of the commerce of the United States to those
countries, as it stood anterior to the revolution of France. For this
purpose, he produced a table which had been formed by a person whose
commercial information was highly respectable, from which he said it
would appear, notwithstanding the plaudits so generally bestowed on
the justice and liberality of the one nation, and the reproaches
uttered against the other, that, with the exception of the trifling
article of fish oil, the commerce of the United States was not more
favoured in France than in Great Britain, and was, in many important
articles, more favoured by the latter power, than that of other
nations.

Mr. Smith then reviewed, in detail, the advantages and disadvantages
attending the sale of the great products of America in the ports of
each nation, which, he conceived, were more encouraged by the British
than by the French market.

A comparative statement, he added, of the value of the exports of the
two countries, would assist in confirming this opinion.

The value of the exports to Great Britain, at the close of the year
ending with September, 1789, was nearly double those made to France in
the same period: and even the average of the years 1790, 1791 and
1792, gave an annual excess to the exports to Great Britain of three
millions, seven hundred and fifty-two thousand, seven hundred and
sixty dollars.

The great amount of merchandise imported from Britain, instead of
being a grievance, demonstrated, in the opinion of Mr. Smith, the
utility of the trade with that country. For the extent of the
intercourse between the two nations, several obvious reasons might be
assigned. Britain was the first manufacturing country in the world,
and was more able, than any other, to supply an assortment of those
articles which were required in the United States. She entitled
herself, too, to the preference which was given her, by the extensive
credit she afforded. To a young country wanting capital, credit was of
immense advantage. It enabled them to flourish by the aid of foreign
capital, the use of which had, more than any other circumstance,
nourished the industry of America.

By the advocates for forcing a trade with France, it was asserted that
she could supply the wants of America on better terms than Great
Britain. To do this, she must not only sell cheaper, but give credit,
which, it was known her merchants either could not, or would not give.

The very necessit