His Majesty, the King of Denmark and Norway, and the United States of America, wishing to fix in an equitable and permanent manner the regulations necessary in the commerce, which they are desirous to establish between their respective countries, conceive that they cannot accomplish this object better, than by taking as the basis for their conventions, the most perfect equality and reciprocity, leaving to each party the liberty of making such interior regulations, with respect to commerce and navigation, as shall appear suitable, and founding the advantages of commerce on reciprocal utility, and the just laws of free competition. It is in consequence of these principles, and of mature deliberation, that the contracting parties have agreed upon the following articles. ARTICLE I. There shall be a firm, inviolable, and universal peace, and a true and sincere friendship, between his Majesty, the King of Denmark and Norway, his heirs and successors, on the one part, and the United States of America on the other, and between the citizens and subjects of the said powers, and likewise between the countries, islands, cities, and places situated within their respective jurisdictions, and the people and inhabitants thereof, of whatever rank or condition they may be, without exception of persons or places. ARTICLE II. The subjects of his Majesty, the King of Denmark and Norway, may frequent the countries and latitudes of the United States, reside and traffic there in all kinds of merchandise and effects, the importation or exportation whereof is not, or shall not be prohibited, and in all places where the navigation or commerce are not, or shall not be reserved solely for the citizens and inhabitants of the United States; and they shall not pay in the ports, harbors, roads, countries, islands, cities, and places of the United States, other or greater duties or imposts of any kind or denomination whatever, than such as the most favored nations pay, or shall pay. They shall, moreover, enjoy all the rights, liberties, privileges, and exemptions, with respect to trade, navigation, and commerce, which the most favored nations do or shall enjoy, and they shall also conform to the laws and ordinances, which the said nations are, or shall be bound to observe, whether in passing from one port to another of the dominions of the said States, or in returning from any part, or to any part of the world whatever. ARTICLE III.