Note 303 — Chapter IX

Though numerous British merchant vessels were at the commencement of the war captured by privateers, the Americans suffered the most deeply before its close from the effects it produced in their commercial relations. Their foreign trade, which anterior to the rupture with Great Britain amounted to 22,000,000l. of imports and 28,000,000l. of exports, carried on in 1,300,000 tons of shipping, was almost annihilated. So disastrous were the effects of the war, that in the two short years of its existence two-thirds of the mercantile and trading classes in all the States of the Union became insolvent, and such were the suffering and public discontent in the States of Massachusetts and Connecticut that the feeling of nationality was nearly extinguished. Indeed a large portion of the people, when peace was restored, were preparing to take steps to break off from the Union, to assert their national independence, and to make terms with Great Britain (see ‘De Tocqueville’ and ‘Annual Register’ for 1814, p. 193).