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34 With regard to the Smuggling Trade, this was by no means the case, for, if the demand for European manufactures became less amidst the general distress, the profits of the illicit trader increased; the facility with which goods were introduced being proportionably greater, and the reduction in the price consequently, such as to enable him to defy competition. I do not, therefore, conceive the amount of the Contraband Trade ever to have fallen below the average before the Revolution, viz. two, or two and a half, millions of dollars.

We must, therefore, make the following additions to the registered Exports as given above, viz.:—