ith the cause last mentioned, was the
impression which had been made by paper money on public morals, and on
public opinion. It had not escaped observation that every purchaser on
credit, however excessive the price might apparently be, had not only
been relieved by the depreciation, but had derived great gains from
his contract. Speculating on a similar course of things, many
individuals had made extensive purchases at high prices; and had thus
contributed to continue for a time, the deception imposed on
themselves by those who supposed that the revolution was a talisman,
whose magic powers were capable of changing the nature of things. The
delusive hopes created by these visionary calculations were soon
dissipated, and a great proportion of the inhabitants found themselves
involved in debts they were unable to discharge. One of the
consequences resulting from this unprosperous state of things was a
general discontent with the course of trade. It had commenced with the
native merchants of the north, who found themselves incapable of
contending in their own ports with foreigners; and was soon
communicated to others. The gazettes of Boston contained some very
animated and angry addresses, which produced resolutions for the
government of the citizens of that town, applications to their state
legislature, a petition to congress, and a circular letter to the
merchants of the several sea-ports throughout the United States. After
detailing the disadvantages under which the trade and navigation of
America laboured, and expressing their confidence that the necessary
powers to the federal government would be soon, if not already,
delegated, the petition to congress thus concludes: "Impressed with
these ideas, your petitioners beg leave to request of the very august
body which they have now the honour to address, that the numerous
impositions of the British, on the trade and exports of these states,
may be forthwith contravened by similar expedients on our part: else
may it please your excellency and honours, the commerce of this
country, and of consequence its wealth, and perhaps the union itself,
may become victims to the artifice of a nation whose arms have been in
vain exerted to accomplish the ruin of America."

The merchants of the city of Philadelphia presented a memorial to the
legislature of that state, in which, after lamenting it as a
fundamental defect in the constitution that full and entire power over
the commerce