Page:Memoir upon the negotiations between Spain and the United States of America which led to the treaty of 1819.djvu/61

51 millions of dollars, or about 100 millions, after deducting the cost of the raw materials, which are, almost all, the produce of agricultueagriculture [sic], and of the woods and mines of the country.

The principal branch of this species of industry in the United States, is ship building. The Americans may enter into competition on this point, with the most industrious nations of Europe: they build every sort of vessel with great facility and perfection, in a short time, and at much less expense than in Spain, although the price of labour is much higher there, than in the dearest country in Europe. The vessels built in Philadelphia, Baltimore, and New York, are of the best construction: but those constructed in the Southern States, or with timber from the South, are stronger and more durable. It may be calculated, that they do not construct less, one year with another, in the different ports of the States, than one hundred thousand tons annually.

Although their commerce has suffered much since the general peace in Europe, and the building of merchant vessels is consequently considerably diminished, yet the American merchants and speculators have not ceased to fill up the void by the construction of privateers and ships of war, which they have sold, and continue to sell, to the revolutionists of Spanish America. They have sold several also to his majesty's government in the island of Cuba; and it would be well to have more constructed, on account of the Spanish nation, in