Another course was open to us. More than two-thirds of our commerce was
with English ports, or ports remote from France; for England, Spain,
Sweden, Norway, Russia, the Indies were open to our commerce. The
premium of insurance against French capture was but five per cent, on
ships bound to those ports; for scarcely a French privateer dared show
itself on the ocean.
Our nation had cause of war with France, for France was at war with
commerce and had invaded her rights; and our little navy, small as it
was, and our merchantmen, if allowed to arm, might have bid defiance to
France. England, then, would have respected our rights as allies; or,
as our commerce was lucrative and paid profits that would cover an
occasional seizure, we might have put our merchants on their guard,
allowed them to arm their ships, and have temporized until the
conflicting powers of the Old World had exhausted their strength, and we
had grown strong enough to demand reparation.
We owned at this period from eight to ten thousand vessels, and built
annually nearly a thousand more.
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