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1800. cent interest for a term of years; and in 1814 the Government was forced to stop payments for the want of twenty millions.

The precise value of American trade was uncertain, but in 1800 the gross exports and imports of the United States may have balanced at about seventy-five million dollars. The actual consumption of foreign merchandise amounted perhaps to the value of forty or fifty million dollars, paid in wheat, cotton, and other staples, and by the profits on the shipping employed in carrying West India produce to Europe. The amount of American capital involved in a trade of fifty millions, with credits of three, six, and nine months, must have been small, and the rates of profit large.

As a rule American capital was absorbed in shipping or agriculture, whence it could not be suddenly withdrawn. No stock-exchange existed, and no broker exclusively engaged in stock-jobbing, for there were few stocks. The national debt, of about eighty millions, was held abroad, or as a permanent investment at home. States and municipalities had not learned to borrow. Except for a few banks and insurance offices, turnpikes, bridges, canals, and land-companies, neither bonds nor stocks were known. The city of New York was so small as to make extravagance difficult; the Battery was a fashionable walk, Broadway a country drive, and Wall Street an uptown residence. Great accumulations of wealth had hardly begun. The Patroon was still the richest man in the