The public will remember that a treaty of commerce between the United States and England was set on foot last spring, and that until the said treaty could be completed, a bill was brought into the British Parliament by the then chancellor of the exchequer, Mr. Pitt, to admit and legalize (as the case then required) the commerce of the United States into the British ports and dominions. But neither the one nor the other has been completed. The commercial treaty is either broken off, or remains as it began; and the bill in Parliament has been thrown aside. And in lieu thereof, a selfish system of English politics has started up, calculated to fetter the commerce of America, by engrossing to England the carrying trade of the American produce to the West India islands. Among the advocates for this last measure is Lord Sheffield, a member of the British Parliament, who has published a pamphlet entitled "Observations on the Commerce of the American States." The pamphlet has two objects; the one is to allure the Americans to purchase British manufactures; and the other to spirit up the British Parliament to prohibit the citizens of the United States from trading to the West India islands. Viewed in this light, the pamphlet, though in some parts dexterously written, is an absurdity. It offends, in the very act of endeavoring to ingratiate; and his lordship, as a politician, ought not to have suffered the two objects to have appeared together. The latter alluded to, contains extracts from the pamphlet, with high encomiums on Lord Sheffield, for laboriously endeavoring (as the letter styles it) "to show the mighty advantages of retaining the carrying trade." Since the publication of this pamphlet in England, the commerce of the United States to the West Indies, in American vessels, has been prohibited; and all intercourse, except in British bottoms, the property of and navigated by British subjects, cut off. That a country has a right to be as foolish as it pleases, has been proved by the practice of England for many years past: in her island situation, sequestered from the world, she forgets that her whispers are heard by other nations; and in her plans of politics and commerce she seems not to know, that other votes are necessary besides her own. America would be equally as foolish as Britain, were she to suffer so great a degradation on her flag, and such a stroke on the freedom of her commerce, to pass without a balance. We admit the right of any nation to prohibit the commerce of another into its own dominions, where there are no treaties to the contrary; but as this right belongs to one side as well as the other, there is always a way left to bring avarice and insolence to reason.