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 disadvantages to which neutrals are exposed during a state of war, which often counterbalance the advantages they enjoy of seizing upon the carrying trade of the world, it cannot be denied that the memorable revolution of France in 1789, and the wars consequent upon the events, created a vast demand for American exports, and secured for the Americans a very considerable portion of the carrying trade of Europe. They not only carried the colonial productions to the several parent states, but they also became the purchasers of them in the French, Spanish, and Dutch colonies. A new era was indeed established in their commercial history, and their merchants and shipowners increased in numbers to an extent out of all proportion to the general state of the population.

Many persons who had realised moderate capitals from mercantile and other pursuits now become daring adventurers as carriers by sea [there being no trading companies, whose monopolies have a withering effect upon individual enterprise], the practice became common for Americans to frequently change their pursuits, a practice springing out of a native energy of the people still prevailing. Foreigners were admitted without reservation to all the privileges of the citizens of the United States, although the government carefully excluded them from any participation ostensibly in the benefits arising from the possession of ships. No aliens were permitted to be either sole or part owners of American vessels. The predominant spirit of that period had a powerful effect in determining the character of the rising generation, and the brilliant prospects held out by maritime