying trade of these courrtries was at that time in our hands.

Questions. 1. How large a proportion of the exports of the United States from 1802 to 1804 went to the British dominions? 2. How large a proportion of the imports came from the British dominions? 3. In whose favor is the balance of trade between Great Britain and the United States? 4. Is the balance of trade with China for or against the United States? 5. Is the balance of trade with all foreign nations, taken collectively, for or against the United States? 6. Why is the balance against us in the case of China? 7. Why is it against us in the case of Russia?

TABLE VIII. A statement of the American and Foreign toanage entered into the United States from 1789 to the 31st of December 1820, showing the whole tonnage employed in the foreign trade.

Remarks. While we were subject to Great Britain, nearly one half of the shipping employed in our foreign trade was owned by British merchants; and even for several years after the adoption of our present constitution, more than one third part of it belonged to foreigners. With a view to increase our own shipping, Congress, in 1790, passed an act imposing a duty of 50 cents per ton on all foreign vessels entering the ports of the United States, while American vessels paid only six cents per ton. An act was also passed increasing the duties on all goods imported in foreign vessels, 10 per cent. beyond what was paid on the same articles when imported in American ships. These duties are usually called "the discriminating duties," and their effect on American shipping was exceedingly beneficial. To counteract the effect of

these laws, the British parliament, in 1797, imposed duties on American goods imported into Great Britain in American vessels, beyond what was paid on the same articles imported in British ships. The Americans were also made subject to a duty on exports from Great Britain, double that which was paid by European nations. In 1815 a convention was concluded between the United States and Great Britain, by which the discriminating duties of both nations were abolished so far as they related to vessels engaged in the direct trade between the United States and the British dominions in Europe. The trade, however, between the United States and the British possessions in the West Indies and on the continent of North America, was not affected by the convention. This trade was carried on principally by British vessels; the vessels of the United States being in a great measure excluded from it, by the rigorous enforcement of the colonial system of Great Britain. To counteract the injurious operations of this system on our shipping, a law was passed in 1818 closing the ports of the United States against all British vessels coming from any port in the colonies which is closed against the vessels of the United States.

The effect of the various regulations above recited, and of some other causes, may be traced in the table. The discriminating duties imposed in 1790, in the course of a few years, almost excluded foreign vessels from our ports. Within six years after those duties were levied, the American tonnage employed in our foreign trade nearly doubled, while that of foreigners, which originally was more than 40 per cent. of the whole, was reduced to less than one sixteenth part. Notwithstanding the acts of the British parliament in 1797, the American tonnage increased with unprecedented rapidity during the continuance of the wars in Europe. Our vessels, not being liable to pay a war insurance, could carry goods cheaper than those of the belligerent nations, and were sought after for the transportation of every species of merchandize. In 1808 and the three subsequent years, the tonnage employed in the foreign trade was much diminished by the embargo and non-intercourse acts of our own government; and in 1812, 13 and '14, the war with Great Britain reduced it still farther, especially that part of it which belonged to our own citizens. After the establishment of general peace in Europe, and the conclusion of the convention with Great Britain in 1815, the amount of foreign shipping greatly increased, till the passage of the law in 1818 which cut off that portion of it employed in the trade between the United States and the British possessions in the West Indies and on the continent of North America.

Questions. 1. How large a proportion of the tonnage employed in the foreign trade of the United States in 1790, belonged to foreigners? 2. How large a proportion, in 1796? 3. How large a proportion, in 1814? 4. What occasioned the great increase of American shipping employed in foreign trade between 1790 and 1796? 5. What occasioned the diminution in 1808 and the subsequent years?

TABLE. IX. Showing the tonnage of the United States for each year, from 1789 to 1820, distinguishing the amount employed in the foreign trade, coasting trade and fisheries.

†These numbers include the enrolled tonnage employed in the whale fishery.

Remarks. The tonnage of the United States increased with astonishing rapidity from 1790 to 1810, when it arrived at its maximum, and amounted to 1,424,783 tons; an amount far greater than that of any other nation in the world except Great Britain; and greater than that of Great Britain and Ireland united, in 1788. The tonnage of all the nations of Europe in 1676, according to Sir William Petty, was only 2,000,000 tons, or about one third more than that of the United States 20 years after the formation of our present government. The most rapid increase was in the tonnage employed in the foreign trade. The reasons for