At the close of the war, our shipping, although it
included many prizes, was undoubtedly reduced; but it had changed its
character. Our ships had improved in size and speed, and were manned by
officers and seamen who had measured their strength with Englishmen,
and acknowledged no superiors. From the Peace of 1783 to the Embargo
of 1807, a period of twenty-four years, is a remarkable epoch in the
history of American navigation.
At the close of the war, the country was exhausted by its long and
protracted struggle with the colossal power of England. The Eastern
States, which furnished most of the shipping, had made great sacrifices,
and had contributed more than their share in men, money, and ships to
the common defence. They were creditor States, and their means
were locked up in "final settlements." Their remaining capital was
insufficient to equip their vessels and give them full cargoes. The
country was impoverished, too, by the suits of foreign creditors, to
whom our merchants had become deeply indebted before the war. Under
these circumstances, commerce was slowly resumed.
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