Nine
years only were necessary, in the war of 1739, for the same operation.
The Seven Years' War saw the period much shortened: hostilities began in
1755; and in 1758, the fourth year of the war, the exports mounted above
the peace-mark. There was, however, a distinguishing feature of that
war,--that our tonnage, to the very last moment, was in a state of great
depression, while our commerce was chiefly carried on by foreign
vessels. The American war was darkened with singular and peculiar
adversity. Our exports never came near to their peaceful elevation, and
our tonnage continued, with very little fluctuation, to subside lower
and lower.[57] On the other hand, the present war, with regard to our
commerce, has the white mark of as singular felicity. If, from internal
causes, as well as the consequence of hostilities, the tide ebbed in
1793, it rushed back again with a bore in the following year, and from
that time has continued to swell and run every successive year higher
and higher into all our ports. The value of our exports last year above
the year 1792 (the mere increase of our commerce during the war) is
equal to the average value of all the exports during the wars of William
and Anne.
It has been already pointed out, that our imports have not kept pace
with our exports: of course, on the face of the account, the balance of
trade, both positively and comparatively considered, must have been much
more than ever in our favor.
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