Page:Henry Adams' History of the United States Vol. 1.djvu/33

22 had not been greatly affected by recent prosperity. Within ten or fifteen years before 1800 three Banks had been created to supply the commercial needs of Boston. One of these was a branch Bank of the United States, which employed there whatever part of its capital it could profitably use; the two others were local Banks, with capital of $1,600,000, toward which the State subscribed $400,000. Altogether the banking capital of Boston might amount to two millions and a half. A number of small Banks, representing in all about two and a half millions more, were scattered through the smaller New England towns. The extraordinary prosperity caused by the French wars opened to Boston a new career. Wealth and population were doubling; the exports and imports of New England were surprisingly large, and the shipping was greater than that of New York and Pennsylvania combined; but Boston had already learned, and was to learn again, how fleeting were the riches that depended on foreign commerce, and conservative habits were not easily changed by a few years of accidental gain.

Of manufactures New England had many, but none on a large scale. The people could feed or clothe themselves only by household industry; their whaleoil, salt fish, lumber, and rum were mostly sent abroad; but they freighted coasters with turners' articles, home-made linens and cloths, cheese, butter, shoes, nails, and what were called Yankee Notions of all sorts, which were sent to Norfolk and the