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but it is to be apprehended that a remote period must be assigned as that of the recovery of the national prosperity.

A temporary activity given to commerce by the renewed intercourse with the American States revived several branches of manufacture from the decline into which they had fallen, and excited flattering expectations; but, as usual in such cases, the supply much exceeded the demand; the markets were overstocked; great quantities of goods lay unsold or unpaid for, and numerous failures were the consequence. The commercial distresses were unfortunately coincident with extraordinary difficulties under which the agricultural part of the community was labouring, occasioned by a reduction in the price of corn and other products of the ground, rendering the cultivators wholly unable to indemnify themselves for greatly advanced rents, and augmented taxes. From these conjoint causes, there has rarely been a time of more widely-diffused complaint than the close of the current year; and all the triumphant sensations of national glory seem almost obliterated by general depression. Peace, although a consummation long anxiously looked for, was scarcely welcomed; and the deficiencies in the usual employments and demands in war, were more perceptible than the diminution of its expenses. Few objects, domestic or foreign, remaining to excite political interest, the public feelings were nearly concentrated upon private and personal distress. If, however, the conclusion of this


year be compared with those periods which afforded no other prospect than that of interminable war, with increasing foes, and failing allies, it must be regarded as culpable discontent to be insensible of the meliorated condition of our country, when nothing is probably wanting to restore the enjoyment of the advantages so largely bestowed upon it, except patience, prudence, and economy.




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