History of the United States of America, Volume 5 (of 9) : $b During the first administration of James MadisonAdams, Henry
History
History of the United States of America, Volume 5 (of 9) : $b During the first administration of James Madison
Adams, Henry
United States -- History -- 1801-1809; United States -- History -- 1809-1817
On the people of New England other motives more directly selfish began
to have effect. The chief sources of their wealth were shipping and
manufactures. The embargo destroyed the value of the shipping after
it had been diminished by the belligerent edicts; the repeal of the
embargo restored the value. The Federalist newspapers tried to prove
that this was not the case, and that the Non-intercourse Act, which
prohibited commerce with England, France, or their dependencies, was
as ruinous as embargo itself; but the shipping soon showed that
Gottenburg, Riga, Lisbon, and the Spanish ports in America were
markets almost as convenient as London or Havre for the sale of
American produce. The Yankee ship-owner received freights to Europe
by circuitous routes, on the accumulations of two years in grain,
cotton, tobacco, and timber, of the whole United States, besides the
freights of an extended coast-trade. Massachusetts owned more than a
third of the American registered tonnage, and the returns for 1809
and 1810 proved that her profits were great. The registered tonnage
of Massachusetts employed in foreign trade was 213,000 tons in 1800,
and rose to 310,000 tons in 1807 before the embargo; in 1809 it rose
again to 324,000; in 1810 it made another leap to 352,000 tons. The
coasting trade employed in 1807 about 90,000 tons of Massachusetts
shipping which was much increased by the embargo, and again reduced by
its repeal; but in 1809 and 1810 this enrolled shipping still stood far
above the prosperous level of 1807, and averaged 110,000 tons for the
two years.[11]
Such rapid and general improvement in shipping proved that New
England had better employment than political factiousness to occupy
the thoughts of her citizens; but large as the profits on freights
might be, they hardly equalled the profits on manufactures. In truth,
the manufactories of New England were created by the embargo, which
obliged the whole nation to consume their products or to go without.
The first American cotton mills, begun as early as 1787, met with so
little success that when the embargo was imposed in 1807, only fifteen
mills with about eight thousand spindles were in operation, producing
some three hundred thousand pounds of yarn a year. These eight thousand
spindles, representing a capital of half a million dollars, were
chiefly in or near Rhode Island.
Public-domain text, read in full here on John Shaqi.
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