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 maritime enterprise made rapid advances. The capital of the shipowners being thus suddenly augmented, they were enabled to explore new sources of wealth. The entire globe was circumnavigated with a view to open new markets. Merchants who had been long engaged in trade were confounded by the changes so rapidly effected. The less experienced considered the newly acquired advantages as matters of right which would remain to them. They did not contemplate a period of general peace, when each nation would carry its own productions in its own vessels; when the jealousy of rivals would suggest the imposition of differential or practically prohibitive duties; when foreign commerce would be again fettered and limited by "enumerated articles," and when, with reduced profits on shipping transactions, a much greater amount of circumspection would be necessary.

It was in the midst of this career of prosperity in the United States that many far-seeing American statesmen urged on the then reluctant attention of those of their countrymen who dwelt along the seaboard the paramount necessity of dedicating their surplus capital to the extension of agricultural industry. These men urged that the food heretofore exported by America to foreign countries might not be required for European consumption, and that many of the hands then engaged in active hostilities, either for defence or conquest, would be required for agriculture. Instead of there being always a deficiency of food in Europe, it was quite possible that there might be a surplus of provisions, the many thousands in their armies and fleets being added