Many a rich man was ruined, many a prosperous town was utterly
prostrated by the shock. Property, real and personal, fell from thirty
to sixty per cent., affecting by its fall all classes of society.
A spirit of hostility to the party in power was engendered, which
outlasted the war with England, and continued to glow until Monroe had
adopted the great Federal measures of a navy, a military academy, and an
enlarged system of coast-defence.
Half a century has now elapsed since the signal failure of the Embargo.
The theorists who planned it, the cabinet that adopted it, the
politicians who blindly sustained it have passed from the stage. Angry
feelings have subsided. The measure itself has become a part of the
history of the country; but now that our commerce has again expanded,
now that our navigation, for at least a quarter of a century, has
continued to progress until it has outstripped that of Great Britain in
speed, despatch, and capacity to carry, now that it knows no superior
either in ancient or modern times, it is a fitting moment to investigate
the causes and effects of the measure which once arrested its progress.
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